EDGAR Filing Documents for 0001144204-16-111955

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 MSCI Argentina ETF (ticker: ARGT)

Global X MSCI Greece ETF (ticker: GREK)

(formerly Global X FTSE Greece 20 ETF)

Global X MSCI Norway ETF (ticker: NORW)

Global X FTSE Nordic Region ETF (ticker: GXF)

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, 2016

Table of Contents

Schedule 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	11
Global X NASDAQ China Technology ETF	13
Global X Southeast Asia ETF	15
Global X FTSE Andean 40 ETF	18
Global X MSCI Colombia ETF	21
Global X Brazil Mid Cap ETF	23
Global X Brazil Consumer ETF	26
Global X MSCI Argentina ETF	28
Global X MSCI Greece ETF	31
Global X MSCI Norway ETF	34
Global X FTSE Nordic Region ETF	37
Global X MSCI Nigeria ETF	40
Global X Next Emerging & Frontier ETF	42
Global X FTSE Portugal 20 ETF	55
Global X MSCI Pakistan ETF	58
Statements of Assets and Liabilities	60
Statements of Operations	65
Statements of Changes in Net Assets	70
Financial Highlights	80
Notes to Financial Statements	83
Disclosure of Fund Expenses	103
Approval of Investment Advisory Agreement	106
Supplemental Information	110

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Shares may only be redeemed directly from a fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

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, is 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, 2016 (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 2 and 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.7%
CHINA— 67.0%
Consumer Goods — 36.0%
ANTA Sports Products		885,796	$	2,265,533
Belle International Holdings, Cl A		5,169,796		3,172,308
BYD, Cl H ^*		728,400		4,291,223
China Yurun Food Group ^{* (A)}		1,370,288		234,941
Dongfeng Motor Group, Cl H		3,009,046		3,304,939
Great Wall Motor, Cl H		3,260,697		2,471,626
Guangzhou Automobile Group, Cl H		2,112,617		2,459,255
Hengan International Group		432,449		3,891,216
Li Ning ^{* (A)}		1,503,269		655,011
Tingyi Cayman Islands Holding^(A)		1,923,125		2,248,588
Tsingtao Brewery, Cl H^(A)		349,517		1,324,679
Want Want China Holdings		4,853,809		3,741,785
				30,061,104
Consumer Services — 27.8%
Air China, Cl H		1,792,528		1,363,367
Alibaba Group Holding ADR ^*		55,323		4,256,552
China Southern Airlines, Cl H		1,701,395		1,070,336
Ctrip.com International ADR ^*		95,212		4,152,195
E-Commerce China Dangdang ADR, Cl A ^{* (A)}		36,158		258,168
Golden Eagle Retail Group^(A)		447,647		515,903
GOME Electrical Appliances Holding^(A)		11,925,105		1,537,295
Intime Retail Group		1,791,584		1,616,703
JD.com ADR ^*		146,934		3,755,633
New Oriental Education & Technology Group ADR		40,632		1,591,149
Vipshop Holdings ADR ^*		226,495		3,089,392
				23,206,693
Industrials — 3.2%
China Resources Beer Holdings		1,233,688		2,716,366
TOTAL CHINA				55,984,163
HONG KONG— 32.7%
Consumer Goods — 19.9%
Biostime International Holdings ^(A)		187,500		522,095

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X China Consumer ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Consumer Goods — continued
Bosideng International Holdings		1,676,562	$	136,162
China Agri-Industries Holdings^(A)		2,121,056		730,060
China Foods ^*		740,713		273,093
China Mengniu Dairy		2,337,552		3,971,657
Li & Fung		4,862,400		3,015,024
Shenzhou International Group Holdings		509,962		2,642,767
Skyworth Digital Holdings		1,872,987		1,226,573
Uni-President China Holdings		1,343,743		1,254,151
WH Group^(B)		3,534,600		2,861,508
				16,633,090
Consumer Services — 12.8%
Ajisen China Holdings		346,593		147,444
China Dongxiang Group		3,673,588		757,714
Chow Tai Fook Jewellery Group ^(A)		1,124,479		782,781
Galaxy Entertainment Group		1,100,500		3,716,947
Melco Crown Entertainment ADR ^(A)		248,806		3,682,329
Sun Art Retail Group		2,173,525		1,630,732
				10,717,947
TOTAL HONG KONG				27,351,037
TOTAL COMMON STOCK
(Cost $102,555,869)				83,335,200

REPURCHASE AGREEMENTS (C) — 8.4%
Barclays Bank
0.280%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $6,000,140 (collateralized by U.S. Treasury Obligations, ranging in par value $1.00-$1,108,439, 0.000%-6.375%, 05/15/16-08/15/44, with a total market value of $6,120,000)	$	6,000,000		6,000,000
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $1,027,072 (collateralized by U.S. Treasury Obligations, par value $1,014,055, 2.250%, 11/30/17 with a total market value of $1,035,553)		1,027,047		1,027,047
TOTAL REPURCHASE AGREEMENTS
(Cost $7,027,047)				7,027,047
TOTAL INVESTMENTS — 108.1%
(Cost $109,582,916)			$	90,362,247

Percentages are based on Net Assets of $83,594,499.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2016. The total value of securities on loan at April 30, 2016 was $6,564,632.
(B)	Security 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." The total value of such securities at April 30, 2016 was $2,861,508 and represents 3.4% of Net Assets.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $7,027,047.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X China Consumer ETF

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	83,335,200	$	—	$	—	$	83,335,200
Repurchase Agreements		—		7,027,047		—		7,027,047
Total Investments in Securities	$	83,335,200	$	7,027,047	$	—	$	90,362,247

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X China Energy ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.8%
CHINA— 51.6%
Basic Materials — 7.1%
China Coal Energy, Cl H		34,591	$	16,410
China Shenhua Energy, Cl H		44,130		74,638
Yanzhou Coal Mining, Cl H		29,475		16,795
				107,843
Consumer Goods — 0.6%
Tianneng Power International ^*		11,215		9,210
Oil & Gas — 31.3%
China Longyuan Power Group, Cl H		51,526		35,802
China Oilfield Services, Cl H		30,166		26,249
China Petroleum & Chemical, Cl H^*		230,827		164,553
Huaneng Renewables, Cl H		57,800		17,138
JA Solar Holdings ADR ^*		503		4,361
JinkoSolar Holding ADR ^*		399		8,886
Kunlun Energy		51,305		44,710
PetroChina, Cl H		229,913		169,237
Trina Solar ADR ^*		559		5,450
				476,386
Utilities — 12.6%
CGN Power, Cl H^(A)		137,600		44,168
Datang International Power Generation, Cl H		45,512		12,966
ENN Energy Holdings		12,461		60,962
Huadian Fuxin Energy, Cl H		40,100		8,788
Huadian Power International, Cl H		27,061		13,919
Huaneng Power International, Cl H		70,161		50,379
				191,182
TOTAL CHINA				784,621
HONG KONG— 48.2%
Basic Materials — 0.5%
Shougang Fushan Resources Group		47,315		7,136
Industrials — 2.9%
Beijing Enterprises Holdings		8,393		43,928

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X China Energy ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 16.0%
China Gas Holdings		25,237	$	36,503
CNOOC		125,985		156,888
GCL-Poly Energy Holdings		200,011		29,909
Shunfeng International Clean Energy ^*		42,700		8,092
Xinjiang Goldwind Science & Technology, Cl H		7,340		12,131
				243,523
Utilities — 28.8%
Beijing Jingneng Clean Energy, Cl H		34,600		10,972
China Power International Development		54,884		23,561
China Power New Energy Development		66,200		5,206
China Resources Gas Group		13,350		37,861
China Resources Power Holdings		29,531		50,023
CLP Holdings		17,000		157,241
Concord New Energy Group		78,700		4,261
Hong Kong & China Gas		39,033		72,861
Power Assets Holdings		7,240		69,019
Towngas China		16,280		8,458
				439,463
TOTAL HONG KONG				734,050
TOTAL INVESTMENTS — 99.8%
(Cost $2,250,663)			$	1,518,671

Percentages are based on Net Assets of $1,521,320.

*	Non-income producing security.
(A)	Security 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." The total value of such securities at April 30, 2016 was $44,168 and represents 2.9% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X China Financials ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
CHINA— 70.7%
Financials — 70.7%
Agile Property Holdings		119,612	$	68,154
Agricultural Bank of China, Cl H		2,243,988		812,871
Bank of China, Cl H		2,037,034		832,439
Bank of Communications, Cl H		673,471		426,281
China Citic Bank, Cl H ^*		717,222		451,199
China Construction Bank, Cl H		2,741,726		1,763,679
China Everbright Bank, Cl H		250,100		113,811
China Galaxy Securities, Cl H		296,300		261,266
China Life Insurance, Cl H		334,340		778,397
China Merchants Bank, Cl H		324,834		714,390
China Minsheng Banking, Cl H		518,655		488,755
China Pacific Insurance Group, Cl H		204,112		720,965
Chongqing Rural Commercial Bank, Cl H		214,867		113,289
CITIC Securities, Cl H		182,796		403,899
Country Garden Holdings		651,897		257,996
Evergrande Real Estate Group		300,761		223,326
Guangzhou R&F Properties		80,093		112,129
Industrial & Commercial Bank of China, Cl H		3,195,537		1,734,287
Longfor Properties		101,438		142,797
PICC Property & Casualty, Cl H		394,742		722,598
Ping An Insurance Group of China, Cl H		174,414		824,044
Shui On Land		289,401		75,734
Sino-Ocean Land Holdings		245,952		110,972
SOHO China		160,259		80,778
TOTAL CHINA				12,234,056
HONG KONG— 29.2%
Financials — 24.6%
Cheung Kong Property Holdings		127,550		875,579
China Everbright		73,841		146,593
China Jinmao Holdings Group		349,258		100,403
China Overseas Land & Investment		263,466		840,610
China Resources Land		229,908		567,864
China Taiping Insurance Holdings ^*		124,330		254,840
Haitong Securities, Cl H		245,500		408,259
KWG Property Holding		101,285		65,807
New China Life Insurance, Cl H		79,511		260,862
People's Insurance Group of China, Cl H		699,600		283,188

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X China Financials ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Poly Property Group		169,507	$	45,451
Shenzhen Investment		246,918		99,949
Shimao Property Holdings		99,904		138,577
Sunac China Holdings		155,400		99,764
Yuexiu Property		531,445		77,416
				4,265,162
Industrials — 4.6%
CK Hutchison Holdings		66,450		796,660
TOTAL HONG KONG				5,061,822
TOTAL INVESTMENTS — 99.9%
(Cost $22,796,481)			$	17,295,878

Percentages are based on Net Assets of $17,319,230.

*	Non-income producing security.

Cl — Class

As of April 30, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X China Industrials ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.4%
CHINA— 63.6%
Basic Materials — 1.4%
China Zhongwang Holdings		100,788	$	50,412
Consumer Goods — 5.3%
BYD, Cl H ^*		33,414		196,852
Consumer Services — 1.4%
Guangshen Railway, Cl H		101,848		52,912
Industrials — 55.5%
Anhui Conch Cement, Cl H		66,187		175,339
China Communications Construction, Cl H		147,633		178,137
China COSCO Holdings, Cl H		182,532		71,533
China Lesso Group Holdings		68,855		37,991
China National Building Material, Cl H		205,347		106,416
China National Materials		75,556		20,065
China Railway Construction, Cl H		135,141		172,820
China Railway Group, Cl H		220,258		175,475
China Shanshui Cement Group^{(A) (B)}		122,652		4,973
China Shipping Container Lines, Cl H ^*		260,982		59,886
China Shipping Development, Cl H		81,484		58,089
CRRC		180,413		176,059
Dongfang Electric, Cl H		22,993		17,933
First Tractor, Cl H		28,341		15,966
Haitian International Holdings		45,046		77,117
Harbin Power Equipment, Cl H		44,211		18,181
Hollysys Automation Technologies		3,000		57,510
Jiangsu Expressway, Cl H		87,199		114,883
Metallurgical Corp of China, Cl H		207,601		62,624
Sany Heavy Equipment International Holdings		45,000		8,992
Shanghai Electric Group, Cl H		187,871		78,953
Weichai Power, Cl H		69,388		83,725
Zhejiang Expressway, Cl H		101,710		104,107
Zhuzhou CSR Times Electric, Cl H		30,913		176,738
				2,053,512
TOTAL CHINA				2,353,688

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X China Industrials ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG— 32.8%
Consumer Goods — 2.8%
AviChina Industry & Technology, Cl H		148,480	$	104,127
Industrials — 28.6%
Beijing Capital International Airport, Cl H		102,041		109,839
China Huarong Energy ^*		146,129		14,128
China International Marine Containers Group, Cl H		30,280		47,388
China Merchants Holdings International		60,901		181,356
China Resources Cement Holdings		122,221		40,335
China State Construction International Holdings		119,550		186,787
COSCO Pacific		116,200		123,732
Shanghai Industrial Holdings		32,399		73,927
Shenzhen International Holdings		62,706		102,661
Sunny Optical Technology Group		47,824		147,963
Zoomlion Heavy Industry Science and Technology		93,600		31,734
				1,059,850
Oil & Gas — 1.4%
China High Speed Transmission Equipment Group		67,820		52,719
TOTAL HONG KONG				1,216,696
SINGAPORE— 3.0%
Industrials — 3.0%
Yangzijiang Shipbuilding Holdings		152,003		111,962
TOTAL INVESTMENTS — 99.4%
(Cost $5,537,277)			$	3,682,346

Percentages are based on Net Assets of $3,703,508.

*	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, 2016 was $4,973 and represents 0.1% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $4,973 and represented 0.1% of Net Assets.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,677,373	$	—	$	4,973	$	3,682,346
Total Investments in Securities	$	3,677,373	$	—	$	4,973	$	3,682,346

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X China Industrials ETF

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, 2015	$	922,853
Transfers out of Level 3		(331,086	)
Net sales		(355,141	)
Realized loss		(185,283	)
Change in unrealized appreciation (depreciation)		(46,370	)
Ending Balance as of April 30, 2016	$	4,973

For the period ended April 30, 2016, the transfers out of Level 3 were due to the changes in availability of observable inputs to determine fair value. Transfers between levels are receognized at period end.

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held as of April 30, 2016 is $(46,370).

For the period ended April 30, 2016, there have been no transfers between Level 1 and Level 2.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X China Materials ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.6%
CHINA— 62.3%
Basic Materials — 57.7%
Aluminum Corp of China, Cl H ^*		181,439	$	60,813
Angang Steel, Cl H		107,324		50,914
China BlueChemical		185,209		42,976
China Hongqiao Group		91,042		66,780
China Molybdenum, Cl H^(A)		342,454		57,391
Dongyue Group^{(A) (B)}		104,857		17,593
Fosun International		43,150		59,965
Jiangxi Copper, Cl H		50,891		62,259
Maanshan Iron & Steel, Cl H ^*		176,825		40,803
Real Gold Mining ^{*(A) (B)}		97,864		1
Sinofert Holdings		176,730		24,150
Sinopec Shanghai Petrochemical, Cl H		131,850		64,929
Sinopec Yizheng Chemical Fibre, Cl H ^*		216,414		47,428
Zhaojin Mining Industry		80,484		68,789
Zijin Mining Group, Cl H		204,059		67,606
				732,397
Industrials — 4.6%
BBMG, Cl H		78,820		57,917
TOTAL CHINA				790,314
HONG KONG— 35.6%
Basic Materials — 23.3%
China Lumena New Materials ^{*(A) (B)}		80,850		130
China Precious Metal Resources Holdings ^*		778,400		24,986
China Silver Group		75,600		16,860
Fufeng Group		108,554		34,006
G-Resources Group		2,179,600		50,014
Kingboard Chemical Holdings		35,100		67,691
Nine Dragons Paper Holdings		82,070		59,141
Yingde Gases		114,879		42,799
				295,627
Industrials — 12.3%
Citic Pacific		40,200		58,871
TCC International Holdings		256,840		51,651
West China Cement		215,260		45,510
				156,032
TOTAL HONG KONG				451,659

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X China Materials ETF

	Shares		Value
COMMON STOCK — continued
SINGAPORE— 1.7%
Basic Materials — 1.7%
Midas Holdings ^*		98,366	$	20,858
TOTAL INVESTMENTS — 99.6%
(Cost $2,209,847)			$	1,262,831

Percentages are based on Net Assets of $1,268,194.

*	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, 2016 was $75,115 and represents 5.9% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $17,724 and represented 1.4% of Net Assets.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Common Stock	$	1,187,716	$	57,391	$	17,724	$	1,262,831
Total Investments in Securities	$	1,187,716	$	57,391	$	17,724	$	1,262,831

⁽¹⁾ Please see Note 2 in Notes to the Financial Statements 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, 2015	$	668
Transfers into Level 3		17,593
Net sales		(536	)
Realized loss		(66,598	)
Change in unrealized appreciation (depreciation)		66,597
Ending Balance as of April 30, 2016	$	17,724

For the period ended April 30, 2016, the transfers in and out of Level 3 were due to the changes in availability of observable inputs to determine fair value. Transfers between levels are receognized at period end.

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held as of April 30, 2016 is $66,597.

For the period ended April 30, 2016, there have been no transfers between Level 1 and Level 2.

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

Schedule of Investments

April 30, 2016 (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— 65.9%
Technology — 65.9%
21Vianet Group ADR ^*		20,250	$	408,544
500.com ADR, Cl A ^*		8,015		150,602
Autohome ADR ^*		11,879		351,143
Baidu ADR ^*		5,570		1,082,251
Baozun ADR ^*		1,385		8,005
China Communications Services, Cl H		325,603		154,046
China Finance Online ADR ^*		7,763		43,628
Coolpad Group^*		980,615		194,677
Eastern Communications, Cl B ^*		105,219		80,493
Kingdee International Software Group		688,049		224,406
Lenovo Group		1,157,083		920,332
NetEase ADR		7,175		1,009,523
Semiconductor Manufacturing International ^*		8,430,144		695,521
Shanghai Baosight Software, Cl B		42,145		158,971
Shanghai Potevio, Cl B ^*		46,055		85,386
Sohu.com ^*		10,708		481,110
Tencent Holdings		52,935		1,084,331
Travelsky Technology, Cl H		120,255		224,164
YY ADR ^*		9,272		582,467
ZTE, Cl H		278,903		435,763
TOTAL CHINA				8,375,363
HONG KONG— 27.7%
Technology — 27.7%
Alibaba Health Information Technology ^*		910,809		616,427
ASM Pacific Technology		60,203		434,611
BYD Electronic International ^*		290,381		166,580
China Electronics Holdings ^*		307,000		91,421
China Public Procurement ^*		3,387,400		62,445
Chinasoft International ^*		576,186		209,463
Digital China Holdings ^*		303,278		209,947
FIH Mobile		873,959		375,172
Heng Xin China Holdings ^*		1,154,600		31,406
HKBN		263,400		324,615
Hua Hong Semiconductor ^{* (A)}		118,000		118,955
National Agricultural Holdings ^*		382,700		84,363
New Sports Group ^*		3,297,000		80,329
PAX Global Technology		237,760		205,663
Suncorp Technologies ^*		4,492,500		72,972

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X NASDAQ China Technology ETF

	Shares		Value
COMMON STOCK — continued
Technology — continued
VTech Holdings		43,022	$	444,795
TOTAL HONG KONG				3,529,164
UNITED STATES— 6.3%
Technology — 6.3%
NQ Mobile ADR, Cl A ^*		28,446		145,075
SINA ^*		11,297		565,867
Weibo ADR ^*		3,495		85,522
TOTAL UNITED STATES				796,464
TOTAL INVESTMENTS — 99.9%
(Cost $13,186,076)			$	12,700,991

Percentages are based on Net Assets of $12,719,081.

*	Non-income producing security.
(A)	Security 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." The total value of such securities at April 30, 2016 was $118,955 and represents 0.9% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Southeast Asia ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.4%
INDONESIA— 18.8%
Consumer Goods — 5.4%
Astra International		838,501	$	427,580
Gudang Garam		19,190		100,766
Unilever Indonesia		47,666		153,881
				682,227
Financials — 9.0%
Bank Central Asia		511,576		506,223
Bank Mandiri		389,280		284,846
Bank Rakyat Indonesia Persero		448,540		352,016
				1,143,085
Telecommunications — 4.4%
Telekomunikasi Indonesia ADR		10,523		561,612
TOTAL INDONESIA				2,386,924
MALAYSIA— 26.9%
Basic Materials — 1.6%
Petronas Chemicals Group		120,024		206,159
Financials — 11.1%
CIMB Group Holdings		227,575		272,053
Malayan Banking		224,931		514,177
Public Bank		130,209		623,297
				1,409,527
Health Care — 1.5%
IHH Healthcare		116,380		195,134
Industrials — 2.1%
Sime Darby		137,196		270,423
Oil & Gas — 1.5%
Petronas Gas		33,159		186,570

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 4.8%
Axiata Group		187,488	$	271,165
DiGi.Com		155,500		175,144
Maxis		110,006		157,695
				604,004
Utilities — 4.3%
Tenaga Nasional		147,705		542,952
TOTAL MALAYSIA				3,414,769
PHILIPPINES— 6.8%
Consumer Goods — 1.3%
JG Summit Holdings		95,460		165,929
Consumer Services — 2.1%
SM Investments		13,277		267,310
Financials — 2.5%
Ayala Land		220,070		162,633
SM Prime Holdings		326,700		157,819
				320,452
Telecommunications — 0.9%
Philippine Long Distance Telephone ADR		3,218		118,744
TOTAL PHILIPPINES				872,435
SINGAPORE— 32.4%
Consumer Goods — 1.9%
Wilmar International		87,701		242,082
Consumer Services — 2.5%
Jardine Cycle & Carriage		4,598		132,119
Singapore Airlines		20,993		179,621
				311,740
Financials — 21.1%
CapitaLand		105,778		244,760
DBS Group Holdings		74,623		848,361
Oversea-Chinese Banking		136,196		888,687
United Overseas Bank		50,337		696,602
				2,678,410
Telecommunications — 6.9%
Singapore Telecommunications		306,454		880,110
TOTAL SINGAPORE				4,112,342
THAILAND— 14.5%
Consumer Services — 1.9%
CP ALL NVDR		183,573		240,437
Financials — 4.5%
Bangkok Bank NVDR		19,701		92,498
Kasikornbank NVDR		48,628		231,098

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Southeast Asia ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Siam Commercial Bank NVDR		64,791	$	247,627
				571,223
Industrials — 3.0%
Airports of Thailand NVDR		17,800		199,760
Siam Cement NVDR		12,496		174,579
				374,339
Oil & Gas — 3.4%
PTT Exploration & Production NVDR		58,210		125,402
PTT PCL NVDR		35,564		309,518
				434,920
Telecommunications — 1.7%
Advanced Info Service NVDR		49,501		221,075
TOTAL THAILAND				1,841,994
TOTAL INVESTMENTS — 99.4%
(Cost $14,634,151)			$	12,628,464

Percentages are based on Net Assets of $12,698,807.

ADR — American Depositary Receipt

NVDR — Non-Voting Depositary Receipt

As of April 30, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2016 (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 — 95.0%
CHILE— 42.1%
Basic Materials — 4.5%
CAP		2,851	$	10,169
Empresas CMPC		42,219		94,384
Sociedad Quimica y Minera de Chile ADR		3,461		72,093
				176,646
Consumer Goods — 2.5%
Cia Cervecerias Unidas ADR		2,795		62,664
Vina Concha y Toro		20,600		34,603
				97,267
Consumer Services — 8.8%
Cencosud		42,840		115,180
Latam Airlines Group ADR ^*		12,594		90,425
SACI Falabella		18,435		142,720
				348,325
Financials — 9.6%
Banco de Chile ADR		1,486		97,868
Banco de Chile		3,889		427
Banco de Credito e Inversiones		1,826		78,544
Banco Santander Chile ADR		5,886		114,188
Parque Arauco		21,144		40,959
Sociedad Matriz Banco de Chile, Cl B		174,650		49,640
				381,626
Oil & Gas — 3.6%
Empresas COPEC		14,279		142,681
Technology — 0.9%
Sonda		17,334		34,626

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 0.9%
ENTEL Chile		4,105	$	35,822
Utilities — 11.3%
AES Gener		95,311		47,786
Aguas Andinas, Cl A		115,732		67,077
Colbun		266,246		71,772
E.CL		19,392		33,698
Empresa Nacional de Electricidad ADR		3,478		96,862
Enersis ADR		14,882		127,390
				444,585
TOTAL CHILE				1,661,578
COLOMBIA— 28.9%
Consumer Goods — 2.7%
Grupo Nutresa		11,725		106,875
Consumer Services — 1.8%
Almacenes Exito		12,674		71,181
Financials — 12.3%
BanColombia ADR		4,955		191,709
Financiera Colombiana		6,017		81,377
Grupo Aval Acciones y Valores ADR		4,048		32,748
Grupo de Inversiones Suramericana		13,297		179,475
				485,309
Industrials — 5.3%
Cementos Argos		22,172		90,013
Grupo Argos		18,286		120,522
				210,535
Oil & Gas — 3.6%
Ecopetrol ADR		13,980		138,961
Pacific Exploration and Production ^*		17,926		3,415
				142,376
Utilities — 3.2%
Interconexion Electrica		18,802		57,347
Isagen ^*		46,290		66,618
				123,965
TOTAL COLOMBIA				1,140,241
PERU— 18.8%
Basic Materials — 8.7%
Cia de Minas Buenaventura ADR ^*		10,792		109,539
Southern Copper		7,912		234,749
				344,288
Financials — 10.1%
Credicorp		1,056		153,194

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Credicorp Ltd.		1,670	$	242,851
				396,045
TOTAL PERU				740,333
UNITED STATES— 5.2%
Financials — 1.5%
Itau CorpBanca ADR		4,382		59,420
Utilities — 3.7%
Endesa Americas ADR		3,478		49,144
Enersis Chile ADR ^*		14,882		94,798
				143,942
TOTAL UNITED STATES				203,362
TOTAL COMMON STOCK
(Cost $5,448,252)				3,745,514

PREFERRED STOCK — 4.6%
CHILE— 0.7%
Consumer Goods — 0.7%
Embotelladora Andina		8,720		29,501
COLOMBIA— 3.9%
Financials — 2.8%
Banco Davivienda		5,690		53,541
Grupo Aval Acciones y Valores		134,171		55,975
				109,516
Industrials — 1.1%
Grupo Argos		7,080		43,437
TOTAL COLOMBIA				152,953
TOTAL PREFERRED STOCK
(Cost $235,722)				182,454
TOTAL INVESTMENTS — 99.6%
(Cost $5,683,974)			$	3,927,968

Percentages are based on Net Assets of $3,945,098.

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

As of April 30, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X MSCI Colombia ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 88.6%
COLOMBIA— 88.6%
Basic Materials — 2.8%
Mineros		2,907,298	$	2,466,576
Consumer Goods — 4.8%
Grupo Nutresa		470,578		4,289,380
Consumer Services — 4.8%
Almacenes Exito		759,793		4,267,243
Financials — 33.2%
Banco de Bogota		13,777		304,192
BanColombia ADR		350,199		13,549,199
Bolsa de Valores de Colombia		344,184,916		2,159,904
Celsia ESP		2,544,835		3,434,867
Financiera Colombiana		90,109		1,218,761
Grupo Aval Acciones y Valores		286,711		121,624
Grupo Aval Acciones y Valores ADR		193,001		1,561,378
Grupo de Inversiones Suramericana		532,650		7,189,393
Interbolsa ^{*(A) (B)}		1,320,603		463
				29,539,781
Industrials — 15.4%
Cementos Argos		792,511		3,217,388
Cemex Latam Holdings ^*		996,436		4,562,282
Construcciones El Condor		5,402,396		2,272,779
Grupo Argos		556,905		3,670,528
				13,722,977
Oil & Gas — 10.6%
Canacol Energy ^*		1,098,279		3,533,502
Ecopetrol ADR		531,133		5,279,462
Pacific Exploration and Production ^*		3,301,300		628,791
				9,441,755
Telecommunications — 2.7%
Empresa de Telecomunicaciones de Bogota		11,077,800		2,369,043

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X MSCI Colombia ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 14.3%
Empresa de Energia de Bogota		5,751,476	$	3,730,273
Interconexion Electrica		1,319,833		4,025,574
Isagen ^*		3,436,038		4,944,936
				12,700,783
TOTAL COMMON STOCK
(Cost $93,632,134)				78,797,538

PREFERRED STOCK — 11.0%
COLOMBIA— 11.0%
Consumer Services — 3.1%
Avianca Holdings		3,735,526		2,737,081
Financials — 7.2%
Banco Davivienda		416,190		3,916,190
Grupo Aval Acciones y Valores		1,431,941		597,395
Grupo de Inversiones Suramericana		141,463		1,884,586
				6,398,171
Industrials — 0.7%
Grupo Argos		100,438		616,206
TOTAL PREFERRED STOCK
(Cost $11,331,679)				9,751,458
TOTAL INVESTMENTS — 99.6%
(Cost $104,963,813)			$	88,548,996

Percentages are based on Net Assets of $88,926,207.

*	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, 2016 was $463 and represents 0.0% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $463 and represented 0.0% of Net Assets.

ADR — American Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3^(a)		Total
Common Stock	$	78,797,075	$	—	$	463	$	78,797,538
Preferred Stock		9,751,458		—		—		9,751,458
Total Investments in Securities	$	88,548,533	$	—	$	463	$	88,548,996

^(a) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has 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, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments

April 30, 2016 (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 — 94.2%
BRAZIL— 94.2%
Basic Materials — 10.0%
Cia Siderurgica Nacional ADR		42,607	$	161,055
Fibria Celulose ADR		16,134		142,947
Gerdau ADR		30,244		67,444
				371,446
Consumer Goods — 6.2%
Cosan Industria e Comercio		4,643		42,679
Hypermarcas ^*		11,527		102,216
M Dias Branco		1,266		28,579
Natura Cosmeticos		5,069		37,458
Sao Martinho		1,509		19,560
				230,492
Consumer Services — 13.7%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		4,381		64,182
Kroton Educacional		46,750		173,680
Localiza Rent a Car		4,572		44,424
Lojas Renner		19,825		118,635
Raia Drogasil		6,650		106,992
				507,913
Financials — 18.7%
BM&F Bovespa		50,706		251,561
BR Malls Participacoes		14,201		70,124
CETIP - Mercados Organizados		7,112		86,891
Grupo BTG Pactual, Cl Miscellaneous		29,977		169,222
Multiplan Empreendimentos Imobiliarios		2,437		41,879
Porto Seguro		2,926		23,555
Sul America		10,585		50,827
				694,059

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Brazil Mid Cap ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Health Care — 0.7%
Odontoprev		8,110	$	24,888
Industrials — 11.4%
CCR		27,217		126,431
Embraer ADR		2,988		69,023
Klabin		29,374		149,645
WEG		17,700		77,965
				423,064
Technology — 0.8%
TOTVS		3,566		29,048
Telecommunications — 4.1%
Tim Participacoes ADR		13,726		152,221
Utilities — 28.6%
Centrais Eletricas Brasileiras ADR ^*		32,056		70,844
Cia de Saneamento Basico do Estado de Sao Paulo ADR		19,472		148,766
Cia Energetica de Minas Gerais ADR		22,047		43,212
Cia Paranaense de Energia ADR		3,395		28,077
CPFL Energia ADR^*		15,182		175,808
EDP - Energias do Brasil		7,224		26,566
Equatorial Energia		5,850		71,675
Tractebel Energia		6,287		69,287
Transmissora Alianca de Energia Eletrica		10,610		61,800
Ultrapar Participacoes ADR		17,429		365,660
				1,061,695
TOTAL COMMON STOCK
(Cost $4,506,606)				3,494,826

PREFERRED STOCK — 5.1%
BRAZIL— 5.1%
Basic Materials — 2.9%
Braskem		4,720		33,662
Suzano Papel e Celulose		19,660		75,032
				108,694
Consumer Services — 2.2%
Lojas Americanas		17,531		81,283
TOTAL PREFERRED STOCK
(Cost $204,175)				189,977

CORPORATE OBLIGATION — 0.2%
Hypermarcas
11.300%, 10/15/18 ^(A)(B)
(Cost $14,761)	$	24,583		7,242
TOTAL INVESTMENTS — 99.5%
(Cost $4,725,542)			$	3,692,045

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Brazil Mid Cap ETF

Percentages are based on Net Assets of $3,710,620.

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $7,242 and represented 0.2% 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, 2016 was $7,242 and represents 0.2% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3^(a)		Total
Common Stock	$	3,494,826	$	—	$	—	$	3,494,826
Preferred Stock		189,977		—		—		189,977
Corporate Obligation		—		—		7,242		7,242
Total Investments in Securities	$	3,684,803	$	—	$	7,242	$	3,692,045

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Brazil Consumer ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 93.0%
BRAZIL— 93.0%
Consumer Goods — 50.9%
AMBEV ADR		28,958	$	161,875
Arezzo Industria e Comercio		7,582		54,424
BRF ADR		9,891		140,650
Cia Hering		24,753		102,863
Cosan, Cl A		29,385		158,092
Cosan Industria e Comercio		21,847		200,819
Grendene		14,777		72,540
Hypermarcas ^*		26,030		230,821
JBS		38,856		102,128
M Dias Branco		7,518		169,715
Marfrig Alimentos ^*		46,416		86,354
Minerva ^*		17,705		55,052
Natura Cosmeticos		23,206		171,483
Sao Martinho		8,717		112,992
SLC Agricola		8,306		37,525
				1,857,333
Consumer Services — 42.1%
B2W Cia Digital ^*		20,384		80,926
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		10,023		146,837
CVC Brasil Operadora e Agencia de Viagens		13,360		72,476
Estacio Participacoes		36,370		126,053
Kroton Educacional		53,468		198,638
Localiza Rent a Car		20,161		195,896
Lojas Renner		29,215		174,826
Multiplus		8,152		88,801
Raia Drogasil		13,002		209,190
Smiles		9,261		107,456
Via Varejo		76,434		137,328
				1,538,427
TOTAL COMMON STOCK
(Cost $4,481,666)				3,395,760

PREFERRED STOCK — 6.3%
BRAZIL— 6.3%
Consumer Goods — 1.7%
Alpargatas		23,158		62,613

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Brazil Consumer ETF

	Shares/Face Amount		Value
PREFERRED STOCK — continued
Consumer Services — 4.6%
Lojas Americanas		35,882	$	166,372
TOTAL PREFERRED STOCK
(Cost $212,898)				228,985

CORPORATE OBLIGATION — 0.3%
Hypermarcas
11.300%, 10/15/18^{(A) (B)}
(Cost $21,016)	$	35,000		10,310
TOTAL INVESTMENTS — 99.6%
(Cost $4,715,580)			$	3,635,055

Percentages are based on Net Assets of $3,651,017.

*	Non-income producing security.
(A)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $10,310 and represented 0.3% 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, 2016 was $10,310 and represents 0.3% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3^(a)		Total
Common Stock	$	3,395,760	$	—	$	—	$	3,395,760
Preferred Stock		228,985		—		—		228,985
Corporate Obligation		—		—		10,310		10,310
Total Investments in Securities	$	3,624,745	$	—	$	10,310	$	3,635,055

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments

April 30, 2016 (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— 72.6%
Basic Materials — 17.0%
Tenaris ADR		436,952	$	11,828,291
Consumer Goods — 2.0%
Cresud SACIF y A ADR ^*		132,849		1,393,586
Consumer Services — 16.3%
Arcos Dorados Holdings, Cl A		579,714		2,405,813
Grupo Clarin GDR, Cl B		116,583		2,215,077
MercadoLibre		53,902		6,731,821
				11,352,711
Financials — 15.7%
Banco Macro ADR^*		53,670		3,361,352
BBVA Banco Frances ADR^*		128,549		2,712,384
Grupo Financiero Galicia ADR		110,867		3,156,383
IRSA Inversiones y Representaciones ADR ^*		111,909		1,659,610
				10,889,729
Oil & Gas — 13.5%
Petrobras Argentina ADR		293,039		1,887,171
Transportadora de Gas del Sur ADR^*		292,966		1,828,108
YPF ADR		281,812		5,678,512
				9,393,791
Telecommunications — 4.5%
Telecom Argentina ADR		166,275		3,112,668
Utilities — 3.6%
Empresa Distribuidora Y Comercializadora Norte ADR ^*		32,154		506,747
Pampa Energia ADR ^*		97,535		1,995,566
				2,502,313
TOTAL ARGENTINA				50,473,089

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X MSCI Argentina ETF

	Shares		Value
COMMON STOCK — continued
CANADA— 9.1%
Basic Materials — 6.7%
Pan American Silver		28,761	$	450,685
Pan American Silver ^		131,137		2,059,289
Silver Standard Resources ^*		230,019		2,159,878
				4,669,852
Industrials — 2.4%
Finning International		93,046		1,656,495
TOTAL CANADA				6,326,347
CHILE— 6.5%
Consumer Goods — 4.2%
Cia Cervecerias Unidas ADR		64,587		1,448,040
Embotelladora Andina ADR, Cl B		73,348		1,499,967
				2,948,007
Consumer Services — 2.3%
Cencosud		595,050		1,599,852
TOTAL CHILE				4,547,859
LUXEMBOURG— 3.6%
Consumer Goods — 3.6%
Adecoagro ^*		234,703		2,501,934
MEXICO— 2.2%
Consumer Goods — 2.2%
Arca Continental		217,637		1,507,898
SPAIN— 2.2%
Industrials — 2.2%
Prosegur Cia de Seguridad		262,070		1,515,810
UNITED STATES— 3.7%
Technology — 3.7%
Globant ^*		72,056		2,557,268
TOTAL INVESTMENTS — 99.9%
(Cost $65,798,648)			$	69,430,205

Percentages are based on Net Assets of $69,503,746.

*	Non-income producing security.
^	Traded on the U.S. Stock Exchange.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X MSCI Argentina ETF

As of April 30, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X MSCI Greece 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 Notes 2 and 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.9%
GREECE— 90.2%
Basic Materials — 2.2%
Mytilineos Holdings		722,903	$	2,897,905
Mytilineos Holdings ADR		626,200		2,510,248
				5,408,153
Consumer Goods — 5.7%
JUMBO		770,944		10,127,967
JUMBO ADR ^*		340,000		3,910,000
				14,037,967
Consumer Services — 13.4%
Aegean Airlines		547,025		5,018,521
FF Group		222,767		4,592,608
FF Group ADR		240,300		4,954,073
OPAP		1,605,455		12,136,070
OPAP ADR		1,804,900		6,373,102
				33,074,374
Financials — 35.7%
Alpha Bank AE ^*		16,123,524		35,271,940
Eurobank Ergasias ^*		16,229,463		13,755,358
Hellenic Exchanges - Athens Stock Exchange		1,057,025		6,029,074
National Bank of Greece ^*		53,608,322		15,963,994
Piraeus Bank ^*		56,007,179		16,678,349
				87,698,715
Industrials — 12.0%
Aegean Marine Petroleum Network ^(A)		613,912		4,935,852
Ellaktor ^*		2,222,484		3,232,797
Metka		366,354		2,802,937
Metka ADR		130,000		994,617

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X MSCI Greece ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — continued
Titan Cement		230,635	$	5,256,713
Titan Cement ADR ^*		539,800		6,151,669
Tsakos Energy Navigation		1,010,463		6,426,545
				29,801,130
Oil & Gas — 3.8%
Motor Oil Hellas Corinth Refineries		440,532		5,025,425
Motor Oil Hellas Corinth Refineries ADR		768,300		4,382,229
				9,407,654
Real Estate Investment Trusts — 2.5%
Grivalia Properties		722,100		6,202,898
Telecommunications — 11.1%
Hellenic Telecommunications Organization		2,823,206		27,388,105
Utilities — 3.8%
Athens Water Supply & Sewage		701,167		3,734,311
Public Power		1,663,418		5,582,195
				9,316,506
TOTAL GREECE				222,335,502
MONACO— 6.1%
Industrials — 6.1%
GasLog ^(A)		689,978		8,838,618
GasLog Partners		345,927		6,195,553
TOTAL MONACO				15,034,171
UNITED STATES— 3.6%
Industrials — 3.6%
Capital Product Partners		1,479,767		4,143,348
Dorian LPG ^*		461,683		4,690,699
TOTAL UNITED STATES				8,834,047
TOTAL COMMON STOCK
(Cost $291,521,455)				246,203,720

U.S. TREASURY OBLIGATION — 14.2%
United States Treasury Bill
0.110%, 05/12/16 ^(B)
(Cost $34,998,824)	$	35,000,000		34,998,600

REPURCHASE AGREEMENT (C) — 1.9%
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $4,835,867 (collateralized by U.S. Treasury Obligations, par value $4,774,578, 2.250%, 11/30/17 with a total market value of $1,035,553)
(Cost $4,835,750)		4,835,750		4,835,750
TOTAL INVESTMENTS — 116.0%
(Cost $331,356,029)			$	286,038,070

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X MSCI Greece ETF

Percentages are based on Net Assets of $246,530,426.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2016. The total value of securities on loan at April 30, 2016 was $4,550,847.
(B)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $4,835,750.

ADR — American Depositary Receipt

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	246,203,720	$	—	$	—	$	246,203,720
U.S. Treasury Obligation		—		34,998,600		—		34,998,600
Repurchase Agreement		—		4,835,750		—		4,835,750
Total Investments in Securities	$	246,203,720	$	39,834,350	$	—	$	286,038,070

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X MSCI Norway 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 Notes 2 and 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 99.4%
NORWAY— 97.4%
Basic Materials — 9.8%
Borregaard		134,797	$	1,008,590
Norsk Hydro ^(A)		1,060,390		4,612,996
Yara International		130,093		5,208,664
				10,830,250
Consumer Goods — 14.7%
Austevoll Seafood		155,618		1,309,322
Bakkafrost P		45,025		1,593,028
Kongsberg Automotive Holding ^*		669,493		541,258
Leroy Seafood Group		32,660		1,593,992
Marine Harvest		296,717		4,617,117
Orkla ^(A)		581,693		5,078,395
Salmar ^(A)		62,813		1,560,116
				16,293,228
Consumer Services — 7.3%
Europris ^{* (B)}		138,039		642,851
Norwegian Air Shuttle ^{* (A)}		34,121		1,572,074
Schibsted, Cl A ^(A)		71,700		2,091,604
Schibsted, Cl B ^*		85,456		2,429,214
XXL ^(B)		115,544		1,395,450
				8,131,193
Financials — 19.6%
Aker, Cl A ^(A)		38,470		793,063
DnB ^(A)		814,624		10,430,214
Entra ^(B)		106,610		1,006,211
Gjensidige Forsikring		225,508		3,861,923
Norwegian Property		449,168		501,471
Protector Forsikring		85,209		833,323
Selvaag Bolig		103,158		335,646

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X MSCI Norway ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Sparebank 1 Nord Norge		142,539	$	667,348
SpareBank 1 SMN		160,700		987,867
Storebrand ^*		556,988		2,358,035
				21,775,101
Industrials — 5.9%
Avance Gas Holding ^{(A) (B)}		52,490		357,871
BW LPG ^(B)		103,750		623,607
Frontline		91,964		764,620
Golden Ocean Group ^*		388,253		344,745
Hexagon Composites		156,400		477,803
Hoegh LNG Holdings		78,518		916,589
IDEX ^{* (A)}		547,307		567,538
Ocean Yield		78,907		534,059
Stolt-Nielsen		48,740		644,633
Thin Film Electronics ^*		1,290,469		676,297
Wilh Wilhelmsen, Cl B		117,327		625,076
				6,532,838
Oil & Gas — 27.0%
Akastor		388,895		540,913
Aker Solutions		224,186		860,289
BW Offshore		1,659,070		362,622
Det Norske Oljeselskap ^*		146,872		1,311,430
DNO International ^{* (A)}		915,784		1,057,109
Fred Olsen Energy		102,160		442,776
Petroleum Geo-Services ^(A)		304,790		1,078,377
ProSafe		407,570		246,495
REC Silicon ^*		4,002,794		879,861
Scatec Solar ^(B)		110,310		486,318
Statoil		983,899		17,387,325
Subsea 7		306,024		2,816,119
Tanker Investments ^*		52,409		423,055
TGS Nopec Geophysical		122,080		2,042,159
				29,934,848
Technology — 3.4%
Atea		105,283		987,149
Nordic Semiconductor ^{* (A)}		219,444		1,276,764
Opera Software ^(A)		183,420		1,498,822
				3,762,735
Telecommunications — 9.7%
Telenor		623,606		10,733,735
TOTAL NORWAY				107,993,928

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X MSCI Norway ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
UNITED KINGDOM— 2.0%
Oil & Gas — 2.0%
Seadrill ^*		463,638	$	2,248,996
TOTAL COMMON STOCK
(Cost $136,868,783)				110,242,924

REPURCHASE AGREEMENTS (C) — 21.5%
Barclays Bank
0.280%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $22,000,513 (collateralized by U.S. Treasury Obligations, ranging on par value $18-$5,773,114, 0.000%-6.375%, 05/15/16-08/15/44 with a total market value of $22,440,000)	$	22,000,000		22,000,000
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $1,830,637 (collateralized by U.S. Treasury Obligations, par value $1,807,436, 2.250%, 11/30/17 with a total market value of $1,845,754)		1,830,593		1,830,593
TOTAL REPURCHASE AGREEMENTS
(Cost $23,830,593)				23,830,593
TOTAL INVESTMENTS — 120.9%
(Cost $160,699,376)			$	134,073,517

Percentages are based on Net Assets of $110,926,638.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2016. The total value of securities on loan at April 30, 2016 was $23,080,591.
(B)	Security 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." The total value of such securities at April 30, 2016 was $4,512,308 and represents 4.1% of Net Assets.
(C)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $23,830,593.

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	110,242,924	$	—	$	—	$	110,242,924
Repurchase Agreements		—		23,830,593		—		23,830,593
Total Investments in Securities	$	110,242,924	$	23,830,593	$	—	$	134,073,517

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X FTSE Nordic Region 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 Notes 2 and 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 98.5%
DENMARK— 30.1%
Consumer Goods — 4.2%
Carlsberg, Cl B		8,516	$	829,544
Pandora		9,127		1,185,416
				2,014,960
Financials — 3.7%
Danske Bank		62,023		1,754,278
Health Care — 20.7%
Coloplast, Cl B		8,001		600,109
Novo Nordisk ADR		151,744		8,465,798
Novozymes, Cl B		18,080		866,676
				9,932,583
Industrials — 1.5%
A P Moller - Maersk, Cl B		511		718,733
TOTAL DENMARK				14,420,554
FINLAND— 13.3%
Financials — 3.5%
Sampo, Cl A		38,341		1,674,427
Industrials — 3.0%
Kone, Cl B		30,864		1,408,340
Technology — 5.7%
Nokia ADR ^(A)		467,713		2,745,475
Utilities — 1.1%
Fortum		35,289		531,902
TOTAL FINLAND				6,360,144

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X FTSE Nordic Region ETF

	Shares		Value
COMMON STOCK — continued
NORWAY— 8.4%
Basic Materials — 1.2%
Yara International		13,997	$	560,412
Financials — 2.3%
DnB		86,706		1,110,159
Oil & Gas — 2.9%
Statoil ADR		77,672		1,366,251
Telecommunications — 2.0%
Telenor		56,026		964,340
TOTAL NORWAY				4,001,162
SWEDEN— 46.7%
Consumer Goods — 3.2%
Svenska Cellulosa, Cl B		48,543		1,530,271
Consumer Services — 5.8%
Hennes & Mauritz, Cl B		77,715		2,765,693
Financials — 17.5%
Investor, Cl B		36,761		1,350,394
Nordea Bank		259,805		2,524,391
Skandinaviska Enskilda Banken, Cl A		117,875		1,126,964
Svenska Handelsbanken, Cl A		117,241		1,562,248
Swedbank, Cl A		85,135		1,838,015
				8,402,012
Industrials — 12.3%
Assa Abloy, Cl B		76,427		1,604,286
Atlas Copco, Cl A		50,303		1,302,964
Sandvik		87,061		894,219
SKF, Cl B		30,069		554,345
Volvo, Cl B		125,653		1,472,291
				5,828,105
Technology — 5.8%
Ericsson ADR		243,264		1,968,006
Hexagon, Cl B		20,630		823,405
				2,791,411
Telecommunications — 2.1%
TeliaSonera		210,021		1,003,971
TOTAL SWEDEN				22,321,463
TOTAL COMMON STOCK
(Cost $47,301,755)				47,103,323

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X FTSE Nordic Region ETF

	Face Amount		Value
REPURCHASE AGREEMENT (B) — 1.9%
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $923,147 (collateralized by U.S. Treasury Obligations, par value $911,447, 2.250%, 11/30/17 with a total market value of $930,770)
(Cost $923,125)	$	923,125	$	923,125
TOTAL INVESTMENTS — 100.4%
(Cost $48,224,880)			$	48,026,448

Percentages are based on Net Assets of $47,813,976.

(A)	This security or a partial position of this security is on loan at April 30, 2016. The total value of securities on loan at April 30, 2016 was $874,384.
(B)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $923,125.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	47,103,323	$	—	$	—	$	47,103,323
Repurchase Agreement		—		923,125		—		923,125
Total Investments in Securities	$	47,103,323	$	923,125	$	—	$	48,026,448

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X MSCI Nigeria ETF

Sector Weightings †:

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

	Shares		Value
COMMON STOCK — 99.9%
NIGERIA— 99.9%
Consumer Goods — 39.9%
Flour Mills of Nigeria		6,703,048	$	707,179
Guinness Nigeria		1,615,651		740,903
Nestle Nigeria		498,421		1,540,610
Nigerian Breweries		7,025,083		4,090,112
PZ Cussons Nigeria		4,966,968		533,004
Unilever Nigeria		5,818,554		897,703
				8,509,511
Financials — 44.7%
Access Bank		42,693,780		868,675
Diamond Bank ^*		56,895,995		397,314
Ecobank Transnational ^*		12,433,296		935,698
FBN Holdings		49,205,415		889,925
Guaranty Trust Bank		24,002,998		2,022,257
Stanbic IBTC Holdings		12,643,523		879,743
Transnational Corp of Nigeria		97,789,672		486,369
UAC of Nigeria		6,751,107		611,517
United Bank for Africa		55,332,362		945,140
Zenith Bank		23,626,100		1,507,418
				9,544,056
Industrials — 9.7%
Dangote Cement		1,553,381		1,275,169
Lafarge Africa		2,331,320		796,315
				2,071,484
Oil & Gas — 5.6%
Forte Oil		545,282		587,195
Oando ^*		26,542,681		608,062
				1,195,257
TOTAL INVESTMENTS — 99.9%
(Cost $30,876,480)			$	21,320,308

Percentages are based on Net Assets of $21,351,082.

Non-income producing security.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X MSCI Nigeria ETF

As of April 30, 2016, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

Schedule of Investments

April 30, 2016 (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 — 99.4%
ARGENTINA— 2.6%
Consumer Services — 1.4%
MercadoLibre		1,475	$	184,213
Oil & Gas — 1.2%
YPF ADR		7,765		156,465
TOTAL ARGENTINA				340,678
AUSTRALIA— 1.1%
Oil & Gas — 1.1%
Oil Search		27,627		148,217
BANGLADESH— 1.0%
Health Care — 0.3%
Square Pharmaceuticals		13,114		42,400
Telecommunications — 0.7%
GrameenPhone		26,500		83,312
TOTAL BANGLADESH				125,712
CANADA— 2.8%
Basic Materials — 2.8%
Endeavour Mining ^*		3,392		45,738
First Quantum Minerals		9,897		84,463
Turquoise Hill Resources ^*		24,150		72,300
Yamana Gold		33,756		167,092
TOTAL CANADA				369,593

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
CHILE— 4.5%
Basic Materials — 0.2%
Empresas CMPC		10,400	$	23,250
Consumer Services — 1.5%
Cencosud		7,400		19,896
Latam Airlines Group ^*		9,160		65,425
SACI Falabella		15,780		122,165
				207,486
Financials — 0.4%
Banco de Chile		241,999		26,539
Banco Santander Chile		508,200		24,462
				51,001
Oil & Gas — 0.2%
Empresas COPEC		2,210		22,083
Utilities — 2.2%
AES Gener		19,700		9,877
Empresa Nacional de Electricidad		101,749		93,680
Endesa Americas ^*		101,749		47,706
Enersis		461,553		78,452
Enersis Chile ^*		461,553		56,543
				286,258
TOTAL CHILE				590,078
CHINA— 0.2%
Oil & Gas — 0.2%
SPT Energy Group		276,200		21,007
COLOMBIA— 0.6%
Consumer Services — 0.1%
Almacenes Exito		1,430		8,031
Financials — 0.1%
Grupo de Inversiones Suramericana		1,171		15,806
Industrials — 0.1%
Cementos Argos		4,646		18,862
Oil & Gas — 0.3%
Ecopetrol		69,448		34,451
TOTAL COLOMBIA				77,150
CZECH REPUBLIC— 1.1%
Financials — 0.2%
Komercni Banka		143		29,423
Utilities — 0.9%
CEZ		5,971		116,664

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
TOTAL CZECH REPUBLIC			$	146,087
EGYPT— 0.5%
Financials — 0.3%
Commercial International Bank Egypt SAE		7,375		37,523
Telecommunications — 0.2%
Global Telecom Holding SAE ^*		37,503		12,501
Telecom Egypt		19,400		16,997
				29,498
TOTAL EGYPT				67,021
FRANCE— 0.1%
Oil & Gas — 0.1%
Etablissements Maurel et Prom		3,341		13,431
HONG KONG— 0.8%
Consumer Goods — 0.4%
CP Pokphand		427,100		45,699
Consumer Services — 0.4%
NagaCorp		72,283		51,716
TOTAL HONG KONG				97,415
HUNGARY— 1.3%
Financials — 0.8%
OTP Bank		4,130		109,518
Health Care — 0.3%
Richter Gedeon Nyrt		1,776		35,340
Oil & Gas — 0.2%
MOL Hungarian Oil & Gas		356		21,785
TOTAL HUNGARY				166,643
INDONESIA— 9.1%
Consumer Goods — 2.3%
Astra International		273,897		139,669
Gudang Garam		9,844		51,691
Indofood CBP Sukses Makmur TBK		27,500		31,852
Indofood Sukses Makmur		51,700		27,931
Unilever Indonesia		12,759		41,190
				292,333
Financials — 3.3%
Bank Central Asia		170,658		168,872
Bank Mandiri		225,818		165,237
Bank Rakyat Indonesia Persero		120,400		94,491
				428,600

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Health Care — 0.2%
Kalbe Farma		268,400	$	27,984
Industrials — 1.1%
Indocement Tunggal Prakarsa		20,200		30,212
Semen Indonesia Persero		131,885		99,004
United Tractors		15,200		17,288
				146,504
Telecommunications — 1.7%
Telekomunikasi Indonesia Persero		826,605		222,509
Utilities — 0.5%
Perusahaan Gas Negara		349,339		69,402
TOTAL INDONESIA				1,187,332
JAPAN— 0.7%
Industrials — 0.5%
Namura Shipbuilding		8,640		67,185
Oil & Gas — 0.2%
Inpex		2,400		19,923
TOTAL JAPAN				87,108
KENYA— 0.3%
Telecommunications — 0.3%
Safaricom		241,700		40,938
KUWAIT— 0.8%
Financials — 0.8%
Kuwait Finance House		45,314		73,767
National Bank of Kuwait SAK		16,399		36,503
TOTAL KUWAIT				110,270
MALAYSIA— 10.2%
Basic Materials — 0.2%
Petronas Chemicals Group		15,190		26,091
Consumer Goods — 0.4%
British American Tobacco Malaysia		1,035		12,155
IOI		18,600		21,045
Kuala Lumpur Kepong		3,980		24,370
				57,570
Consumer Services — 0.4%
Genting		10,400		23,534
Genting Malaysia		25,200		28,835
				52,369
Financials — 2.3%
CIMB Group Holdings		36,900		44,112
Malayan Banking		53,926		123,271

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Public Bank		29,100	$	139,299
				306,682
Health Care — 0.3%
IHH Healthcare		24,372		40,864
Industrials — 1.2%
MISC		15,400		33,311
Sime Darby		56,699		111,758
				145,069
Oil & Gas — 0.6%
Petronas Dagangan		2,600		15,867
Petronas Gas		3,489		19,631
Sapurakencana Petroleum		119,967		50,671
				86,169
Telecommunications — 3.0%
Axiata Group		76,217		110,233
DiGi.Com		112,902		127,165
Maxis		77,996		111,808
Telekom Malaysia		21,485		36,574
				385,780
Utilities — 1.8%
Tenaga Nasional		56,873		209,061
YTL		52,800		21,085
				230,146
TOTAL MALAYSIA				1,330,740
MEXICO— 10.4%
Basic Materials — 3.0%
Fresnillo		9,511		155,071
Grupo Mexico, Cl B		49,968		127,653
Industrias Penoles		1,134		17,794
Mexichem		36,817		93,412
				393,930
Consumer Goods — 1.3%
Arca Continental		5,238		36,291
Coca-Cola Femsa		2,600		22,767
Gruma, Cl B		2,940		43,043
Grupo Bimbo, Ser A		9,760		29,851
Grupo Lala, Cl B		9,781		26,272
				158,224
Consumer Services — 1.8%
Grupo Elektra		961		18,149
Grupo Televisa		11,921		69,803

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Services — continued
Wal-Mart de Mexico		64,380	$	159,811
				247,763
Financials — 1.1%
Grupo Financiero Banorte, Cl O		13,124		74,947
Grupo Financiero Inbursa, Cl O		32,900		64,766
				139,713
Industrials — 2.1%
Alfa, Cl A		61,370		115,938
Cemex, Cl Preference ^*		63,284		47,216
Grupo Aeroportuario del Sureste, Cl B		1,470		22,738
Promotora y Operadora de Infraestructura		6,103		77,711
				263,603
Telecommunications — 0.8%
America Movil		154,167		109,623
Telesites ^*		8,508		5,265
				114,888
Utilities — 0.3%
Infraestructura Energetica Nova		8,740		34,242
TOTAL MEXICO				1,352,363
NIGERIA— 0.2%
Consumer Goods — 0.1%
Nigerian Breweries		22,000		12,809
Financials — 0.1%
Guaranty Trust Bank		205,100		17,279
TOTAL NIGERIA				30,088
OMAN— 0.5%
Financials — 0.1%
BankMuscat SAOG		6,940		7,391
Telecommunications — 0.4%
Oman Telecommunications SAOG		12,210		50,743
TOTAL OMAN				58,134
PAKISTAN— 1.0%
Basic Materials — 0.1%
Fauji Fertilizer		16,700		17,085
Industrials — 0.4%
Lucky Cement ^*		9,720		51,098
Oil & Gas — 0.5%
Oil & Gas Development		11,400		14,288
Pakistan Petroleum		33,700		47,008
				61,296

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
TOTAL PAKISTAN			$	129,479
PANAMA— 0.9%
Consumer Services — 0.9%
Copa Holdings, Cl A		1,825		116,344
PERU— 0.7%
Financials — 0.7%
Credicorp Ltd.		600		87,252
PHILIPPINES— 4.6%
Basic Materials — 0.1%
DMCI Holdings		77,930		20,742
Consumer Goods — 0.7%
JG Summit Holdings		21,449		37,283
Universal Robina		10,937		48,611
				85,894
Consumer Services — 1.4%
Jollibee Foods		4,800		23,505
SM Investments		7,724		155,510
				179,015
Financials — 0.6%
Ayala Land		44,500		32,886
SM Prime Holdings		84,197		40,673
				73,559
Industrials — 0.5%
Alliance Global Group		51,500		15,926
Ayala		2,250		36,998
International Container Terminal Services		9,800		13,586
				66,510
Telecommunications — 0.8%
Globe Telecom		370		17,313
Philippine Long Distance Telephone		2,514		92,062
				109,375
Utilities — 0.5%
Aboitiz Power		31,058		29,741
Manila Electric		4,860		35,553
				65,294
TOTAL PHILIPPINES				600,389
POLAND— 4.5%
Basic Materials — 0.6%
KGHM Polska Miedz		4,006		77,985

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 0.1%
LPP ^*		9	$	13,266
Financials — 1.3%
Bank Pekao		1,324		53,812
Bank Zachodni		297		20,643
Powszechna Kasa Oszczednosci Bank Polski		6,291		40,284
Powszechny Zaklad Ubezpieczen		6,330		57,205
				171,944
Oil & Gas — 1.7%
Polski Koncern Naftowy Orlen S.A.		10,636		191,430
Polskie Gornictwo Naftowe i Gazownictwo		17,300		23,008
				214,438
Telecommunications — 0.1%
Orange Polska		11,600		18,889
Utilities — 0.7%
PGE		26,490		91,402
TOTAL POLAND				587,924
QATAR— 1.7%
Financials — 0.6%
Qatar National Bank		2,174		86,007
Industrials — 0.8%
Industries Qatar QSC		3,616		104,310
Telecommunications — 0.3%
Ooredoo QSC		1,450		36,530
TOTAL QATAR				226,847
RUSSIA— 0.2%
Oil & Gas — 0.2%
Bashneft OAO		590		26,256
SINGAPORE— 0.8%
Consumer Goods — 0.8%
Thai Beverage		192,007		106,429
SOUTH AFRICA— 10.8%
Basic Materials — 3.0%
Anglo American Platinum ^*		1,815		52,627
AngloGold Ashanti ^*		5,060		80,642
Gold Fields ADR		34,462		161,971
Impala Platinum Holdings ^*		6,320		26,295
Kumba Iron Ore		2,656		21,665
Sasol		1,703		55,771
				398,971

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — 0.5%
Tiger Brands		2,873	$	71,345
Consumer Services — 3.0%
Mr Price Group		2,020		25,759
Naspers, Cl N		1,577		217,212
Shoprite Holdings		4,934		59,577
Woolworths Holdings		11,718		75,700
				378,248
Financials — 1.1%
FirstRand		24,880		80,268
Standard Bank Group		7,025		63,271
				143,539
Health Care — 1.5%
Aspen Pharmacare Holdings		3,061		72,415
Mediclinic International ^*		6,598		87,449
Netcare		13,600		34,775
				194,639
Industrials — 0.6%
Bidvest Group		3,200		81,526
Telecommunications — 1.1%
MTN Group		4,783		50,276
Vodacom Group		7,610		88,815
				139,091
TOTAL SOUTH AFRICA				1,407,359
SOUTH KOREA— 0.4%
Consumer Goods — 0.4%
Youngone		1,330		53,345
THAILAND— 9.0%
Consumer Goods — 0.6%
Charoen Pokphand Foods NVDR		108,357		73,830
Consumer Services — 0.7%
CP ALL NVDR		71,222		93,284
Financials — 0.5%
Siam Commercial Bank NVDR		17,000		64,973
Health Care — 0.5%
Bangkok Dusit Medical Services NVDR		66,800		45,515
Bumrungrad Hospital NVDR		3,900		22,665
				68,180
Industrials — 3.1%
Airports of Thailand NVDR		12,694		142,458
CH Karnchang NVDR		131,900		95,347

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Siam Cement NVDR		11,810	$	164,995
				402,800
Oil & Gas — 2.1%
PTT Exploration & Production NVDR		30,660		66,051
PTT Global Chemical NVDR		36,531		65,365
PTT PCL NVDR		16,341		142,218
				273,634
Technology — 0.4%
Intouch Holdings NVDR		34,770		52,508
Telecommunications — 1.1%
Advanced Info Service NVDR		20,354		90,903
Total Access Communication NVDR		24,221		23,403
True NVDR		116,421		24,830
				139,136
TOTAL THAILAND				1,168,345
TURKEY— 9.6%
Basic Materials — 1.8%
Eregli Demir ve Celik Fabrikalari		136,673		228,416
Consumer Goods — 0.4%
Anadolu Efes Biracilik Ve Malt Sanayii		1,950		15,352
Coca-Cola Icecek		1,170		17,184
Ford Otomotiv Sanayi		1,690		22,741
				55,277
Consumer Services — 2.0%
BIM Birlesik Magazalar		7,439		163,992
Turk Hava Yollari ^*		37,575		92,784
				256,776
Financials — 1.3%
Akbank		19,900		61,246
Turkiye Garanti Bankasi		19,925		61,465
Turkiye Is Bankasi, Cl C		30,044		52,792
				175,503
Industrials — 0.1%
Enka Insaat ve Sanayi		12,515		21,767
Oil & Gas — 2.9%
KOC Holding		31,736		166,159
Tupras Turkiye Petrol Rafinerileri		7,673		202,788
				368,947
Telecommunications — 1.1%
Turk Telekomunikasyon		10,436		25,247

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — continued
Turkcell Iletisim Hizmetleri ^*		26,940	$	116,657
				141,904
TOTAL TURKEY				1,248,590
UKRAINE— 0.6%
Consumer Goods — 0.6%
Kernel Holding		5,321		71,670
UNITED ARAB EMIRATES— 3.0%
Financials — 2.4%
Emaar Properties PJSC		96,871		179,344
First Gulf Bank PJSC		29,061		102,463
National Bank of Abu Dhabi PJSC		15,934		38,523
				320,330
Industrials — 0.6%
DP World ^*		4,033		76,224
TOTAL UNITED ARAB EMIRATES				396,554
UNITED KINGDOM— 1.9%
Financials — 0.5%
Bank of Georgia Holdings		1,784		59,847
Oil & Gas — 0.7%
Premier Oil ^*		19,173		20,714
Tullow Oil		18,700		76,620
				97,334
Telecommunications — 0.7%
Cable & Wireless Communications		84,862		91,495
TOTAL UNITED KINGDOM				248,676
UNITED STATES— 0.4%
Oil & Gas — 0.4%
Kosmos Energy ^*		7,732		50,103
Pacific Drilling ^*		6,825		4,574
TOTAL UNITED STATES				54,677
VIETNAM— 0.5%
Financials — 0.1%
Bank for Foreign Trade of Vietnam JSC		6,800		14,033
Oil & Gas — 0.4%
PetroVietnam Gas JSC		8,770		20,066
PetroVietnam Technical Service		40,200		31,020
				51,086

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

	Shares/Face Amount/Number of Rights		Value
COMMON STOCK — continued
TOTAL VIETNAM			$	65,119
TOTAL COMMON STOCK
(Cost $15,227,595)				12,955,260
PREFERRED STOCK — 0.2%
CHILE— 0.1%
Basic Materials — 0.1%
Sociedad Quimica y Minera de Chile		720		15,390
COLOMBIA— 0.1%
Financials — 0.1%
Banco Davivienda		1,570		14,773
TOTAL PREFERRED STOCK
(Cost $34,995)				30,163
CORPORATE OBLIGATION — 0.1%
Bank Muscat SAOG
0.035%, 03/19/18
(Cost $–)	$	22,009		5,316
CONVERTIBLE BOND — 0.0%
BankMuscat SAOG
4.500%, 03/20/17
(Cost $–)		2,702		723
RIGHT — 0.0%
Thailand — 0.0%
True NVDR ^{*†(A) (B)}		39,114		336

TOTAL RIGHT (Cost $–)				336

TOTAL INVESTMENTS — 99.7%
(Cost $15,262,590)			$	12,991,798

Percentages are based on Net Assets of $13,034,723.

*	Non-income producing security.
†	Expiration date is unavailable.
(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, 2016, was $336 and represents 0.0% of Net Assets.
(B)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $336 and represented 0.0% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

NVDR — Non-Voting Depositary Receipt

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X Next Emerging & Frontier ETF

Ser — Series

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3^(a)		Total
Common Stock	$	12,955,260	$	—	$	—	$	12,955,260
Preferred Stock		30,163		—		—		30,163
Corporate Obligation		—		5,316		—		5,316
Convertible Bond		—		723		—		723
Right		—		—		336		336
Total Investments in Securities	$	12,985,423	$	6,039	$	336	$	12,991,798

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 and Level 3 investments.

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X FTSE Portugal 20 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 Notes 2 and 8 in Notes to Financial Statements for more detailed information.

	Shares		Value
COMMON STOCK — 98.9%
PORTUGAL— 98.9%
Basic Materials — 10.5%
Altri		190,131	$	741,274
Navigator		325,009		1,159,550
Semapa-Sociedade de Investimento e Gestao		62,717		793,750
				2,694,574
Consumer Services — 17.2%
Jeronimo Martins		126,585		2,071,813
NOS SGPS		168,176		1,206,761
Sonae		1,030,281		1,144,625
				4,423,199
Financials — 8.8%
Banco BPI, Cl G ^*		831,090		1,041,361
Banco Comercial Portugues, Cl R ^{* (A)}		23,275,632		1,031,688
Banco Espirito Santo ^{*(B) (C)}		2,085,614		—
BANIF - Banco Internacional do Funchal ^{* (A) (B) (C)}		95,112,146		2,179
Sonae Capital		236,569		182,893
				2,258,121
Industrials — 9.6%
Cimpor Cimentos de Portugal ^*		87,799		44,045
Corticeira Amorim SGPS		102,932		721,974
CTT-Correios de Portugal		130,850		1,209,137
Mota-Engil		225,032		465,992
Sonae Industria ^*		7,583,221		39,084
				2,480,232
Oil & Gas — 21.7%
Galp Energia		407,016		5,591,750
Telecommunications — 1.8%
Pharol SGPS ^*		1,394,535		226,806

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X FTSE Portugal 20 ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Telecommunications — continued
Sonaecom		85,422	$	223,070
				449,876
Utilities — 29.3%
EDP Renovaveis		158,335		1,234,980
Energias de Portugal		1,463,147		5,201,705
REN - Redes Energeticas Nacionais		369,838		1,110,234
				7,546,919
TOTAL COMMON STOCK
(Cost $33,886,087)				25,444,671
REPURCHASE AGREEMENT (D) — 11.1%
Deutsche Bank
0.290%, dated 04/29/16, to be repurchased on 05/02/16 repurchase price $2,865,017 (collateralized by U.S. Treasury Obligations, par value $2,828,706, 2.250%, 11/30/17 with a total market value of $2,888,675)
(Cost $2,864,948)	$	2,864,948		2,864,948
TOTAL INVESTMENTS — 110.0%
(Cost $36,751,035)			$	28,309,619

Percentages are based on Net Assets of $25,726,945.

*	Non-income producing security.
(A)	This security or a partial position of this security is on loan at April 30, 2016. The total value of securities on loan at April 30, 2016 was $748,408.
(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, 2016 was $2,179 and represents 0.0% of Net Assets.
(C)	Security considered illiquid. The total value of such securities as of April 30, 2016 was $2,179 and represented 0.0% of Net Assets.
(D)	Security was purchased with cash collateral held from securities on loan. The total value of such securities as of April 30, 2016 was $2,864,948.

Cl — Class

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

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3^(a)		Total
Common Stock	$	25,442,492	$	—	$	2,179	$	25,444,671
Repurchase Agreement		—		2,864,948		—		2,864,948
Total Investments in Securities	$	25,442,492	$	2,864,948	$	2,179	$	28,309,619

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

Schedule of Investments

April 30, 2016 (Unaudited)

Global X FTSE Portugal 20 ETF

For the period ended April 30, 2016, the transfers into Level 3 were due to the changes in availability of observable inputs to determine fair value. Transfers between levels are receognized at period end.

For the period ended April 30, 2016, there have been no transfers between Level 1 and Level 2.

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

Schedule of Investments	April 30, 2016 (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 — 15.2%
Dawood Hercules		42,400	$	49,491
Engro		112,490		335,812
Fatima Fertilizer ^*		285,500		83,611
Fauji Fertilizer		271,000		277,245
Fauji Fertilizer Bin Qasim		172,100		88,632
				834,791
Consumer Goods — 6.0%
Indus Motor		10,910		98,805
Nishat Mills		91,700		93,804
Pak Elektron		135,600		81,442
PAK Suzuki Motor		16,350		59,286
				333,337
Financials — 30.8%
Askari Bank		282,300		50,024
Bank Alfalah		433,800		104,440
Habib Bank		300,450		541,667
MCB Bank		284,260		573,783
National Bank of Pakistan		338,500		179,336
United Bank		157,190		245,906
				1,695,156
Health Care — 3.0%
Ferozsons Laboratories		6,830		52,835
Searle		26,590		112,183
				165,018
Industrials — 15.5%
DG Khan Cement		46,660		77,763
Fauji Cement		392,000		160,960

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

Schedule of Investments	April 30, 2016 (Unaudited)

Global X MSCI Pakistan ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Industrials — continued
Lucky Cement ^*		79,870	$	419,878
Maple Leaf Cement Factory		130,600		119,490
Packages		12,200		73,034
				851,125
Oil & Gas — 19.9%
Byco Petroleum Pakistan ^*		103,800		21,227
National Refinery		19,400		63,631
Oil & Gas Development		310,440		389,075
Pakistan Oilfields		46,870		143,287
Pakistan Petroleum		129,600		180,781
Pakistan State Oil		71,430		241,012
Shell Pakistan		20,980		55,057
				1,094,070
Telecommunications — 1.0%
Pakistan Telecommunication		396,480		53,762
Utilities — 8.8%
Hub Power		232,842		241,363
K-Electric ^*		1,082,700		74,388
Kot Addu Power		174,800		125,368
SUI Southern Gas ^*		156,800		42,598
				483,717
TOTAL COMMON STOCK
(Cost $6,030,576)				5,510,976

U.S. TREASURY OBLIGATION — 9.1%
United States Treasury Bill
0.110%, 05/12/16^(A)
(Cost $499,983)	$	500,000		499,980
TOTAL INVESTMENTS — 109.3%
(Cost $6,530,559)			$	6,010,956

Percentages are based on Net Assets of $5,499,669.

*	Non-income producing security.
(A)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.

The following is a summary of the level of inputs used as of April 30, 2016, in valuing the Fund's investments carried at value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	5,510,976	$	—	$	—	$	5,510,976
U.S. Treasury Obligation		—		499,980		—		499,980
Total Investments in Securities	$	5,510,976	$	499,980	$	—	$	6,010,956

For the period ended April 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 investments.

As of April 30, 2016, there were no Level 3 investments.

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

Statements of Assets and Liabilities

April 30, 2016 (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	$	102,555,869		$	2,250,663		$	22,796,481		$	5,537,277
Cost of Repurchase Agreement		7,027,047			—			—			—
Cost of Foreign Currency		4			—			4			4
Investments, at Value	$	83,335,200	*	$	1,518,671		$	17,295,878		$	3,682,346
Repurchase Agreement, at Value		7,027,047			—			—			—
Cash		215,236			—			22,059			20,307
Foreign Currency, at Value		4			—			4			4
Receivable for Investment Securities Sold		9,959,441			185,773			368,301			187,467
Dividend and Interest Receivable		17,395			—			—			—
Unrealized Appreciation on Forward Foreign Currency Contracts		1			—			—			—
Total Assets		100,554,324			1,704,444			17,686,242			3,890,124
Liabilities:
Payable for Investment Securities Purchased		9,887,986			181,448			357,688			184,629
Obligation to Return Securities Lending Collateral		7,027,047			—			—			—
Payable due to Investment Adviser		44,792			821			9,324			1,987
Cash Overdraft		—			855			—			—
Total Liabilities		16,959,825			183,124			367,012			186,616
Net Assets	$	83,594,499		$	1,521,320		$	17,319,230		$	3,703,508
Net Assets Consist of:
Paid-in Capital	$	138,988,090		$	3,191,064		$	33,695,398		$	7,609,955
Distributions in Excess of Net Investment Income		(289,668	)		(3,354	)		(123,424	)		(16,553	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(35,883,254	)		(934,398	)		(10,752,140	)		(2,034,963	)
Net Unrealized Depreciation on Investments		(19,220,669	)		(731,992	)		(5,500,603	)		(1,854,931	)
Net Unrealized Depreciation on Foreign Currency Translations		—			—			(1	)		—
Net Assets	$	83,594,499		$	1,521,320		$	17,319,230		$	3,703,508
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		7,350,000			150,000			1,400,000			300,000
Net Asset Value, Offering and Redemption Price Per Share	$	11.37		$	10.14		$	12.37		$	12.35
*Includes Market Value of Securities on Loan	$	6,564,632		$	—		$	—		$	—

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

Statements of Assets and Liabilities

April 30, 2016 (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	$	2,209,847		$	13,186,076		$	14,634,151		$	5,683,974
Cost of Foreign Currency		4			7			14,191			585
Investments, at Value	$	1,262,831		$	12,700,991		$	12,628,464		$	3,927,968
Cash		1,915			25,344			5,129			6,247
Foreign Currency, at Value		4			7			14,223			590
Receivable for Investment Securities Sold		121,054			—			—			—
Dividend and Interest Receivable		—			—			54,801			12,521
Reclaim Receivable		—			—			3,008			—
Total Assets		1,385,804			12,726,342			12,705,625			3,947,326
Liabilities:
Payable for Investment Securities Purchased		116,936			—			—			—
Payable due to Investment Adviser		674			7,261			6,818			2,228
Total Liabilities		117,610			7,261			6,818			2,228
Net Assets	$	1,268,194		$	12,719,081		$	12,698,807		$	3,945,098
Net Assets Consist of:
Paid-in Capital	$	3,382,230		$	15,035,205		$	20,057,072		$	8,632,974
Undistributed (Distributions in Excess of) Net Investment Income		(3,175	)		107,574			95,154			22,891
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(1,163,844	)		(1,938,613	)		(5,448,504	)		(2,954,771	)
Net Unrealized Depreciation on Investments		(947,016	)		(485,085	)		(2,005,687	)		(1,756,006	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(1	)		—			772			10
Net Assets	$	1,268,194		$	12,719,081		$	12,698,807		$	3,945,098
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		99,971			600,000			950,000			500,000
Net Asset Value, Offering and Redemption Price Per Share	$	12.69		$	21.20		$	13.37		$	7.89

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

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	Global X MSCI Colombia ETF			Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X MSCI Argentina ETF
Assets:
Cost of Investments	$	104,963,813		$	4,725,542		$	4,715,580		$	65,798,648
Cost of Foreign Currency		92,771			4,202			3,357			—
Investments, at Value	$	88,548,996		$	3,692,045		$	3,635,055		$	69,430,205
Cash		243,978			—			2,426			97,287
Foreign Currency, at Value		93,879			4,202			3,357			—
Receivable for Investment Securities Sold		82,459			—			—			—
Dividend and Interest Receivable		7,144			21,986			12,376			8,846
Reclaim Receivable		—			—			—			1,161
Total Assets		88,976,456			3,718,233			3,653,214			69,537,499
Liabilities:
Payable due to Investment Adviser		34,363			1,961			2,190			33,446
Cash Overdraft		—			5,614			—			—
Unrealized Depreciation on Forward Foreign Currency Contracts		—			38			7			—
Payable due to Custodian		15,886			—			—			307
Total Liabilities		50,249			7,613			2,197			33,753
Net Assets	$	88,926,207		$	3,710,620		$	3,651,017		$	69,503,746
Net Assets Consist of:
Paid-in Capital	$	172,836,907		$	11,877,345		$	9,664,211		$	70,735,288
Undistributed (Distributions in Excess of) Net Investment Income		158,815			12,753			(150	)		(173,490	)
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(67,655,900	)		(7,146,900	)		(4,932,827	)		(4,689,525	)
Net Unrealized Appreciation (Depreciation) on Investments		(16,414,817	)		(1,033,497	)		(1,080,525	)		3,631,557
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		1,202			919			308			(84	)
Net Assets	$	88,926,207		$	3,710,620		$	3,651,017		$	69,503,746
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		9,330,000			450,000			350,000			3,374,975
Net Asset Value, Offering and Redemption Price Per Share	$	9.53		$	8.25		$	10.43		$	20.59

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

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF			Global X MSCI Nigeria ETF
Assets:
Cost of Investments	$	326,520,279		$	136,868,783		$	47,301,755		$	30,876,480
Cost of Repurchase Agreement		4,835,750			23,830,593			923,125			—
Cost of Foreign Currency		12,726			275,318			—			282,380
Investments, at Value	$	281,202,320	*	$	110,242,924	*	$	47,103,323	*	$	21,320,308
Cash		—			438,165	⁽¹⁾		—			—
Foreign Currency, at Value		12,966			275,318			—			282,380
Repurchase Agreement, at Value		4,835,750			23,830,593			923,125			—
Receivable for Investment Securities Sold		1,961,204			—			—			—
Dividend and Interest Receivable		3,504			598,574			177,825			90,680
Receivable for Capital Shares Sold		—			1,079,482			—			—
Reclaim Receivable		—			—			599,892			431
Total Assets		288,015,744			136,465,056			48,804,165			21,693,799
Liabilities:
Cash Overdraft		34,564,172			151,004			47,628			259,603
Payable for Capital Shares Redeemed		1,949,551			—			—			—
Payable due to Investment Adviser		108,924			42,173			19,436			11,468
Payable for Investment Securities Purchased		—			1,074,473			—			63,688
Obligation to Return Securities Lending Collateral		4,835,750			24,268,758			923,125			—
Unrealized Depreciation on Forward Foreign Currency Contracts		—			2,010			—			—
Payable due to Custodian		26,921			—			—			7,958
Total Liabilities		41,485,318			25,538,418			990,189			342,717
Net Assets	$	246,530,426		$	110,926,638		$	47,813,976		$	21,351,082
Net Assets Consist of:
Paid-in Capital	$	473,175,369		$	152,329,720		$	50,183,474		$	38,983,151
Undistributed (Distributions in Excess of) Net Investment Income		(416,502	)		894,616			710,435			577,218
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(180,910,722	)		(15,676,455	)		(2,833,270	)		(8,653,125	)
Net Unrealized Depreciation on Investments		(45,317,959	)		(26,625,859	)		(198,432	)		(9,556,172	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		240			4,616			(48,231	)		10
Net Assets	$	246,530,426		$	110,926,638		$	47,813,976		$	21,351,082
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		31,400,000			10,200,000			2,210,000			3,500,000
Net Asset Value, Offering and Redemption Price Per Share	$	7.85		$	10.88		$	21.64		$	6.10
*Includes Market Value of Securities on Loan	$	4,550,847		$	23,080,591		$	874,384		$	—

(1) Cash is restricted, received from securities on loan. (See Note 8 in Notes to Financial Statements.)

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

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)

	Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF			Global X MSCI Pakistan ETF
Assets:
Cost of Investments	$	15,262,590		$	33,886,087		$	6,530,559
Cost of Repurchase Agreement		—			2,864,948			—
Cost of Foreign Currency		15,551			16,288			62,539
Investments, at Value	$	12,991,798		$	25,444,671	*	$	6,010,956
Foreign Currency, at Value		15,603			16,467			62,538
Repurchase Agreement, at Value		—			2,864,948			—
Dividend and Interest Receivable		40,268			78,563			16,629
Reclaim Receivable		16,647			207,416			—
Total Assets		13,064,316			28,612,065			6,090,123
Liabilities:
Cash Overdraft		15,957			4,284			545,829
Payable due to Investment Adviser		5,118			11,341			2,978
Obligation to Return Securities Lending Collateral		—			2,864,948			—
Unrealized Depreciation on Forward Foreign Currency Contracts		—			152			—
Payable due to Custodian		8,518			4,395			2,080
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			39,567
Total Liabilities		29,593			2,885,120			590,454
Net Assets	$	13,034,723		$	25,726,945		$	5,499,669
Net Assets Consist of:
Paid-in Capital	$	55,754,200		$	41,990,779		$	6,047,981
Undistributed Net Investment Income		172,766			85,722			98,783
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(40,632,885	)		(7,898,478	)		(87,906	)
Net Unrealized Depreciation on Investments		(2,270,792	)		(8,441,416	)		(519,603	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		11,434			(9,662	)		(39,586	)
Net Assets	$	13,034,723		$	25,726,945		$	5,499,669
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		650,000			2,500,000			400,000
Net Asset Value, Offering and Redemption Price Per Share	$	20.05		$	10.29		$	13.75
*Includes Market Value of Securities on Loan	$	—		$	748,408		$	—

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

Statements of Operations

For the period ended April 30, 2016 (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	$	410,366		$	2,615		$	40,913		$	6,187
Interest Income		92			1			64			2
Security Lending Income		68,790			—			—			—
Less: Foreign Taxes Withheld		—			(15	)		—			(499	)
Total Investment Income		479,248			2,601			40,977			5,690
Supervision and Administration Fees⁽¹⁾		260,660			4,818			118,981			14,153
Other Fees		44			–			–			1
Total Expenses		260,704			4,818			118,981			14,154
Net Investment Income (Loss)		218,544			(2,217	)		(78,004	)		(8,464	)
Net Realized Gain (Loss) on:
Investments		(7,675,236	)⁽²⁾		(176,401	)		(8,944,521	)⁽²⁾		(419,315	)⁽²⁾
Foreign Currency Transactions		43,838			(4	)		(285	)		(24	)
Net Realized Loss on Investments and Foreign Currency Transactions		(7,631,398	)		(176,405	)		(8,944,806	)		(419,339	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(4,301,255	)		8,477			(1,150,274	)		(371,212	)
Foreign Currency Translations		(2	)		—			—			—
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(4,301,257	)		8,477			(1,150,274	)		(371,212	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(11,932,655	)		(167,928	)		(10,095,080	)		(790,551	)
Net Decrease in Net Assets Resulting from Operations	$	(11,714,111	)	$	(170,145	)	$	(10,173,084	)	$	(799,015	)

(1)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)
(2)	Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

Statements of Operations

For the period ended April 30, 2016 (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	$	939		$	163,930		$	184,866		$	47,908
Interest Income		2			10			12			10
Less: Foreign Taxes Withheld		—			(600	)		(9,773	)		(8,310	)
Total Investment Income		941			163,340			175,105			39,608
Supervision and Administration Fees⁽¹⁾		3,915			46,579			41,720			11,787
Other Fees		–			38			1			10
Total Expenses		3,915			46,617			41,721			11,797
Net Investment Income (Loss)		(2,974	)		116,723			133,384			27,811
Net Realized Gain (Loss) on:
Investments		(165,724	)		30,132	⁽²⁾		(1,500,829	)⁽²⁾		(241,784	)
Foreign Currency Transactions		(10	)		(24	)		(2,935	)		(42	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(165,734	)		30,108			(1,503,764	)		(241,826	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		179,216			(631,406	)		1,954,996			674,052
Foreign Currency Translations		—			—			590			8
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		179,216			(631,406	)		1,955,586			674,060
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		13,482			(601,298	)		451,822			432,234
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,508		$	(484,575	)	$	585,206		$	460,045

(1)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements).
(2)	Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

Statements of Operations

For the period ended April 30, 2016 (Unaudited)

	Global X MSCI Colombia ETF			Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X MSCI Argentina ETF
Investment Income:
Dividend Income	$	874,549		$	48,654		$	17,645		$	139,179
Interest Income		221			—			—			13
Security Lending Income		771			—			—			—
Less: Foreign Taxes Withheld		(58,986	)		(350	)		(959	)		(25,935	)
Total Investment Income		816,555			48,304			16,686			113,257
Supervision and Administration Fees⁽¹⁾		222,973			10,422			11,529			116,727
Tax Expense		–			89			23			–
Custodian Fees		37,393			–			–			631
Other Fees		224			1			–			2
Total Expenses		260,590			10,512			11,552			117,360
Waiver of Supervision and Administration Fees		(38,840	)		–			–			–
Waiver of Custodian Fees		(21,507	)		–			–			–
Net Expenses		200,243			10,512			11,552			117,360
Net Investment Income (Loss)		616,312			37,792			5,134			(4,103	)
Net Realized Gain (Loss) on:
Investments		(8,975,804	)⁽²⁾		(198,775	)		(708,819	)		(1,445,276	)
Foreign Currency Transactions		(47,059	)		197			877			1,036
Net Realized Loss on Investments and Foreign Currency Transactions		(9,022,863	)		(198,578	)		(707,942	)		(1,444,240	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		17,612,192			860,875			1,423,963			6,375,118
Foreign Currency Translations		1,148			1,578			735			(67	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency Translations		17,613,340			862,453			1,424,698			6,375,051
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions and Translations		8,590,477			663,875			716,756			4,930,811
Net Increase in Net Assets Resulting from Operations	$	9,206,789		$	701,667		$	721,890		$	4,926,708

(1)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements).
(2)	Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

Statements of Operations

For the period ended April 30, 2016 (Unaudited)

	Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF			Global X MSCI Nigeria ETF
Investment Income:
Dividend Income	$	619,330		$	1,789,878		$	1,332,703		$	754,090
Interest Income		1,047			52			18			95
Security Lending Income		3,504			217,716			2,042			—
Less: Foreign Taxes Withheld		–			(622,927	)		(147,878	)		(71,499	)
Total Investment Income		623,881			1,384,719			1,186,885			682,686
Supervision and Administration Fees⁽¹⁾		652,964			168,211			121,095			67,150
Custodian Fees		71,231			–			–			23,700
Other Fees		44			16			206			2
Total Expenses		724,239			168,227			121,301			90,852
Waiver of Custodian Fees		–			–			–			(15,742	)
Net Expenses		724,239			168,227			121,301			75,110
Net Investment Income (Loss)		(100,358	)		1,216,492			1,065,584			607,576
Net Realized Gain (Loss) on:
Investments		(104,328,335	)⁽²⁾		(4,161,406	)⁽²⁾		(245,215	)⁽²⁾		(3,210,789	)
Foreign Currency Transactions		21,441			(29,274	)		(5,518	)		78,709
Net Realized Loss on Investments and Foreign Currency Transactions		(104,306,894	)		(4,190,680	)		(250,733	)		(3,132,080	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		30,912,879			10,063,019			(1,117,137	)		(1,904,162	)
Foreign Currency Translations		226			54,800			32,844			1,583
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		30,913,105			10,117,819			(1,084,293	)		(1,902,579	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions and Translations		(73,393,789	)		5,927,139			(1,335,026	)		(5,034,659	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(73,494,147	)	$	7,143,631		$	(269,442	)	$	(4,427,083	)

(1)	The Supervision and Administration fees includes fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements).
(2)	Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

Statements of Operations

For the period ended April 30, 2016 (Unaudited)

	Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF			Global X MSCI Pakistan ETF
Investment Income:
Dividend Income	$	580,189		$	422,923		$	181,105
Interest Income		1,002			61			3
Security Lending Income		—			75,202			—
Less: Foreign Taxes Withheld		(40,033	)		(71,041	)		(23,197	)
Total Investment Income		541,158			427,145			157,911
Supervision and Administration Fees⁽¹⁾		166,100			75,313			17,835
Custodian Fees		30,175			9,171			5,420
Other Fees		–			–			60
Total Expenses		196,275			84,484			23,315
Net Investment Income		344,883			342,661			134,596
Net Realized Gain (Loss) on:
Investments		(30,473,878	)⁽²⁾		(2,568,733	)⁽²⁾		(60,007	)
Foreign Currency Transactions		2,183			(2,843	)		(687	)
Net Realized Loss on Investments and Foreign Currency Transactions		(30,471,695	)		(2,571,576	)		(60,694	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		27,049,294			1,367,958			(59,089	)
Foreign Capital Gains Tax on Appreciated Securities		—			—			(17,627	)
Foreign Currency Translations		777			7,825			472
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		27,050,071			1,375,783			(76,244	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions and Translations		(3,421,624	)		(1,195,793	)		(136,938	)
Net Decrease in Net Assets Resulting from Operations	$	(3,076,741	)	$	(853,132	)	$	(2,342	)

(1)	The Supervision and Administration fees 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 Changes in Net Assets

	Global X China Consumer ETF						Global X China Energy ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income (Loss)	$	218,544		$	4,078,383		$	(2,217	)	$	48,211
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(7,631,398	)⁽¹⁾		(12,633,583	)⁽¹⁾		(176,405	)		79,371	⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(4,301,257	)		7,369,978			8,477			(693,919	)
Net Decrease in Net Assets Resulting from Operations		(11,714,111	)		(1,185,222	)		(170,145	)		(566,337	)
Dividends and Distributions from:
Net Investment Income		(4,048,651	)		(2,353,761	)		(49,338	)		(81,629	)
Total Dividends and Distributions		(4,048,651	)		(2,353,761	)		(49,338	)		(81,629	)
Capital Share Transactions:
Issued		12,663,013			4,518,462			—			—
Redeemed		(7,256,691	)		(41,042,576	)		—			(2,120,068	)
Increase (Decrease) in Net Assets from Capital Share Transactions		5,406,322			(36,524,114	)		—			(2,120,068	)
Total Decrease in Net Assets		(10,356,440	)		(40,063,097	)		(219,483	)		(2,768,034	)
Net Assets:
Beginning of Period		93,950,939			134,014,036			1,740,803			4,508,837
End of Period	$	83,594,499		$	93,950,939		$	1,521,320		$	1,740,803
Undistributed (Distributions in Excess of) Net Investment Income	$	(289,668	)	$	3,540,439		$	(3,354	)	$	48,201
Share Transactions:
Issued		1,200,000			350,000			—			—
Redeemed		(700,000	)		(3,200,000	)		—			(150,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		500,000			(2,850,000	)		—			(150,000	)

⁽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, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income (Loss)	$	(78,004	)	$	2,726,683		$	(8,464	)	$	99,429
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions⁽¹⁾		(8,944,806	)		3,004,884			(419,339	)		861,527
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(1,150,274	)		(2,867,620	)		(371,212	)		(1,121,417	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(10,173,084	)		2,863,947			(799,015	)		(160,461	)
Dividends and Distributions from:
Net Investment Income		(2,772,013	)		(617,666	)		(103,249	)		(44,362	)
Total Dividends and Distributions		(2,772,013	)		(617,666	)		(103,249	)		(44,362	)
Capital Share Transactions:
Issued		—			45,839,534			—			6,125,108
Redeemed		(27,093,327	)		(39,313,495	)		(2,616,502	)		(4,518,645	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(27,093,327	)		6,526,039			(2,616,502	)		1,606,463
Total Increase (Decrease) in Net Assets		(40,038,424	)		8,772,320			(3,518,766	)		1,401,640
Net Assets:
Beginning of Period		57,357,654			48,585,334			7,222,274			5,820,634
End of Period	$	17,319,230		$	57,357,654		$	3,703,508		$	7,222,274
Undistributed (Distributions in Excess of) Net Investment Income	$	(123,424	)	$	2,726,593		$	(16,553	)	$	95,160
Share Transactions:
Issued		—			2,850,000			—			350,000
Redeemed		(2,450,000	)		(2,600,000	)		(200,000	)		(300,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,450,000	)		250,000			(200,000	)		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 China Materials ETF						Global X NASDAQ China Technology ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income (Loss)	$	(2,974	)	$	70,649		$	116,723		$	99,519
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(165,734	)		(389,807	)⁽¹⁾		30,108	⁽¹⁾		426,927	⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		179,216			(339,993	)		(631,406	)		(2,620,410	)
Net Increase (Decrease) in Net Assets Resulting from Operations		10,508			(659,151	)		(484,575	)		(2,093,964	)
Dividends and Distributions from:
Net Investment Income		(70,832	)		(30,768	)		(100,894	)		(64,823	)
Total Dividends and Distributions		(70,832	)		(30,768	)		(100,894	)		(64,823	)
Capital Share Transactions:
Issued		—			4,880,764			—			2,507,379
Redeemed		—			(5,821,646	)		(2,099,885	)		(7,251,028	)
Decrease in Net Assets from Capital Share Transactions		—			(940,882	)		(2,099,885	)		(4,743,649	)
Total Decrease in Net Assets		(60,324	)		(1,630,801	)		(2,685,354	)		(6,902,436	)
Net Assets:
Beginning of Period		1,328,518			2,959,319			15,404,435			22,306,871
End of Period	$	1,268,194		$	1,328,518		$	12,719,081		$	15,404,435
Undistributed (Distributions in Excess of) Net Investment Income	$	(3,175	)	$	70,631		$	107,574		$	91,745
Share Transactions:
Issued		—			250,000			—			100,000
Redeemed		—			(350,000	)		(100,000	)		(350,000	)
Net Decrease in Shares Outstanding from Share Transactions		—			(100,000	)		(100,000	)		(250,000	)

⁽¹⁾

Includes realized gains (losses) as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements).

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

Statements of Changes in Net Assets

	Global X Southeast Asia ETF						Global X FTSE Andean 40 ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income	$	133,384		$	499,498		$	27,811		$	116,375
Net Realized Loss on Investments and Foreign Currency Transactions		(1,503,764	)⁽¹⁾		(3,073,750	)⁽¹⁾		(241,826	)		(1,894,002	)⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,955,586			(2,491,872	)		674,060			(313,544	)
Net Increase (Decrease) in Net Assets Resulting from Operations		585,206			(5,066,124	)		460,045			(2,091,171	)
Dividends and Distributions from:
Net Investment Income		(486,151	)		(689,799	)		(85,704	)		(168,007	)
Total Dividends and Distributions		(486,151	)		(689,799	)		(85,704	)		(168,007	)
Capital Share Transactions:
Issued		—			1,664,730			317,969			432,014
Redeemed		(1,776,081	)		(10,868,937	)		—			(3,930,506	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,776,081	)		(9,204,207	)		317,969			(3,498,492	)
Total Increase (Decrease) in Net Assets		(1,677,026	)		(14,960,130	)		692,310			(5,757,670	)
Net Assets:
Beginning of Period		14,375,833			29,335,963			3,252,788			9,010,458
End of Period	$	12,698,807		$	14,375,833		$	3,945,098		$	3,252,788
Undistributed Net Investment Income	$	95,154		$	447,921		$	22,891		$	80,784
Share Transactions:
Issued		—			100,000			50,000			50,000
Redeemed		(150,000	)		(750,000	)		—			(450,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(150,000	)		(650,000	)		50,000			(400,000	)

⁽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, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income	$	616,312		$	2,046,015		$	37,792		$	110,234
Net Realized Loss on Investments and Foreign Currency Transactions		(9,022,863	)⁽¹⁾		(33,449,177	)⁽¹⁾		(198,578	)		(2,034,312	)⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		17,613,340			(18,888,106	)		862,453			(863,040	)
Net Increase (Decrease) in Net Assets Resulting from Operations		9,206,789			(50,291,268	)		701,667			(2,787,118	)
Dividends and Distributions from:
Net Investment Income		(948,793	)		(2,318,237	)		(80,368	)		(242,176	)
Total Dividends and Distributions		(948,793	)		(2,318,237	)		(80,368	)		(242,176	)
Capital Share Transactions:
Issued		14,442,060			45,234,599			—			—
Redeemed		(389,831	)		(26,696,623	)		—			(1,823,648	)
Increase (Decrease) in Net Assets from Capital Share Transactions		14,052,229			18,537,976			—			(1,823,648	)
Total Increase (Decrease) in Net Assets		22,310,225			(34,071,529	)		621,299			(4,852,942	)
Net Assets:
Beginning of Period		66,615,982			100,687,511			3,089,321			7,942,263
End of Period	$	88,926,207		$	66,615,982		$	3,710,620		$	3,089,321
Undistributed Net Investment Income	$	158,815		$	491,296		$	12,753		$	55,329
Share Transactions:
Issued		1,800,000			4,150,000			—			—
Redeemed		(50,000	)		(2,350,000	)		—			(200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,750,000			1,800,000			—			(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 MSCI Argentina ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income (Loss)	$	5,134		$	80,600		$	(4,103	)	$	101,821
Net Realized Loss on Investments and Foreign Currency Transactions		(707,942	)		(1,712,549	)⁽¹⁾		(1,444,240	)		(416,473	)⁽¹⁾
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		1,424,698			(2,485,770	)		6,375,051			(1,540,989	)
Net Increase (Decrease) in Net Assets Resulting from Operations		721,890			(4,117,719	)		4,926,708			(1,855,641	)
Dividends and Distributions from:
Net Investment Income		(41,505	)		(240,598	)		(213,754	)		(90,100	)
Total Dividends and Distributions		(41,505	)		(240,598	)		(213,754	)		(90,100	)
Capital Share Transactions:
Issued		—			—			49,435,734			4,191,155
Redeemed		—			(2,613,701	)		—			(7,542,603	)
Increase (Decrease) in Net Assets from Capital Share Transactions		—			(2,613,701	)		49,435,734			(3,351,448	)
Total Increase (Decrease) in Net Assets		680,385			(6,972,018	)		54,148,688			(5,297,189	)
Net Assets:
Beginning of Period		2,970,632			9,942,650			15,355,058			20,652,247
End of Period	$	3,651,017		$	2,970,632		$	69,503,746		$	15,355,058
Undistributed (Distributions in Excess of) Net Investment Income	$	(150	)	$	36,221		$	(173,490	)	$	44,367
Share Transactions:
Issued		—			—			2,600,000			200,000
Redeemed		—			(250,000	)		—			(400,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		—			(250,000	)		2,600,000			(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 MSCI Greece ETF						Global X MSCI Norway ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income (Loss)	$	(100,358	)	$	3,821,536		$	1,216,492		$	2,491,201
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(104,306,894	)		(76,225,431	)		(4,190,680	)		(26,825,038	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		30,913,105			(8,460,738	)		10,117,819			(7,387,842	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(73,494,147	)		(80,864,633	)		7,143,631			(31,721,679	)
Dividends and Distributions from:
Net Investment Income		(3,840,043	)		(956,353	)		(2,212,531	)		(4,921,308	)
Total Dividends and Distributions		(3,840,043	)		(956,353	)		(2,212,531	)		(4,921,308	)
Capital Share Transactions:
Issued		38,207,986			336,524,730			46,083,254			41,588,211
Redeemed		(29,250,561	)		(79,997,814	)		(5,111,557	)		(122,958,997	)
Increase (Decrease) in Net Assets from Capital Share Transactions		8,957,425			256,526,916			40,971,697			(81,370,786	)
Total Increase (Decrease) in Net Assets		(68,376,765	)		174,705,930			45,902,797			(118,013,773	)
Net Assets:
Beginning of Period		314,907,191			140,201,261			65,023,841			183,037,614
End of Period	$	246,530,426		$	314,907,191		$	110,926,638		$	65,023,841
Undistributed (Distributions in Excess of) Net Investment Income	$	(416,502	)	$	3,523,899		$	894,616		$	1,890,655
Share Transactions:
Issued		4,750,000			28,000,000			4,650,000			3,200,000
Redeemed		(3,600,000	)		(6,600,000	)		(500,000	)		(9,500,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,150,000			21,400,000			4,150,000			(6,300,000	)

⁽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 FTSE Nordic Region ETF						Global X MSCI Nigeria ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income	$	1,065,584		$	1,410,352		$	607,576		$	908,373
Net Realized Loss on Investments and Foreign Currency Transactions		(250,733	)⁽¹⁾		(325,550	)⁽¹⁾		(3,132,080	)		(4,431,226	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(1,084,293	)		(4,012,414	)		(1,902,579	)		(5,677,883	)
Net Decrease in Net Assets Resulting from Operations		(269,442	)		(2,927,612	)		(4,427,083	)		(9,200,736	)
Dividends and Distributions from:
Net Investment Income		(1,490,826	)		(2,045,741	)		(850,578	)		(505,208	)
Total Dividends and Distributions		(1,490,826	)		(2,045,741	)		(850,578	)		(505,208	)
Capital Share Transactions:
Issued		—			2,475,978			4,220,932			19,080,421
Redeemed		(3,021,545	)		(4,833,389	)		(2,215,312	)		(1,675,335	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(3,021,545	)		(2,357,411	)		2,005,620			17,405,086
Total Increase (Decrease) in Net Assets		(4,781,813	)		(7,330,764	)		(3,272,041	)		7,699,142
Net Assets:
Beginning of Period		52,595,789			59,926,553			24,623,123			16,923,981
End of Period	$	47,813,976		$	52,595,789		$	21,351,082		$	24,623,123
Undistributed Net Investment Income	$	710,435		$	1,135,677		$	577,218		$	820,220
Share Transactions:
Issued		—			100,000			700,000			2,000,000
Redeemed		(150,000	)		(200,000	)		(300,000	)		(200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(150,000	)		(100,000	)		400,000			1,800,000

⁽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 Next Emerging & Frontier ETF						Global X FTSE Portugal 20 ETF
	Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Operations:
Net Investment Income	$	344,883		$	2,874,787		$	342,661		$	1,001,642
Net Realized Loss on Investments and Foreign Currency Transactions⁽¹⁾		(30,471,695	)		(10,679,341	)		(2,571,576	)		(4,824,501	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		27,050,071			(27,226,842	)		1,375,783			(1,698,130	)
Net Decrease in Net Assets Resulting from Operations		(3,076,741	)		(35,031,396	)		(853,132	)		(5,520,989	)
Dividends and Distributions from:
Net Investment Income		(2,414,376	)		(2,316,518	)		(1,260,520	)		(575,663	)
Total Dividends and Distributions		(2,414,376	)		(2,316,518	)		(1,260,520	)		(575,663	)
Capital Share Transactions:
Issued		—			8,809,775			502,970			25,089,819
Redeemed		(88,399,190	)		(16,563,940	)		(10,110,896	)		(18,236,165	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(88,399,190	)		(7,754,165	)		(9,607,926	)		6,853,654
Total Increase (Decrease) in Net Assets		(93,890,307	)		(45,102,079	)		(11,721,578	)		757,002
Net Assets:
Beginning of Period		106,925,030			152,027,109			37,448,523			36,691,521
End of Period	$	13,034,723		$	106,925,030		$	25,726,945		$	37,448,523
Undistributed Net Investment Income	$	172,766		$	2,242,259		$	85,722		$	1,003,581
Share Transactions:
Issued		—			400,000			50,000			2,200,000
Redeemed		(4,900,000	)		(800,000	)		(1,000,000	)		(1,650,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(4,900,000	)		(400,000	)		(950,000	)		550,000

⁽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 Pakistan ETF
	Period Ended April 30, 2016 (Unaudited)			Period Ended October 31, 2015⁽¹⁾
Operations:
Net Investment Income	$	134,596		$	110,549
Net Realized Loss on Investments and Foreign Currency Transactions		(60,694	)		(8,726	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(76,244	)		(482,945	)
Net Decrease in Net Assets Resulting from Operations		(2,342	)		(381,122	)
Dividends and Distributions from:
Net Investment Income		(146,008	)		—
Net Realized Gains		(18,840	)		—
Total Dividends and Distributions		(164,848	)		—
Capital Share Transactions:
Issued		—			6,047,981
Increase in Net Assets from Capital Share Transactions		—			6,047,981
Total Increase (Decrease) in Net Assets		(167,190	)		5,666,859
Net Assets:
Beginning of Period		5,666,859			—
End of Period	$	5,499,669		$	5,666,859
Undistributed Net Investment Income	$	98,783		$	110,195
Share Transactions:
Issued		—			400,000
Net Increase in Shares Outstanding from Share Transactions		—			400,000

(1)

Commenced operations on April 22, 2015.

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
2016(Unaudited)		13.72		0 .03			(1.79	)		(1.76	)		(0.59	)		—			(0.59	)		11.37		(13.15	)		83,594		0.65	†		0.55	†		19.95
2015		13.82		0.53			(0.37	)		0.16			(0.26	)		—			(0.26	)		13.72		1.34			93,951		0.65			3.86			24.57
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
Global X China Energy ETF
2016(Unaudited)		11.61		(0.01	)		(1.13	)		(1.14	)		(0.33	)		—			(0.33	)		10.14		(9.84	)		1,521		0.65	†		(0.30	)†		12.17
2015		15.03		0.22			(3.31	)		(3.09	)		(0.33	)		—			(0.33	)		11.61		(20.89	)		1,741		0.65			1.66			15.62
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
Global X China Financials ETF
2016(Unaudited)		14.90		(0.03	)		(1.77	)		(1.80	)		(0.73	)		—			(0.73	)		12.37		(12.65	)		17,319		0.65	†		(0.43	)†		1.15
2015		13.50		0.54			1.02			1.56			(0.16	)		—			(0.16	)		14.90		11.50			57,358		0.65			3.34			15.88
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
Global X China Industrials ETF
2016(Unaudited)		14.44		(0.02	)		(1.73	)		(1.75	)		(0.34	)		—			(0.34	)		12.35		(12.17	)		3,704		0.65	†		(0.39	)†		3.69
2015		12.93		0.21			1.40			1.61			(0.10	)		—			(0.10	)		14.44		12.49			7,222		0.65			1.38			23.87
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
Global X China Materials ETF
2016(Unaudited)		13.29		(0.03	)		0.14			0.11			(0.71	)		—			(0.71	)		12.69		1.03			1,268		0.65	†		(0.49	)†		12.29
2015		14.80		0.40			(1.70	)		(1.30	)		(0.21	)		—			(0.21	)		13.29		(8.95	)		1,329		0.65			2.39			28.59
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⁽¹⁾		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⁽¹⁾		19.16		0.25			(3.13	)		(2.88	)		—			—			—			16.28		(15.03	)		2,441		0.65			1.50			50.30
2011⁽¹⁾		29.18		0.01			(9.74	)		(9.73	)		(0.29	)		—			(0.29	)		19.16		(33.69	)		2,875		0.65			0.05			36.82
Global X NASDAQ China Technology ETF
2016(Unaudited)		22.01		0.17			(0.84	)		(0.67	)		(0.14	)		—			(0.14	)		21.20		(3.08	)		12,719		0.65	†		1.63	†		24.52
2015		23.48		0.12			(1.52	)		(1.40	)		(0.07	)		—			(0.07	)		22.01		(5.94	)		15,404		0.65			0.52			44.95
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

(1)	Per share amounts have been restated for a 1 for 2 reverse share split on May 16, 2013. See Note 7 in the Notes to Financial Statements.
^	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 periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

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

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

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 (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
Global X Southeast Asia ETF
2016(Unaudited)		13.07		0.13		0.61			0.74			(0.44	)		—			(0.44	)		13.37		5.97			12,699		0.65	†		2.08	†		4.71
2015		16.76		0.34		(3.61	)		(3.27	)		(0.42	)		—			(0.42	)		13.07		(19.97	)		14,376		0.65			2.26			24.06
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⁽¹⁾		15.08		0.38		0.05			0.43			—			—			—			15.51		2.85			23,262		0.62	†		3.46	†		2.68
Global X FTSE Andean 40 ETF
2016(Unaudited)		7.23		0.06		0.77			0.83			(0.17	)		—			(0.17	)		7.89		12.08			3,945		0.72	†		1.70	†		8.21
2015		10.60		0.17		(3.34	)		(3.17	)		(0.20	)		—			(0.20	)		7.23		(30.33	)		3,253		0.72			2.02			21.91
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⁽²⁾		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
2016(Unaudited)		8.79		0.07		0.79			0.86			(0.12	)		—			(0.12	)		9.53		10.13			88,926		0.61	@†		1.88	†		12.51
2015		17.42		0.31		(8.53	)		(8.22	)		(0.41	)		—			(0.41	)		8.79		(47.93	)		66,616		0.61	@		2.80			66.93
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
Global X Brazil Mid Cap ETF
2016(Unaudited)		6.87		0.08		1.48			1.56			(0.18	)		—			(0.18	)		8.25		23.47			3,711		0.69	†		2.50	†		6.48
2015		12.22		0.21		(5.19	)		(4.98	)		(0.37	)		—			(0.37	)		6.87		(41.75	)		3,089		0.69			2.26			31.63
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
Global X Brazil Consumer ETF
2016(Unaudited)		8.49		0.01		2.05			2.06			(0.12	)		—			(0.12	)		10.43		24.63			3,651		0.77	†		0.34	†		11.21
2015		16.57		0.15		(7.83	)		(7.68	)		(0.40	)		—			(0.40	)		8.49		(47.30	)		2,971		0.77			1.26			29.16
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
Global X MSCI Argentina ETF
2016(Unaudited)		19.81		0.00		0.94			0.94			(0.16	)		—			(0.16	)		20.59		4.86			69,504		0.74	†		(0.03	)†		10.28
2015		21.18		0.11		(1.39	)		(1.28	)		(0.09	)		—			(0.09	)		19.81		(6.04	)		15,355		0.74			0.58			26.88
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⁽³⁾		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⁽³⁾		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⁽³⁾⁽⁴⁾		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 16, 2011.
(2)	The Fund commenced operations on February 2, 2011.
(3)	Per share amounts have been restated for a 1 for 2 reverse share split on May 16, 2013. See Note 7 in the Notes to Financial Statements.
(4)	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 periods of less than one year have 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 0.80%, 0.79%, 0.78%, 0.80%, 0.83%, and 0.83% for the period ended April 30, 2016 and years ended October 31, 2015, 2014, 2013, 2012, and 2011, 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% for the Global X Brazil Consumer ETF.

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 (Loss) to Average Net Assets (%)			Portfolio Turnover (%)††
Global X MSCI Greece ETF
2016(Unaudited)		10.41		—		(2.44	)		(2.44	)		(0.12	)		—			(0.12	)		7.85		(23.46	)		246,530		0.61	†		(0.08	)†		56.70
2015		15.84		0.18		(5.48	)		(5.30	)		(0.13	)		—			(0.13	)		10.41		(33.66	)		314,907		0.62			1.61			29.35
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
2016(Unaudited)		10.75		0.18		0.32			0.50			(0.37	)		—			(0.37	)		10.88		5.02			110,927		0.50	†		3.62	†		8.19
2015		14.82		0.34		(3.58	)		(3.24	)		(0.83	)		—			(0.83	)		10.75		(22.50	)		65,024		0.50			2.76			16.05
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
2016(Unaudited)		22.29		0.46		(0.48	)		(0.02	)		(0.63	)		—			(0.63	)		21.64		(0.10	)		47,814		0.50	†		4.40	†		6.15
2015		24.36		0.59		(1.81	)		(1.22	)		(0.85	)		—			(0.85	)		22.29		(5.05	)		52,596		0.50			2.53			7.76
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
Global X MSCI Nigeria ETF
2016(Unaudited)		7.94		0.20		(1.74	)		(1.54	)		(0.30	)		—			(0.30	)		6.10		(19.75	)		21,351		0.76	†@		6.16	†		25.01
2015		13.02		0.34		(5.11	)		(4.77	)		(0.31	)		—			(0.31	)		7.94		(37.25	)		24,623		0.68	@		3.72			34.00
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
2016(Unaudited)		19.27		0.09		1.15			1.24			(0.46	)		—			(0.46	)		20.05		6.80			13,035		0.58	†		1.02	†		3.02
2015		25.55		0.49		(6.37	)		(5.88	)		(0.40	)		—			(0.40	)		19.27		(23.29	)		106,925		0.58			2.22			19.72
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
2016(Unaudited)		10.85		0.12		(0.22	)		(0.10	)		(0.46	)		—			(0.46	)		10.29		(0.91	)		25,727		0.61	†		2.51	†		15.77
2015		12.65		0.30		(1.87	)		(1.57	)		(0.23	)		—			(0.23	)		10.85		(12.39	)		37,449		0.61			2.68			35.26
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
2016(Unaudited)		14.17		0.34		(0.34	)		—			(0.37	)		(0.05	)		(0.42	)		13.75		0.10			5,500		0.89	†		5.14	†		10.44
2015⁽⁶⁾		15.28		0.35		(1.46	)		(1.11	)		—			—			—			14.17		(7.26	)		5,667		0.90	†		4.43	†		19.31

(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 periods of less than one year have 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%, 0.92% and 0.92% for the period ended April 30, 2016 and for the years and or period ended October 31, 2015, 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, 2016 (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, 2016, the Trust had one hundred and seven portfolios, forty-seven 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 MSCI Argentina ETF, Global X MSCI Greece ETF (formerly Global X FTSE Greece 20 ETF), Global X MSCI Norway ETF, Global X FTSE Nordic Region 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”, and collectively, the “Funds”). Each Fund has elected non-diversification status.

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

April 30, 2016 (continued) (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, 2016, there were securities valued using Fair Value Procedures of $4,973, $75,115, $463, $7,242, $10,310, $336 and $2,179 in Global X China Industrials ETF, Global X China Materials ETF, Global X MSCI Colombia ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X Next Emerging & Frontier ETF and Global X FTSE Portugal 20 ETF, respectively. There were no other securities priced using the Fair Value Procedures.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost)

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term)

Notes to Financial Statements

April 30, 2016 (continued) (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 period ended April 30, 2016, 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, 2016. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

Global X China Materials ETF

Quantitative information about Level 3 fair value measurements

Assets	Fair Value at 04/30/2016		Valuation Technique(s)	Unobservable Input	Discount Percentage
Common Stock		$17,724	Discount from the Last Traded Price	Last Traded Price Comparability Adjustment %		5 - 99.9%

The unobservable input used to determine fair value of the Level 3 asset may have similar or diverging impacts on valuation. Significant increases and decreases in this input could result in significantly higher or lower fair value measurement.

DUE TO/FROM BROKERS — Due to/from brokers includes cash and collateral balances with the Funds’ clearing brokers or counterparties at April 30, 2016. The Funds continuously monitor the credit standing of each broker or counterparty with whom they conduct business. In the event a broker or counterparty is unable to fulfill its obligations, the Funds would be subject to counterparty credit risk.

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.

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

At April 30, 2016, 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 Bank	$	6,000,000	$	6,000,000	$	-	$	-
Deutsche Bank		1,027,047		1,027,047		-		-
Global X MSCIGreece ETF
Deutsche Bank		4,835,750		4,835,750		-		-
Global X MSCI Norway ETF
Barclays Bank		22,000,000		22,000,000		-		-
Deutsche Bank		1,830,593		1,830,593		-		-
Global X FTSE Nordic Region ETF
Deutsche Bank		923,125		923,125		-		-
Global X FTSE Portugal 20 ETF
Deutsche Bank		2,864,948		2,864,948		-		-

⁽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 period ended April 30, 2016, the Global X Brazil Mid Cap ETF and Global X Brazil Consumer ETF incurred federal excise tax in the amount of $89 and $23, respectively. No other provisions for Federal income taxes have been made in the financials.

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.

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 period ended April 30, 2016, 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 year, 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 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 (“Custodian”), on the date of such redemption, regardless of the number of Creation Units redeemed that day.

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

If a Creation Unit is purchased or redeemed for cash, a higher Transaction Fee will be charged. The following table discloses Creation Unit breakdown:

	Creation Unit		Creation		Value at		Redemption
	Shares		Fee		April 30, 2016		Fee
Global X China Consumer ETF		50,000	$	1,900	$	568,500	$	1,900
Global X China Energy ETF		50,000		1,900		507,000		1,900
Global X China Financials ETF		50,000		1,900		618,500		1,900
Global X China Industrials ETF		50,000		1,900		617,500		1,900
Global X China Materials ETF		50,000		1,900		634,500		1,900
Global X NASDAQ China Technology ETF		50,000		1,900		1,060,000		1,900
Global X Southeast Asia ETF		50,000		2,300		668,500		2,300
Global X FTSE Andean 40 ETF		50,000		2,300		394,500		2,300
Global X MSCI Colombia ETF		50,000		2,500		476,500		2,500
Global X Brazil Mid Cap ETF		50,000		1,900		412,500		1,900
Global X Brazil Consumer ETF		50,000		1,500		521,500		1,500
Global X MSCI Argentina ETF		50,000		1,000		1,029,500		1,000
Global X MSCI Greece ETF		50,000		1,000		392,500		1,000
Global X MSCI Norway ETF		50,000		1,400		544,000		1,400
Global X FTSE Nordic Region ETF		50,000		1,400		1,082,000		1,400
Global X MSCI Nigeria ETF		50,000		2,300		305,000		2,300
Global X Next Emerging & Frontier ETF		50,000		9,500		1,002,500		9,500
Global X FTSE Portugal 20 ETF		50,000		1,000		514,500		1,000
Global X MSCI Pakistan ETF		50,000		3,800		687,500		3,800

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 services 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 below (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 MSCI Greece ETF, Global X MSCI Nigeria ETF, Global X Next Emerging & Frontier ETF, Global X FTSE Portugal 20 ETF and Global X MSCI Pakistan 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 MSCI Greece 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%, 0.24%, 0.09%, 0.06% and 0.20%, respectively, in Custody Fees (in addition to the Supervision and Administration Fee).

Notes to Financial Statements

April 30, 2016 (continued) (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*		0.61%
Global X Brazil Mid Cap ETF		0.69%
Global X Brazil Consumer ETF		0.77%
Global X MSCI Argentina ETF		0.74%
Global X MSCI Greece ETF		0.55%
Global X MSCI Norway ETF		0.50%
Global X FTSE Nordic Region ETF		0.50%
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%

*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 ETF (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, 2017. 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, 2016, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Colombia ETF were $60,347 expiring 2019, $133,126 expiring in 2018, $132,223 expiring in 2017 and $84,928 expiring in 2016. As of April 30, 2016, there had been no recoupment of previously waived and reimbursed fees.

** Efffective March 2, 2016, the Adviser discontinued an expense limitation agreements that had been in place with respect to the Global X MSCI Nigeria ETF. At April 30, 2016, the amounts of waivers/reimbursements subject to recoupment for Global X MSCI Nigeria ETF were $15,742 expiring in 2019, $58,656 expiring in 2018, $33,893 expiring in 2017 and $5,469 expiring in 2016. As of April 30, 2016, there had been no recoupment of previously waived and reimbursed fees.

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

3. RELATED PARTY TRANSACTIONS (continued)

SEI Investments Global Funds 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 from the Funds for its distribution services under the Distribution Agreement.

BBH, located at 50 Post Office Square, Boston, MA 02110, serves as Custodian 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. BBH also serves as Transfer Agent. 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

April 30, 2016 (continued) (Unaudited)

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2016, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

	Purchases		Sales and Maturities
Global X China Consumer ETF	$	16,384,576	$	16,114,241
Global X China Energy ETF		183,716		234,861
Global X China Financials ETF		423,385		3,230,841
Global X China Industrials ETF		165,817		295,768
Global X China Materials ETF		148,632		191,993
Global X NASDAQ China Technology ETF		3,517,975		3,542,869
Global X Southeast Asia ETF		611,187		1,470,690
Global X FTSE Andean 40 ETF		359,335		273,694
Global X MSCI Colombia ETF		18,004,904		8,597,750
Global X Brazil Mid Cap ETF		197,931		237,938
Global X Brazil Consumer ETF		337,059		370,443
Global X MSCI Argentina ETF		4,238,429		3,488,967
Global X MSCI Greece ETF		140,674,142		143,608,010
Global X MSCI Norway ETF		5,979,135		7,482,450
Global X FTSE Nordic Region ETF		2,992,322		3,627,405
Global X MSCI Nigeria ETF		6,935,396		5,075,118
Global X Next Emerging & Frontier ETF		2,016,903		27,136,845
Global X FTSE Portugal 20 ETF		4,409,710		5,437,298
Global X MSCI Pakistan ETF		550,082		611,472

During the period ended April 30, 2016, there were no purchases or sales of long-term U.S. Government securities for the Funds.

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

4. INVESTMENT TRANSACTIONS (continued)

For the period ended April 30, 2016 in-kind transactions associated with creations and redemptions were:

	Purchases		Sales and Maturities		Realized Gain (Loss)
Global X China Consumer ETF	$	8,335,368	$	7,250,415	$	(1,159,800	)
Global X China Energy ETF		-		-		-
Global X China Financials ETF		-		27,117,442		(8,033,974	)
Global X China Industrials ETF		-		2,616,569		(215,683	)
Global X China Materials ETF		-		-		-
Global X NASDAQ China Technology ETF		-		2,061,309		293,542
Global X Southeast Asia ETF		-		1,296,706		(438,125	)
Global X FTSE Andean 40 ETF		165,267		-		-
Global X MSCI Colombia ETF		4,205,830		127,421		(1,820	)
Global X Brazil Mid Cap ETF		-		-		-
Global X Brazil Consumer ETF		-		-		-
Global X MSCI Argentina ETF		48,423,727		-		-
Global X MSCI Greece ETF		38,248,535		29,237,949		(4,992,353	)
Global X MSCI Norway ETF		46,128,937		5,108,436		(281,925	)
Global X FTSE Nordic Region ETF		-		3,022,314		424,816
Global X MSCI Nigeria ETF		-		-		-
Global X Next Emerging & Frontier ETF		-		65,046,354		(19,651,937	)
Global X FTSE Portugal 20 ETF		502,228		10,091,107		(718,630	)
Global X MSCI Pakistan ETF		-		-		-

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

	Purchases		Sales and Maturities		Realized Gain (Loss)
Global X China Consumer ETF	$	1,135,345	$	41,029,893	$	(3,147,297	)
Global X China Energy ETF		-		2,122,033		219,731
Global X China Financials ETF		45,882,818		39,106,611		3,401,732
Global X China Industrials ETF		6,131,493		4,518,457		1,036,289
Global X China Materials ETF		4,885,323		5,808,257		(332,946	)
Global X NASDAQ China Technology ETF		1,415,138		6,938,264		1,274,116
Global X Southeast Asia ETF		1,207,349		8,031,728		(919,877	)
Global X FTSE Andean 40 ETF		234,771		2,109,859		(480,205	)
Global X MSCI Colombia ETF		15,101,015		9,743,616		(280,459	)
Global X Brazil Mid Cap ETF		-		892,420		(229,856	)
Global X Brazil Consumer ETF		-		513,276		(471,937	)
Global X MSCI Argentina ETF		4,124,088		7,272,609		164,299
Global X MSCI Greece ETF		334,382,731		79,994,697		(11,482,974	)
Global X MSCI Norway ETF		41,440,084		122,868,376		(20,092,704	)
Global X FTSE Nordic Region ETF		2,472,391		4,832,278		1,294,820
Global X MSCI Nigeria ETF		-		-		-
Global X Next Emerging & Frontier ETF		6,537,161		12,195,780		(829,169	)
Global X FTSE Portugal 20 ETF		25,105,756		18,233,849		(1,050,630	)
Global X MSCI Pakistan ETF		-		-		-

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

5. TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions declared during the periods ended October 31, 2015 and 2014 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Totals

Global X China Consumer ETF
2015	$	2,353,761	$	–	$	2,353,761
2014		1,981,753		–		1,981,753
Global X China Energy ETF
2015	$	81,629	$	–	$	81,629
2014		85,026		–		85,026
Global X China Financials ETF
2015	$	617,666	$	–	$	617,666
2014		243,282		–		243,282
Global X China Industrials ETF
2015	$	44,362	$	–	$	44,362
2014		65,300		–		65,300
Global X China Materials ETF
2015	$	30,768	$	–	$	30,768
2014		36,867		–		36,867
Global X NASDAQ China Technology ETF
2015	$	64,823	$	–	$	64,823
2014		3,666		–		3,666
Global X Southeast Asia ETF
2015	$	689,799	$	–	$	689,799
2014		1,423,135		–		1,423,135
Global X FTSE Andean 40 ETF
2015	$	168,007	$	–	$	168,007
2014		153,480		–		153,480
Global X MSCI Colombia ETF
2015	$	2,318,237	$	–	$	2,318,237
2014		4,567,150		–		4,567,150
Global X Brazil Mid Cap ETF
2015	$	242,176	$	–	$	242,176
2014		531,843		–		531,843
Global X Brazil Consumer ETF
2015	$	240,598	$	–	$	240,598
2014		185,072		–		185,072
Global X MSCI Argentina ETF
2015	$	90,100	$	–	$	90,100
2014		45,738		–		45,738
Global X MSCI Greece ETF
2015	$	956,353	$	–	$	956,353
2014		118,994		33,492		152,486

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

5. TAX INFORMATION (continued)

Global X Funds	Ordinary Income		Long-Term Capital Gain		Totals

Global X MSCI Norway ETF
2015	$	4,921,308	$	–	$	4,921,308
2014		2,012,342		–		2,012,342
Global X FTSE Nordic Region ETF
2015	$	2,045,741	$	–	$	2,045,741
2014		1,480,041		–		1,480,041
Global X MSCI Nigeria ETF
2015	$	505,208	$	–	$	505,208
2014		92,838		–		92,838
Global X Next Emerging & Frontier ETF
2015	$	2,316,518	$	–	$	2,316,518
2014		28,312		–		28,312
Global X FTSE Portugal 20 ETF
2015	$	575,663	$	–	$	575,663
2014		–		–		–
Global X MSCI Pakistan ETF⁽¹⁾
2015	$	–	$	–	$	–

⁽¹⁾Commenced operations on April 22, 2015.

As of October 31, 2015, the components of tax basis accumulated losses were as follows:

	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF
Undistributed Ordinary Income	$	3,897,491		$	48,200		$	2,771,631
Capital Loss Carryforwards		(27,019,305	)		(754,956	)		(1,667,972	)
Unrealized Depreciation on Investments and Foreign Currency		(16,509,018	)		(743,505	)		(4,534,728	)
Other Temporary Differences		3			-			(2	)
Total Accumulated Losses	$	(39,630,829	)	$	(1,450,261	)	$	(3,431,071	)

	Global X China Industrials ETF			Global X China Materials ETF			Global X NASDAQ China Technology ETF
Undistributed Ordinary Income	$	95,164		$	70,632		$	94,445
Capital Loss Carryforwards		(1,586,527	)		(963,423	)		(1,635,512	)
Unrealized Depreciation on Investments and Foreign Currency		(1,512,818	)		(1,160,921	)		(189,589	)
Other Temporary Differences		(2	)		-			1
Total Accumulated Losses	$	(3,004,183	)	$	(2,053,712	)	$	(1,730,655	)

	Global X Southeast Asia ETF			Global X FTSE Andean 40 ETF			Global X MSCI Colombia ETF
Undistributed Ordinary Income	$	447,920		$	81,274		$	808,120
Capital Loss Carryforwards		(3,827,248	)		(2,451,855	)		(49,177,815	)
Unrealized Depreciation on Investments and Foreign Currency		(4,077,989	)		(2,691,638	)		(43,798,998	)
Other Temporary Differences		(3	)		2			(3	)
Total Accumulated Losses	$	(7,457,320	)	$	(5,062,217	)	$	(92,168,696	)

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

5. TAX INFORMATION (continued)

	Global X Brazil Mid Cap ETF			Global X Brazil Consumer ETF			Global X MSCI Argentina ETF
Undistributed Ordinary Income	$	55,360		$	36,222		$	44,367
Capital Loss Carryforwards		(6,915,882	)		(3,765,955	)		(2,436,274	)
Unrealized Depreciation on Investments and Foreign Currency		(1,927,501	)		(2,963,846	)		(3,552,587	)
Other Temporary Differences		(1	)		—			(2	)
Total Accumulated Losses	$	(8,788,024	)	$	(6,693,579	)	$	(5,944,496	)

	Global X MSCI Greece ETF			Global X MSCI Norway ETF			Global X FTSE Nordic Region ETF
Undistributed Ordinary Income	$	3,839,733		$	1,890,658		$	1,487,702
Capital Loss Carryforwards		(16,532,722	)		(10,016,662	)		(1,999,710	)
Unrealized Depreciation on Investments and Foreign Currency		(136,617,759	)		(38,208,171	)		(97,219	)
Other Temporary Differences		(5	)		(7	)		(3	)
Total Accumulated Losses	$	(149,310,753	)	$	(46,334,182	)	$	(609,230	)

	Global X MSCI Nigeria ETF			Global X Next Emerging & Frontier ETF			Global X FTSE Portugal 20 ETF
Undistributed Ordinary Income	$	820,219		$	2,268,026		$	1,003,582
Capital Loss Carryforwards		(4,348,029	)		(10,016,854	)		(2,579,572	)
Unrealized Depreciation on Investments and Foreign Currency		(8,826,598	)		(29,479,531	)		(12,574,191	)
Other Temporary Differences		—			(1	)		(1	)
Total Accumulated Losses	$	(12,354,408	)	$	(37,228,360	)	$	(14,150,182	)

	Global X MSCI Pakistan ETF
Undistributed Ordinary Income	$	131,535
Capital Loss Carryforwards		-
Unrealized Depreciation on Investments and Foreign Currency		(512,657	)
Other Temporary Differences		-
Total Accumulated Losses	$	(381,122	)

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

5. TAX INFORMATION (continued)

For Federal income tax purposes, capital loss carryforwards represent realized losses of the Funds

that may be carried forward for a maximum period of eight years and applied against future gains.

As of October 31, 2015, 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
			MSCI		Global X		Global X		Global X
	Global X Brazil		Argentina		MSCI Greece		MSCI		FTSE Nordic
Expiration date	Consumer ETF		ETF		ETF		Norway ETF		Region ETF
October 2019	$	563,593	$	414,683	$	-	$	1,802,290	$	-
October 2018		-		-		-		-		-
	$	563,593	$	414,683	$	-	$	1,802,290	$	-

Global X

FTSE

Global X

Global X MSCI

Emerging &

Portugal 20

MSCI

Expiration date

Nigeria ETF

Frontier ETF

ETF

Pakistan ETF

October 2019

October 2018

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

5. TAX INFORMATION (continued)

For taxable years beginning after December 22, 2010, a RIC is permitted to carry forward net capital losses to offset capital gains realized in later years, and the losses carried forward retain their original character as either long-term or short-term losses. Net capital losses of a RIC realized in taxable years beginning before that date (pre-2011 losses) can be carried forward up to 8 years and are characterized in later years as short-term losses. If a Fund uses pre-2011 loss carryforwards in later years, the carryforwards will not reduce the Fund’s current earnings and profits, while loss carryforwards from later years will reduce the Fund’s current earnings and profits. To the extent that later year capital gains are offset by pre-2011 loss carryforwards, distributions of such gains will be

treated as ordinary dividend distributions. 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	$	2,811,294	$	22,693,682	$	25,504,976
Global X China Energy ETF		98,914		622,130		721,044
Global X China Financials ETF		934,694		181,324		1,116,018
Global X China Industrials ETF		141,546		1,350,171		1,491,717
Global X China Materials ETF		14,977		948,446		963,423
Global X NASDAQ China Technology ETF		1,399,046		—		1,399,046
Global X Southeast Asia ETF		1,694,186		2,133,062		3,827,248
Global X FTSE Andean 40 ETF		420,645		1,910,324		2,330,969
Global X MSCI Colombia ETF		17,015,026		23,913,135		40,928,161
Global X Brazil Mid Cap ETF		968,019		5,029,484		5,997,503
Global X Brazil Consumer ETF		1,095,948		2,106,414		3,202,362
Global X MSCI Argentina ETF		707,481		1,314,110		2,021,591
Global X MSCI Greece ETF		9,838,003		6,694,719		16,532,722
Global X MSCI Norway ETF		5,176,585		3,037,787		8,214,372
Global X FTSE Nordic Region ETF		751,648		1,248,062		1,999,710
Global X MSCI Nigeria ETF		2,607,050		1,740,979		4,348,029
Global X Next Emerging & Frontier ETF		4,117,627		5,899,227		10,016,854
Global X FTSE Portugal 20 ETF		2,579,572		—		2,579,572
Global X MSCI Pakistan ETF⁽¹⁾		—		—		—

(1) Commenced operations on April 22, 2015.

During the year ended October 31, 2015 the following funds utilized capital loss carryforwards to offset capital gains amounting to:

Global X Funds
Global X China Consumer ETF	$	35,678
Global X China Financials ETF		325,234
Global X China Materials ETF		14,406
Global X NASDAQ China Technology ETF		436,300
Global X FTSE Portugal 20 ETF		32,893

Notes to Financial Statements

April 30, 2016 (continued) (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, 2016 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	$	109,582,916	$	5,897,714	$	(25,118,383	)	$	(19,220,669	)
Global X China Energy ETF		2,250,663		30,048		(762,040	)		(731,992	)
Global X China Financials ETF		22,796,481		97,388		(5,597,991	)		(5,500,603	)
Global X China Industrials ETF		5,537,277		58,859		(1,913,790	)		(1,854,931	)
Global X China Materials ETF		2,209,847		5,396		(952,412	)		(947,016	)
Global X NASDAQ China Technology ETF		13,186,076		1,144,404		(1,629,489	)		(485,085	)
Global X Southeast Asia ETF		14,634,151		380,687		(2,386,374	)		(2,005,687	)
Global X FTSE Andean 40 ETF		5,683,974		111,115		(1,867,121	)		(1,756,006	)
Global X MSCI Colombia ETF		104,963,813		2,796,161		(19,210,978	)		(16,414,817	)
Global X Brazil Mid Cap ETF		4,725,542		181,627		(1,215,124	)		(1,033,497	)
Global X Brazil Consumer ETF		4,715,580		350,328		(1,430,853	)		(1,080,525	)
Global X MSCI Argentina ETF		65,798,648		4,877,704		(1,246,147	)		3,631,557
Global X MSCI Greece ETF		331,356,029		12,516,748		(57,834,707	)		(45,317,959	)
Global X MSCI Norway ETF		160,699,376		2,288,453		(28,914,312	)		(26,625,859	)
Global X FTSE Nordic Region ETF		48,224,880		5,526,342		(5,724,774	)		(198,432	)
Global X MSCI Nigeria ETF		30,876,480		56,708		(9,612,880	)		(9,556,172	)
Global X Next Emerging & Frontier ETF		15,262,590		678,495		(2,949,287	)		(2,270,792	)
Global X FTSE Portugal 20 ETF		36,751,035		837,364		(9,278,780	)		(8,441,416	)
Global X MSCI Pakistan ETF⁽¹⁾		6,530,559		216,866		(736,469	)		(519,603	)

⁽¹⁾ Commenced operations on April 22, 2015.

The preceding differences between book and tax cost are primarily due to mark to market treatment of passive foreign investment companies and wash sales.

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.

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

6. CONCENTRATION OF RISKS (continued)

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.

A more complete description of risks is included in each Fund’s prospectus and SAI.

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 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.

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.

Notes to Financial Statements

April 30, 2016 (continued) (Unaudited)

8. LOANS OF PORTFOLIO SECURITIES (continued)

As of April 30, 2016, the value of the securities on loan was $6,564,632, $4,550,847, $23,080,591, $874,384, and $748,408 for the Global X China Consumer ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF and Global X FTSE Portugal 20 ETF, respectively. The value of securities purchased with the cash collateral held from securities on loan was $7,027,047, $4,835,750, $23,830,593, $923,125 and $2,864,948 for the Global X China Consumer ETF, Global X MSCI Greece ETF, Global X MSCI Norway ETF, Global X FTSE Nordic Region ETF and Global X FTSE Portugal 20 ETF, respectively. The value of cash collateral held from securities on loan was $438,165 for the Global X MSCI Norway ETF.

At April 30, 2016, the following Funds had securities on loan, by counterparty:

	Market Value		Cash Collateral
Global X China Consumer ETF
BNP Paribas Prime Brokerage	$	18,558	$	21,569
Citigroup Global Markets		107,550		120,000
Credit Suisse		644,530		750,000
Deutsche Bank		2,810,524		2,973,548
Goldman Sachs		15		18
JPMorgan		89,537		94,530
ML Pierce, Fenner & Smith		1,023,628		1,078,373
Morgan Stanley		1,823,778		1,939,770
UBS Securities		46,512		49,239
Global X MSCI Greece ETF
Deutsche Bank		2,981,250		3,150,000
JPMorgan		380,475		427,500
Wells Fargo		1,189,122		1,258,250
Global X MSCI Norway ETF
Barclays Bank		510,041		538,650
Citigroup		573,518		608,453
Credit Suisse		1,643,731		1,733,315
Goldman Sachs		1,885,165		1,983,200
Jefferies		4,388,525		4,610,400
JPMorgan		9,720,974		10,214,610
Morgan Stanley		334,669		352,320
UBS Securities		4,023,968		4,227,810
Global X FTSE Nordic Region ETF
Goldman Sachs		874,384		923,125
Global X FTSE Portugal 20 ETF
Citigroup		89,847		1,981,637
Credit Suisse		415,526		459,287
JPMorgan		209,338		231,384
ML Pierce, Fenner & Smith		11,902		96,500
Morgan Stanley		21,795		96,140

100

Notes to Financial Statements

April 30, 2016 (continued) (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. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Global X Funds have selected PricewaterhouseCoopers LLP (“PwC”) to serve as the Funds’ independent registered public accounting firm for the Funds’ fiscal year ending October 31, 2016. The decision to select PwC was recommended by the Funds’ Audit Committee and was approved by the Funds’ Board of Trustees on November 13, 2015. During the Global X Funds’ fiscal years ended October 31, 2011, October 31, 2012, October 31, 2013, October 31, 2014 and October 31, 2015, neither the Funds, their portfolios, nor anyone on their behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Global X Funds’ financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(iv) of said Item 304).

The selection of PwC does not reflect any disagreements with or dissatisfaction by the Global X Funds or the Funds’ Board of Trustees with the performance of the Global X Funds’ prior independent registered public accounting firm, Ernst & Young, LLP (“E&Y”). The decision not to renew the engagement of E&Y upon the completion of its audit for the fiscal year ended October 31, 2015 and the completion of related non-audit work, and the selection of PwC to perform the audit for the fiscal year ended October 31, 2016, was recommended by the Funds’ Audit Committee and approved by the Funds’ Board of Trustees. E&Y’s report on the Global X Funds’ financial statements for the fiscal years ended October 31, 2011, October 31, 2012, October 31, 2013, October 31, 2014 and October 31, 2015 contained no adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the Global X Funds’ fiscal years ended October 31, 2011, October 31, 2012, October 31, 2013, October 31, 2014 and October 31, 2015 (i) there were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the Global X Funds’ financial statements for such years; and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K.

101

Notes to Financial Statements

April 30, 2016 (concluded) (Unaudited)

11. SUBSEQUENT EVENTS

The Funds have been evaluated regarding 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 of the Trust commenced operations:

Fund Name:		Commenced Operations:
Global X Longevity Thematic ETF		May 4, 2016
Global X Millennials Thematic ETF		May 4, 2016
Global X Health & Wellness Thematic ETF		May 4, 2016

102

Disclosure of Fund Expenses (unaudited)

ETFs 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, 2015 through April 30, 2016.

The table on the next page illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Funds, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Funds under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Funds had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

103

Disclosure of Fund Expenses (unaudited) (continued)

	Beginning Account Value 11/1/2015		Ending Account Value 4/30/2016		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X China Consumer ETF
Actual Fund Return	$	1,000.00	$	868.50		0.65	%	$	3.02
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X China Energy ETF
Actual Fund Return	$	1,000.00	$	901.60		0.65	%	$	3.08
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X China Financials ETF
Actual Fund Return	$	1,000.00	$	873.50		0.65	%	$	3.03
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X China Industrials ETF
Actual Fund Return	$	1,000.00	$	878.30		0.65	%	$	3.04
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X China Materials ETF
Actual Fund Return	$	1,000.00	$	1,010.30		0.65	%	$	3.25
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X NASDAQ China Technology ETF
Actual Fund Return	$	1,000.00	$	969.20		0.65	%	$	3.19
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X Southeast Asia ETF
Actual Fund Return	$	1,000.00	$	1,059.70		0.65	%	$	3.33
Hypothetical 5% Return		1,000.00		1,021.63		0.65			3.27
Global X FTSE Andean 40 ETF
Actual Fund Return	$	1,000.00	$	1,120.80		0.72	%	$	3.80
Hypothetical 5% Return		1,000.00		1,021.28		0.72			3.62
Global X MSCI Colombia ETF
Actual Fund Return	$	1,000.00	$	1,101.30		0.61	%	$	3.19
Hypothetical 5% Return		1,000.00		1,021.82		0.61			3.07
Global X Brazil Mid Cap ETF
Actual Fund Return	$	1,000.00	$	1,234.70		0.69	%	$	3.82
Hypothetical 5% Return		1,000.00		1,021.45		0.69			3.45
Global X Brazil Consumer ETF
Actual Fund Return	$	1,000.00	$	1,246.30		0.77	%	$	4.31
Hypothetical 5% Return		1,000.00		1,021.02		0.77			3.88
Global X MSCI Argentina ETF
Actual Fund Return	$	1,000.00	$	1,048.60		0.74	%	$	3.79
Hypothetical 5% Return		1,000.00		1,021.16		0.74			3.74
Global X MSCI Greece ETF
Actual Fund Return	$	1,000.00	$	765.40		0.61	%	$	2.68
Hypothetical 5% Return		1,000.00		1,021.83		0.61			3.07
Global X MSCI Norway ETF
Actual Fund Return	$	1,000.00	$	1,050.20		0.50	%	$	2.55
Hypothetical 5% Return		1,000.00		1,022.37		0.50			2.52
Global X FTSE Nordic Region ETF
Actual Fund Return	$	1,000.00	$	999.00		0.50	%	$	2.49
Hypothetical 5% Return		1,000.00		1,022.37		0.50			2.52
Global X MSCI Nigeria ETF
Actual Fund Return	$	1,000.00	$	802.50		0.76	%	$	3.41
Hypothetical 5% Return		1,000.00		1,021.08		0.76			3.83

104

Disclosure of Fund Expenses (unaudited) (concluded)

	Beginning Account Value 11/1/2015		Ending Account Value 4/30/2016		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Global X Next Emerging & Frontier ETF
Actual Fund Return	$	1,000.00	$	1,068.00		0.58	%	$	2.98
Hypothetical 5% Return		1,000.00		1,021.98		0.58			2.91
Global X FTSE Portugal 20 ETF
Actual Fund Return	$	1,000.00	$	990.90		0.61	%	$	3.01
Hypothetical 5% Return		1,000.00		1,021.84		0.61			3.05
Global X MSCI Pakistan ETF
Actual Fund Return	$	1,000.00	$	1,001.00		0.89	%	$	4.43
Hypothetical 5% Return		1,000.00		1,020.44		0.89			4.47

⁽¹⁾

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period.).

105

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 of an exchange-traded fund (“ETF”), including a majority of those trustees who are not "interested persons" of the ETF, as defined in the 1940 Act ("Independent Trustees"), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each fund’s investment advisory agreement and whether to approve entering into, or renewing, each agreement.

At a quarterly Board meeting held on November 13, 2015, the Board of Trustees (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 named in this Semi-Annual report (each a “Renewal Fund” and together the “Renewal Funds”) and (ii) the Supervision and Administration Agreement between the Trust ("Renewal Supervision and Administration Agreement"), on behalf of each Renewal Fund, and Global X Management Company LLC ("Global X Management"). The Renewal Investment Advisory Agreement and the Renewal Supervision and Administration Agreement are referred to herein as the "Renewal Agreements."

In advance of the Board meeting, the Board (including the Trust’s Independent Trustees) and the Independent Trustees’ independent legal counsel requested (in writing) detailed information from Global X Management in connection with their consideration of the Renewal Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information. In 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 factors, including the factors discussed at greater detail below. After full consideration of the factors 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, in the exercise of their business judgement, that the Renewal Agreements were fair and reasonable and in the best interest of each Renewal Fund.In reaching this decision, the Board did not assign relative weights to the factors discussed below nor did the Board deem any one factor or group of them to be controlling in and of themselves. 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 that would continue to be provided to each Renewal Fund in accordance with the Renewal Agreements;

106

Approval of Investment Advisory Agreement (unaudited) (continued)

•

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

•

Global X Management’s responsibilities under the Renewal Agreements, among other things, to: (i) manage the investment operations of each Renewal Fund and the composition of each Renewal Fund’s assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and 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) to the shareholders of each Renewal Fund, the periodic updating of the registration statement, prospectuses, statement of additional information, and other reports and documents for each Renewal Fund that are required to be filed by the Trust with the SEC and other regulatory and governmental bodies, and (vi) monitor anticipated purchases and redemptions of the shares (including creation units) of each Renewal Fund by shareholders and new investors;

•

the nature, extent and quality of the all of the services (including advisory, administrative and compliance services) that have been provided by Global X Management or made available to each Renewal Fund and the adequacy of Global X Management’s personnel resources that would continue to be made available to each Renewal Fund; and

•

Global X Management’s experience and the professional qualifications of Global X Management’s key personnel.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to each Renewal Fund by Global X Management.

Performance

With respect to this factor, the Board considered the performance of each Renewal Fund. It examined the performance of the Renewal Funds for the one-year, three-year, five-year and since-inception periods, as applicable. Also, the Board considered the total return and investment performance of the Renewal Funds relative to (i) the performance of unaffiliated comparable specialized and/or focused exchange-traded funds and other registered funds in the same classification as the Renewal Funds, which performance information is publicly available from such registered funds as well as other third party sources; and (ii) the performance of comparable registered funds and pertinent indexes. The Board considered instances of under-performance and over-performance with respect to the comparator funds. The Board also considered the Renewal Funds' tracking against their underlying indexes in absolute terms.

Based on these considerations and comparisons, the Board concluded that the investment performance of each Renewal Fund did not adversely affect the Board approval of the continuance of the Renewal Agreements.

107

Approval of Investment Advisory Agreement (unaudited) (continued)

Cost of Services and Profitability

The Board considered Global X Management’s cost to provide investment management and related services to each Renewal Fund. In this regard, the Board considered the management fee (“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 and all aspects of Global X Management’s relationship with each Renewal Fund. In connection with these considerations, Global X Management provided the Board with financial information regarding its operations and discussed with the Board its current and expected profitability with respect to each Renewal Fund.

Based on these considerations, the Board concluded that the Management Fee rate paid by each Renewal Fund to Global X Management, in light of the nature, extent and quality of the services provided, was reasonable and in the best interests of Fund 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 Renewal Fund. In connection with this consideration, Global X Management provided the Board with comparative expense data for each Renewal Fund, including fees and expenses paid by unaffiliated comparable specialized and/or focused exchange-traded funds and/or other comparable registered funds;

•

the structure of the unified Management Fee (which includes as one component the investment advisory fee for each Renewal Fund) and the current total expense ratios for each Renewal Fund. 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 Renewal Fund and that the proposed Management Fee for each Renewal Fund was set at a competitive fee to make each Renewal Fund viable in the marketplace; and

•

that under the unified Management Fee structure, Global X Management is responsible for most ordinary expenses of each Renewal Fund, including the costs of various third-party services required by each Renewal Fund, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency and printing costs, but that each Renewal Fund would bear other expenses not covered under the proposed all-inclusive Management Fee, such as taxes, brokerage fees, commissions, and other transaction expenses, interest expenses, and extraordinary expenses.

108

Approval of Investment Advisory Agreement (unaudited) (concluded)

Based on these considerations, the Board concluded that it would be in the best interest of the Renewal Funds and their 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 each Renewal Fund grows 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 each Renewal Fund in order to seek to assure that each Renewal Fund is attractive to investors; and

•

that the proposed unitary Management Fee would provide a high level of certainty as to the total level of expenses for each Renewal Fund and its shareholders.

Based on these considerations, the Board concluded that continuation of the unitary Management Fee for each Renewal Fund was reasonable.

Other Benefits

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

109

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

110

Notes

111

Notes

112

600 Lexington Avenue, 20^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

600 Lexington Avenue, 20^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:

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W.

Suite 500

Washington, DC 20036

Custodian and Transfer Agent:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

Two Commerce Square

Suite 1800

2001 Market Street

Philadelphia, PA 19103

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

GLX-SA-002-0500