N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22209

Global X Funds

(Exact name of registrant as specified in charter)

399 Park Avenue, 32^nd Floor

New York, NY 10022

(Address of principal executive offices) (Zip code)

SEI Investments Global Fund Services

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: (888) 493-8631

Date of fiscal year end: October 31, 2011

Date of reporting period: October 31, 2011

Item 1. Reports to Stockholders.

Global X Gold Explorers ETF (ticker: GLDX)

Global X Silver Miners ETF (ticker: SIL)

Global X Copper Miners ETF (ticker: COPX)

Global X Uranium ETF (ticker: URA)

Global X Lithium ETF (ticker: LIT)

Global X Aluminum ETF (ticker: ALUM)

Global X Pure Gold Miners ETF (ticker: GGGG)

(formerly, Global X Gold Miners ETF)

Global X Oil Equities ETF (ticker: XOIL)

Global X S&P/TSX Venture 30 Canada ETF (ticker: TSXV)

(formerly, Global X S&P/TSX Venture Canada ETF)

Global X Fertilizers/Potash ETF (ticker: SOIL)

Annual Report

October 31, 2011

TABLE OF CONTENTS

Management Discussion of Fund Performance	1
Schedules of Investments
Global X Gold Explorers ETF	11
Global X Silver Miners ETF	13
Global X Copper Miners ETF	15
Global X Uranium ETF	18
Global X Lithium ETF	20
Global X Aluminum ETF	22
Global X Pure Gold Miners ETF	25
Global X Oil Equities ETF	28
Global X S&P/TSX Venture 30 Canada ETF	30
Global X Fertilizers/Potash ETF	33
Statements of Assets and Liabilities	36
Statements of Operations	39
Statements of Changes in Net Assets	41
Financial Highlights	45
Notes to Financial Statements	47
Report of Independent Registered Public Accounting Firm	61
Disclosure of Fund Expenses	62
Approval of Investment Advisory Agreement	64
Supplemental Information	68
Trustees and Officers of the Trust	72
Notice to Shareholders	75

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-888-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X GOLD EXPLORERS ETF

Global X Gold Explorers ETF

The Global X Gold Explorers ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Gold Explorers Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Gold Explorers Index is designed to track the performance of the largest and most liquid listed companies that are active in the exploration for gold.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 13.75%, while the Index decreased 14.59%. The Fund had a net asset value of $15.49 per share on November 3, 2010 and ended the period with a net asset value of $13.36 on October 31, 2011.

Sixteen of the Fund’s twenty-seven holdings as of October 31, 2011 increased in value for the reporting period, led by Newstrike Capital and Gold Canyon Resources, which returned 477.35% and 199.24% respectively. The worst performers were Atac Resources and East Asia Minerals, which returned -46.48% and -86.82% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
Global X Gold Explorers ETF	Net Asset Value	Market Price
	(13.75%)	(13.49%)
Solactive Global Gold Explorers Index	(14.59%)	(14.59%)

*Fund commenced operations on November 3, 2010.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

1

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X SILVER MINERS ETF

Global X Silver Miners ETF

The Global X Silver Miners ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Silver Miners Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the silver mining industry. It is comprised of selected companies globally that are actively engaged in some aspect of the silver mining industry, such as silver mining, refining, or exploration. The Fund is the first ETF globally focused exclusively on the silver mining sector.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund increased 18.20%, while the Index increased 18.68%. The Fund had a net asset value of $20.20 per share on October 31, 2010 and ended the period with a net asset value of $23.66 on October 31, 2011.

Twenty-two of the Fund’s thirty-three holdings as of October 31, 2011 increased in value for the reporting period, led by Wildcat Silver and Scorpio Mining, which returned 289.74% and 137.88% respectively. The worst performers were Bear Creek Mining and Golden Minerals, which returned -49.08% and -73.30% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2011*
	One Year Return		Annualized Inception to Date
Global X Silver Miners ETF	Net Asset Value	Market Price	Net Asset Value	Market Price
	18.20%	17.80%	38.52%	38.57%
Solactive Global Silver Miners Index	18.68%	18.68%	39.25%	39.25%

*Fund commenced operations on April 19, 2010.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

2

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X COPPER MINERS ETF

Global X Copper Miners ETF

The Global X Copper Miners ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Copper Miners Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the copper mining industry. It is comprised of selected companies globally that are actively engaged in some aspect of the copper mining industry, such as copper mining, refining, or exploration.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 9.85%, while the Index decreased 9.56%. The Fund had a net asset value of $16.63 per share on October 31, 2010 and ended the period with a net asset value of $14.92 on October 31, 2011.

Eleven of the Fund’s thirty-three holdings as of October 31, 2011 increased in value for the reporting period, led by Metorex and Cudeco, which returned 65.63% and 41.75% respectively. The worst performers were Lundin Mining and Taseko Mines, which returned -37.99% and -42.00% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR  ENDED OCTOBER 31, 2011*
	One Year Return		Annualized Inception to Date
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Copper Miners ETF	(9.85%)	(11.26%)	2.66%	1.85%
Solactive Global Copper Miners Index	(9.56%)	(9.56%)	3.27%	3.27%

*Fund commenced operations on April 19, 2010.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

3

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X URANIUM ETF

Global X Uranium ETF

The Global X Uranium ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Uranium Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Uranium Index is designed to reflect the performance of the uranium mining industry. It is comprised of selected companies globally that are primarily engaged in some aspect of the uranium mining industry, such as mining, refining, exploration, and manufacturing of equipment for the uranium industry. The Fund is the nation’s first ETF focused exclusively on the uranium industry.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 38.70%, while the Index decreased 38.12%. The Fund had a net asset value of $16.78 per share on November 4, 2010 and ended the period with a net asset value of $10.09 on October 31, 2011.

Six of the Fund’s twenty-two holdings as of October 31, 2011 increased in value for the reporting period, led by Hathor Exploration and Kalahari Minerals, which returned 72.71% and 24.43% respectively. The worst performers were Energy Resources of Australia and Berkeley Resources, which returned -75.70% and -80.93% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to  Date
	Net Asset Value	Market Price
Global X Uranium ETF	(38.70%)	(39.93%)
Solactive Global Uranium Index	(38.12%)	(38.12%)

*Fund commenced operations on November 4, 2010.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

4

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X LITHIUM ETF

Global X Lithium ETF

The Global X Lithium ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Lithium Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the largest and most liquid listed companies that are active in the exploration and/or mining of Lithium or the production of Lithium batteries. The Fund is the first ETF globally focused exclusively on the lithium sector.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 18.86%, while the Index decreased 17.52%. The Fund had a net asset value of $19.83 per share on October 31, 2010 and ended the period with a net asset value of $15.90 on October 31, 2011.

Three of the Fund’s twenty-one holdings as of October 31, 2011 increased in value for the reporting period, led by Rockwood Holdings and Sociedad Quimica y Minera de Chile ADR, which returned 35.73% and 17.18% respectively. The worst performers were Advanced Battery Technologies and Ener1, which returned -75.94% and -96.66% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2011*
	One Year Return		Annualized Inception to Date
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Lithium ETF	(18.86%)	(20.82%)	2.92%	1.16%
Solactive Global Lithium Index	(17.52%)	(17.52%)	4.34%	4.34%

*Fund commenced operations on November 4, 2010.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

5

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X ALUMINUM ETF

Global X Aluminum ETF

The Global X Aluminum ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Aluminum Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the global aluminum industry. The Solactive Global Aluminum Index tracks the performance of the largest and most liquid listed companies that are active in some aspect of the aluminum industry, such as bauxite aluminum ore mining, production, or refinement. The Fund is the nation’s first ETF focused exclusively on the aluminum industry.

For the period from the Fund’s commencement date on January 4, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 30.32% while the Index decreased 29.75%. The Fund commenced operations with a net asset value of $15.27 per share on January 4, 2011 and ended the period with a net asset value of $10.64 on October 31, 2011.

Three of the Fund’s twenty-two holdings as of October 31, 2011 increased in value for the reporting period, led by Alconix and Daiki Aluminum Industry, which returned 9.18% and 9.00% respectively. The worst performers were Aluminum Corp of China and Midas Holdings, which returned -46.02% and -55.82% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN  FOR THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X Aluminum ETF	(30.32%)	(31.37%)
Solactive Global Aluminum Index	(29.75%)	(29.75%)

*Fund commenced operations on January 4, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

6

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X PURE GOLD MINERS ETF

Global X Pure Gold Miners ETF

The Global X Pure Gold Miners ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Pure Gold Miners Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Pure Gold Miners Index tracks the performance of the largest and most liquid gold mining companies globally. Only companies that generate the vast majority of their business from gold mining are eligible to be included in the index. As of 2010, over 95% of the revenues from the companies in the Underlying Index were derived from gold mining, according to Structured Solutions AG.

For the period from the Fund’s commencement date on March 14, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 3.17% while the Index decreased 2.69%. The Fund commenced operations with a net asset value of $15.15 per share on March 14, 2011 and ended the period with a net asset value of $14.67 on October 31, 2011.

Sixteen of the Fund’s thirty holdings as of October 31, 2011 increased in value for the reporting period, led by Randgold Resources ADR and Alacer Gold, which returned 50.85% and 36.21% respectively. The worst performers were Zhaojin Mining Industry and Lake Shore Gold, which returned -61.01% and -62.98% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to  Date
	Net Asset Value	Market Price
Global X Pure Gold Miners ETF	(3.17%)	(3.43%)
Solactive Global Pure Gold Miners Index	(2.69%)	(2.69%)

*Fund commenced operations on March 14, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

7

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X OIL EQUITIES ETF

Global X Oil Equities ETF

The Global X Oil Equities ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Oil Equities Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Oil Equities Index tracks the performance of 25 equal-weighted companies globally that have shown a high correlation to the spot price of oil. It is comprised of companies that derive the majority of their revenues from the exploration and production of oil and/or have significant oil reserves.

For the period from the Fund’s commencement date on March 14, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 11.01%, while the Index decreased 13.27%. The Fund commenced operations with a net asset value of $15.08 per share on March 14, 2011 and ended the period with a net asset value of $13.42 on October 31, 2011.

Six of the Fund’s twenty-five holdings as of October 31, 2011 increased in value for the reporting period, led by Petrohawk Energy and Range Resources, which returned 80.78%% and 38.09% respectively. The worst performers were Newfield Exploration and Forest Oil, which returned -43.34% and -51.19% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to  Date
	Net Asset Value	Market Price
Global X Oil Equities ETF	(11.01%)	(11.34%)
Solactive Global Oil Equities Index	(13.27%)	(13.27%)

*Fund commenced operations on March 14, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

8

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X S&P/TSX VENTURE 30 CANADA ETF

Global X S&P/TSX Venture 30 Canada ETF

The Global X S&P/TSX Venture 30 Canada ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P/TSX Venture 30 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The S&P/TSX Venture 30 Index is designed to provide exposure to 30 most liquid securities of the S&P/TSX Venture Composite Index. The Fund is the nation’s first ETF focused exclusively on the TSX Venture Exchange.

For the period from the Fund’s commencement date on March 16, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 23.34% while the Index decreased 23.23%. The Fund commenced operations with a net asset value of $15.04 per share on March 16, 2011 and ended the period with a net asset value of $11.53 on October 31, 2011.

Thirteen of the Fund’s thirty-two holdings as of October 31, 2011 increased in value for the reporting period, led by Hathor Exploration and Barisan Gold, which returned 153.89% and 107.50% respectively. The worst performers were Canaco Resources and East Asia Minerals, which returned -66.73% and -84.23% respectively.

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to  Date
	Net Asset Value	Market Price
Global X S&P/TSX Venture 30 Canada ETF	(23.34%)	(23.67%)
S&P/TSX Venture 30 Index	(23.23%)	(23.23%)

*Fund commenced operations on March 16, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

9

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X FERTILIZERS/POTASH ETF

Global X Fertilizers/Potash ETF

The Global X Fertilizers/Potash ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Fertilizers/Potash Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Fertilizers/Potash Index tracks the performance of the largest and most liquid listed companies globally that are active in some aspect of the fertilizer industry. The Fund is the nation’s first ETF focused exclusively on the fertilizers industry.

For the period from the Fund’s commencement date on May 25, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 6.58%, while the Index decreased 6.15%. The Fund commenced operations with a net asset value of $15.05 per share on May 25, 2011 and ended the period with a net asset value of $14.06 on October 31, 2011.

Nine of the Fund’s twenty-eight holdings as of October 31, 2011 increased in value for the reporting period, led by Terra Nitrogen and Vale Fertilizantes, which returned 45.03% and 38.57% respectively. The worst performers were Allana Potash and Hanfeng Evergreen, which returned -42.31% and -44.33% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to  Date
	Net Asset Value	Market Price
Global X Fertilizers/Potash ETF	(6.58%)	(6.71%)
Solactive Global Fertilizers/Potash Index	(6.15%)	(6.15%)

*Fund commenced operations on May 25, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

10

Schedule of Investments October 31, 2011

Global X Gold Explorers ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.0%
AUSTRALIA— 8.2%
Basic Materials — 8.2%
Ampella Mining *		571,821	$	1,090,675
Gryphon Minerals *		783,214		1,151,360
TOTAL AUSTRALIA				2,242,035
CANADA— 86.3%
Basic Materials — 86.3%
Atac Resources *		167,515		705,892
Auryx Gold *		547,753		456,140
Canaco Resources *		440,409		720,243
Chesapeake Gold *		118,294		1,609,378
Continental Gold *		219,487		1,796,944
Eco Oro Minerals *		164,172		415,083
Exeter Resource *		291,296		1,052,138
Extorre Gold Mines *		127,802		951,431
Gold Canyon Resources *		273,137		802,941
Guyana Goldfields *		193,586		1,701,428
International Tower Hill Mines *		211,891		1,067,215
Kaminak Gold, Cl A *		234,922		700,028
Keegan Resources *		201,125		1,200,656
Levon Resources *		642,983		832,194
Lydian International *		231,769		558,087
Newstrike Capital *		213,672		621,700
Novagold Resources *		161,630		1,491,845
Rainy River Resources *		138,800		1,033,306
Rubicon Minerals *		387,658		1,571,324
Sabina Gold & Silver *		273,110		1,183,742
Seabridge Gold *		58,060		1,378,925
Tigray Resources *		53,928		78,455
Trelawney Mining and Exploration *		310,649		1,140,740
Volta Resources *		415,374		575,114
TOTAL CANADA				23,644,949

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

11

Schedule of Investments October 31, 2011

Global X Gold Explorers ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
HONG KONG— 5.5%
Basic Materials — 5.5%
China Precious Metal Resources Holdings *		7,684,290	$	1,503,523
TOTAL COMMON STOCK (Cost $33,886,967)				27,390,507
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030% (Cost $15,042)	$	15,042		15,042
TOTAL INVESTMENTS — 100.1% (Cost $33,902,009)			$	27,405,549
Percentages are based on Net Assets of $27,391,860.
*      Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	27,390,507	$	—	$	—	$	27,390,507
Time Deposit		—		15,042		—		15,042
Total Investments in Securities	$	27,390,507	$	15,042	$	—	$	27,405,549

For the period ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

12

Schedule of Investments	October 31, 2011
Global X Silver Miners ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA— 0.4%
Basic Materials — 0.4%
Alcyone Resources *		12,666,302	$	1,334,770
CANADA— 48.9%
Basic Materials — 48.9%
Alexco Resource *		615,758		4,716,706
Aurcana *		3,860,045		2,904,619
Bear Creek Mining *		828,692		3,184,399
Endeavour Silver *		912,017		9,886,264
Excellon Resources *		3,017,462		1,937,570
First Majestic Silver *		986,090		16,749,778
Fortuna Silver Mines *		1,357,778		8,623,191
Great Panther Silver *		1,451,205		3,814,746
Impact Silver *		643,756		1,324,069
MAG Silver *		483,125		4,536,544
Minco Silver *		310,324		716,108
Minefinders *		883,884		12,524,636
Orko Silver *		1,404,712		2,875,100
Pan American Silver		607,597		16,988,412
Scorpio Mining *		2,114,701		4,285,839
Silver Standard Resources *		879,471		17,228,837
Silver Wheaton		1,261,441		43,645,859
Silvercorp Metals		1,816,031		17,161,493
Silvermex Resources *		2,453,371		1,206,132
US Silver *		3,249,359		1,793,065
Wildcat Silver *		1,029,656		1,570,259
TOTAL CANADA				177,673,626
MEXICO— 23.2%
Basic Materials — 23.2%
Fresnillo		1,607,582		43,898,848
Industrias Penoles		998,942		40,198,416
TOTAL MEXICO				84,097,264
PERU— 3.4%
Basic Materials — 3.4%
Hochschild Mining		1,741,736		12,540,409

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

13

Schedule of Investments October 31, 2011

Global X Silver Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
RUSSIA— 4.9%
Basic Materials — 4.9%
Polymetal GDR *		1,093,115	$	17,828,706
UNITED KINGDOM— 4.1%
Basic Materials — 4.1%
Polymetal International *		1,015,559		15,025,720
UNITED STATES— 15.0%
Basic Materials — 15.0%
Coeur d’Alene Mines *		672,428		17,193,984
Golden Minerals *		211,206		1,480,554
Hecla Mining *		2,750,468		17,245,434
Mines Management *		268,007		670,018
Revett Minerals *		240,443		1,001,142
Tahoe Resources *		885,548		16,712,309
TOTAL UNITED STATES				54,303,441
TOTAL COMMON STOCK (Cost $380,614,090)				362,803,936
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030% (Cost $143,985)	$	143,985		143,985
TOTAL INVESTMENTS — 99.9% (Cost $380,758,075)			$	362,947,921

Percentages are based on Net Assets of $363,105,604.

* Non-income producing security.

GDR — Global Depositary Receipt

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	362,803,936	$	—	$	—	$	362,803,936
Time Deposit		—		143,985		—		143,985
Total Investments in Securities	$	362,803,936	$	143,985	$	—	$	362,947,921

For the year ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the year ended October 31, 2011, there were no Level 3 investments.

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

14

Schedule of Investments	October 31, 2011
Global X Copper Miners ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%
AUSTRALIA— 7.3%
Basic Materials — 7.3%
Aditya Birla Minerals		220,074	$	228,434
Cudeco *		187,190		617,424
OZ Minerals		178,492		2,185,655
Straits Resources *		361,757		264,947
TOTAL AUSTRALIA				3,296,460
CANADA— 46.6%
Basic Materials— 46.6%
Augusta Resource *		140,237		535,705
Capstone Mining *		525,431		1,781,837
Copper Mountain Mining (CAD) *		134,331		717,007
Copper Mountain Mining (USD) *		12,300		67,021
Duluth Metals *		153,823		412,067
First Quantum Minerals		101,374		2,126,749
HudBay Minerals, Cl B		197,082		2,159,261
Imperial Metals *		51,224		1,081,835
Inmet Mining		36,915		2,203,715
Ivanhoe Mines *		108,364		2,222,546
Katanga Mining *		350,942		499,988
Lundin Mining *		551,734		2,164,422
Mercator Minerals *		387,000		788,211
Northern Dynasty Minerals *		110,609		908,100
Polymet Mining *		201,603		272,164
Quadra FNX Mining *		188,049		2,169,724
Taseko Mines *		302,053		1,105,514
TOTAL CANADA				21,215,866
CHINA— 4.8%
Basic Materials— 4.8%
Jiangxi Copper, Cl H		882,023		2,191,291
MEXICO— 4.7%
Basic Materials— 4.7%
Grupo Mexico, Cl B		770,053		2,135,567

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

15

Schedule of Investments October 31, 2011

Global X Copper Miners ETF

	Shares/Number of Warrants/Face Amount		Value
COMMON STOCK—continued
POLAND— 4.6%
Basic Materials — 4.6%
KGHM Polska Miedz *		43,047	$	2,091,303
SOUTH AFRICA— 3.1%
Basic Materials — 3.1%
Metorex *		1,305,676		1,347,645
Palabora Mining		5,554		80,284
TOTAL SOUTH AFRICA				1,427,929
SWITZERLAND— 4.6%
Basic Materials — 4.6%
Xstrata		125,397		2,108,402
TURKEY— 1.1%
Basic Materials — 1.1%
Park Elektrik Uretim Madencilik Sanayi ve Ticaret *		235,500		510,508
UNITED KINGDOM— 13.6%
Basic Materials — 13.6%
Antofagasta		110,630		2,076,281
Kazakhmys		137,307		2,048,089
Vedanta Resources		99,221		2,039,279
TOTAL UNITED KINGDOM				6,163,649
UNITED STATES— 9.4%
Basic Materials — 9.4%
Freeport-McMoRan Copper & Gold		53,144		2,139,577
Southern Copper		70,073		2,149,840
TOTAL UNITED STATES				4,289,417
TOTAL COMMON STOCK (Cost $52,176,116)				45,430,392
WARRANTS — 0.0%
CANADA — 0.0%
Duluth Exploration*, expiration date 1/18/13 1,2 (Cost $—)		11,771		—
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030% (Cost $60,821)	$	60,821		60,821
TOTAL INVESTMENTS — 99.9% (Cost $52,236,937)			$	45,491,213

Percentages are based on Net Assets of $45,517,213.

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

16

Schedule of Investments October 31, 2011

Global X Copper Miners ETF

* Non-income producing security.

¹ Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31 2011 was $0 and represents 0.0% of Net Assets.

²  Securities considered illiquid. The total value of such security as of October 31, 2011 was $0 and represents 0.0% of Net Assets.

CAD — Canadian Dollar

Cl — Class

USD — U.S. Dollar

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	45,430,392	$	—	$	—	$	45,430,392
Warrants		—		—		—		—
Time Deposit		—		60,821		—		60,821
Total Investments in Securities	$	45,430,392	$	60,821	$	—	$	45,491,213

For the year ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the year ended October 31, 2011, there were no Level 3 investments.

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

17

Schedule of Investments October 31, 2011

Global X Uranium ETF

Sector Weightings (unaudited)†:

	Shares		Value
COMMON STOCK — 100.1%
AUSTRALIA— 21.2%
Basic Materials — 21.2%
Bannerman Resources *		5,646,250	$	1,636,249
Berkeley Resources *		4,437,698		1,519,840
Deep Yellow *		12,317,039		1,622,456
Energy Resources of Australia *		3,552,315		7,430,682
Extract Resources *		1,381,351		11,237,715
Greenland Minerals & Energy *		7,920,096		4,423,469
Paladin Energy *		9,060,790		14,322,340
TOTAL AUSTRALIA				42,192,751
CANADA— 53.7%
Basic Materials — 53.7%
Cameco		1,880,949		40,366,709
Denison Mines *		5,639,724		8,883,683
Forsys Metals *		1,782,093		1,233,715
Hathor Exploration *		2,980,223		13,724,515
Laramide Resources *		1,657,534		1,563,241
Mega Uranium *		7,879,485		2,529,784
Rockgate Capital*		3,478,759		4,048,721
Uex *		4,821,685		3,579,860
Uranium One		10,321,616		31,067,370
TOTAL CANADA				106,997,598
SOUTH AFRICA— 0.9%
Basic Materials — 0.9%
First Uranium *		6,368,957		1,757,262
UNITED KINGDOM— 5.7%
Basic Materials — 5.7%
Kalahari Minerals *		3,115,703		11,487,028
UNITED STATES— 18.6%
Basic Materials — 18.6%
Uranerz Energy *		2,875,414		6,555,944
Uranium Energy *		3,020,489		10,148,843
Uranium Resources *		6,728,240		8,073,888
Ur-Energy *		3,808,383		4,912,814

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

18

Schedule of Investments October 31, 2011

Global X Uranium ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
USEC *		3,496,425	$	7,342,493
TOTAL UNITED STATES				37,033,982
TOTAL COMMON STOCK (Cost $321,831,768)				199,468,621
TOTAL INVESTMENTS — 100.1% (Cost $321,831,768)			$	199,468,621
Percentages are based on Net Assets of $199,348,996.

* Non-income producing security.

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	199,468,621	$	—	$	—	$	199,468,621
Total Investments in Securities	$	199,468,621	$	—	$	—	$	199,468,621
	Level 1		Level 2		Level 3		Total
Other Financial Instruments**	$	—	$	44,193	$	—	$	44,193

** Other Financial Instruments includes net unrealized appreciation on spot foreign currency contracts.

For the period ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

19

Schedule of Investments October 31, 2011

Global X Lithium ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.9%
AUSTRALIA— 11.5%
Basic Materials — 11.5%
Galaxy Resources *		7,058,653	$	4,834,948
Orocobre *		2,022,540		2,536,301
Reed Resources *		5,077,303		1,952,912
Talison Lithium *		854,808		2,976,005
TOTAL AUSTRALIA				12,300,166
CANADA— 10.1%
Basic Materials — 9.2%
Avalon Rare Metals *		849,507		2,829,702
Canada Lithium *		7,407,619		3,790,394
Lithium Americas *		1,296,751		1,353,086
Lithium One *		1,871,434		1,933,959
				9,907,141
Industrials — 0.9%
Electrovaya *		801,485		997,132
TOTAL CANADA				10,904,273
CHILE— 24.3%
Basic Materials — 24.3%
Sociedad Quimica y Minera de Chile ADR		446,020		26,092,170
CHINA— 1.1%
Industrials — 1.1%
China BAK Battery *		1,261,185		1,160,416
FRANCE— 5.3%
Industrials — 5.3%
Saft Groupe		187,961		5,723,063
HONG KONG— 1.0%
Industrials — 1.0%
Coslight Technology International Group *		3,667,792		1,071,750
JAPAN— 5.2%
Basic Materials — 5.2%
GS Yuasa		1,033,000		5,525,902

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

20

Schedule of Investments October 31, 2011

Global X Lithium ETF

	Shares		Value
COMMON STOCK — continued
UNITED STATES— 41.4%
Basic Materials — 29.1%
FMC		253,529	$	20,000,903
Rockwood Holdings *		242,383		11,159,313
				31,160,216
Industrials — 12.3%
A123 Systems *		1,083,314		3,715,767
Advanced Battery Technologies *		2,259,529		2,147,682
Exide Technologies *		666,838		3,000,771
Ultralife *		386,893		1,748,756
Valence Technology *		2,704,644		2,593,754
				13,206,730
TOTAL UNITED STATES				44,366,946
TOTAL COMMON STOCK (Cost $134,127,260)				107,144,686
TOTAL INVESTMENTS — 99.9% (Cost $134,127,260)			$	107,144,686

Percentages are based on Net Assets of $107,300,624.

* Non-income producing security.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	107,144,686	$	—	$	—	$	107,144,686
Total Investments in Securities	$	107,144,686	$	—	$	—	$	107,144,686

For the year ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the year ended October 31, 2011, there were no Level 3 investments.

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

21

Schedule of Investments October 31, 2011

Global X Aluminum ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.1%
AUSTRALIA— 6.1%
Basic Materials — 6.1%
Alumina		144,553	$	225,448
CHINA— 15.3%
Basic Materials — 15.3%
Aluminum Corp of China, Cl H		280,062		156,461
China Hongqiao Group *		369,535		218,815
China Zhongwang Holdings *		513,860		171,981
XinRen Aluminum Holdings *		98,666		24,370
TOTAL CHINA				571,627
GREECE— 4.1%
Basic Materials — 4.1%
Mytilineos Holdings		32,843		153,638
HONG KONG— 4.9%
Basic Materials — 4.9%
Minmetals Resources * 1		357,384		183,557
JAPAN— 12.8%
Basic Materials — 12.8%
Alconix		1,798		39,922
Nippon Light Metal		115,349		171,237
Sky Aluminum		31,799		96,040
Sumitomo Light Metal Industries		193,517		168,405
TOTAL JAPAN				475,604
MALAYSIA— 1.6%
Basic Materials — 1.6%
Press Metal		94,840		59,681
NORWAY— 6.6%
Basic Materials — 6.6%
Norsk Hydro		46,890		245,064
RUSSIA— 4.5%
Basic Materials — 4.5%
United RUSAL *		180,046		166,870

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

22

Schedule of Investments October 31, 2011

Global X Aluminum ETF

	Shares		Value
COMMON STOCK — continued
SINGAPORE— 3.3%
Basic Materials — 3.3%
Midas Holdings		372,774	$	123,258
SOUTH KOREA— 0.9%
Basic Materials — 0.9%
Daeho AL		6,518		15,653
Dayou Smart Aluminum		12,103		15,566
TOTAL SOUTH KOREA				31,219
UNITED KINGDOM— 16.1%
Basic Materials — 16.1%
Rio Tinto		10,997		598,652
UNITED STATES— 23.9%
Basic Materials — 23.9%
Alcoa		34,601		372,306
Century Aluminum *		18,648		208,112
Kaiser Aluminum		4,331		201,218
Noranda Aluminum Holding		11,704		108,379
TOTAL UNITED STATES				890,015
TOTAL COMMON STOCK (Cost $5,249,501)				3,724,633
TOTAL INVESTMENTS — 100.1% (Cost $5,249,501)			$	3,724,633

Percentages are based on Net Assets of $3,722,753.

* Non-income producing security.

₁ Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31 2011 was $183,557 and represents 4.9% of Net Assets.

Cl — Class

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

23

Schedule of Investments October 31, 2011

Global X Aluminum ETF

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	225,448	$	-	$	-	$	225,448
China		571,627		-		-		571,627
Greece		153,638		-		-		153,638
Hong Kong		-		-		183,557		183,557
Japan		475,604		-		-		475,604
Malaysia		59,681		-		-		59,681
Norway		245,064		-		-		245,064
Russia		166,870		-		-		166,870
Singapore		123,258		-		-		123,258
South Korea		31,219		-		-		31,219
United Kingdom		598,652		-		-		598,652
United States		890,015		-		-		890,015
Total Investments in Securities	$	3,541,076	$	-	$	183,557	$	3,724,633

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Hong Kong
	Investments in Common Stock
Beginning balance as of January 4, 2011	$	-
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		-
Net purchases		-
Net sales		-
Transfers into Level 3		183,557
Transfers out of Level 3		-
Ending balance as of October 31, 2011	$	183,557

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held as of October 31, 2011 is $—.

For the period ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the period ended October 31, 2011, transfers between Level 1 and Level 3 assets and liabilities totaled $183,557.

The Level 3 investment presented above was considered a Level 1 investment at the beginning of the reporting period. The reason for the transfer was a temporary trading suspension of the investment’s shares, which necessitated a fair value determination by the Fair Value Committee at the end of the reporting period. The Fund’s policy is to transfer investments into/out of Level 3 at the end of the reporting period.

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

24

Schedule of Investments October 31, 2011

Global X Pure Gold Miners ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.6%
AUSTRALIA— 9.4%
Basic Materials — 9.4%
Centamin Egypt *		97,524	$	172,209
CGA Mining *		27,448		68,296
Medusa Mining		15,933		111,654
Perseus Mining *		39,532		130,392
TOTAL AUSTRALIA				482,551
CANADA— 38.0%
Basic Materials — 38.0%
Alamos Gold		11,346		210,027
Aurizon Mines *		14,999		84,874
Centerra Gold		12,528		248,373
China Gold International Resources *		23,665		71,467
Detour Gold *		7,138		236,334
Eldorado Gold		13,486		253,429
Kinross Gold		15,252		217,448
Kirkland Lake Gold *		5,619		105,029
Lake Shore Gold *		35,251		52,344
Osisko Mining *		18,172		219,151
Romarco Minerals *		49,129		48,306
SEMAFO *		26,618		204,302
TOTAL CANADA				1,951,084
CHINA— 3.4%
Basic Materials — 3.4%
Real Gold Mining 1,2		22,800		17,433
Zhaojin Mining Industry		85,545		153,724
TOTAL CHINA				171,157
JERSEY— 5.4%
Basic Materials — 5.4%
Randgold Resources ADR		2,532		277,431
SOUTH AFRICA— 17.0%
Basic Materials — 17.0%
AngloGold Ashanti ADR		5,950		269,000

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

25

Schedule of Investments October 31, 2011

Global X Pure Gold Miners ETF

	Shares/Face Amount		Value
COMMON STOCK — continued
Basic Materials — continued
Gold Fields ADR		16,086	$	280,379
Great Basin Gold *		43,224		60,714
Harmony Gold Mining ADR		20,085		263,716
TOTAL SOUTH AFRICA				873,809
TURKEY— 4.0%
Basic Materials — 4.0%
Koza Altin Isletmeleri		15,016		206,100
UNITED KINGDOM— 5.5%
Basic Materials — 5.5%
African Barrick Gold		10,508		91,255
Petropavlovsk		16,145		191,229
TOTAL UNITED KINGDOM				282,484
UNITED STATES— 16.9%
Basic Materials — 16.9%
Alacer Gold *		23,863		275,333
Allied Nevada Gold *		6,308		239,578
Gold Resource		4,587		103,208
Polyus Gold International GDR *		75,670		248,198
TOTAL UNITED STATES				866,317
TOTAL COMMON STOCK (Cost $5,225,216)				5,110,933
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030% (Cost $11,355)	$	11,355		11,355
TOTAL INVESTMENTS — 99.8% (Cost $5,236,571)			$	5,122,288

Percentages are based on Net Assets of $5,133,986.

* Non-income producing security.

¹  Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31 2011 was $17,433 and represents 0.3% of Net Assets.

²  Security considered illiquid. The total value of such security as of October 31, 2011 was $17,433 and represents 0.3% of Net Assets.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

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

26

Schedule of Investments October 31, 2011

Global X Pure Gold Miners ETF

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	482,551	$	-	$	-	$	482,551
Canada		1,951,084		-		-		1,951,084
China		153,724		-		17,433		171,157
Jersey		277,431		-		-		277,431
South Africa		873,809		-		-		873,809
Turkey		206,100		-		-		206,100
United Kingdom		282,484		-		-		282,484
United States		866,317		-		-		866,317
Total Common Stock		5,093,500		-		17,433		5,110,933
Time Deposit		-		11,355		-		11,355
Total Investments in Securities	$	5,093,500	$	11,355	$	17,433	$	5,122,288

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	China
	Investments in Common Stock
Beginning balance as of March 14, 2011	$	-
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		-
Net purchases
Net sales		-
Transfers into Level 3		17,433
Transfers out of Level 3		-
Ending balance as of October 31, 2011	$	17,433

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held as of October 31, 2011 is $—.

For the period ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the period ended October 31, 2011, transfers between Level 1 and Level 3 assets and liabilities totaled $17,433.

The Level 3 investment presented above was considered a Level 1 investment at the beginning of the reporting period. The reason for the transfer change was a temporary trading suspension of the investment’s shares, which necessitated a fair value determination by the Fair Value Committee at the end of the reporting period. The Fund’s policy is to transfer investments into/out of Level 3 at the end of the reporting period.

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

27

Schedule of Investments October 31, 2011

Global X Oil Equities ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK —100.00%
CANADA— 38.2%
Oil & Gas — 38.2%
Baytex Energy		2,628	$	138,929
Canadian Natural Resources		3,578		126,219
Cenovus Energy		3,779		129,428
Crescent Point Energy		3,003		128,280
Enerplus		4,681		130,188
Imperial Oil		3,294		136,426
MEG Energy *		2,859		128,966
Nexen		6,283		106,721
Pengrowth Energy		11,788		122,997
Suncor Energy		4,207		134,026
TOTAL CANADA				1,282,180
UNITED STATES— 61.8%
Oil & Gas — 61.8%
Apache		1,300		129,519
Berry Petroleum, Cl A		2,670		92,248
Brigham Exploration *		4,455		162,229
Clayton Williams Energy *		2,344		153,157
Concho Resources *		1,465		138,765
ConocoPhillips		1,995		138,952
Continental Resources *		2,335		141,618
Denbury Resources *		8,367		131,362
Devon Energy		1,979		128,536
Noble Energy		1,531		136,780
Northern Oil and Gas *		6,380		154,205
Pioneer Natural Resources		1,738		145,818
Range Resources		2,036		140,158
SM Energy		1,751		145,175
Whiting Petroleum *		2,846		132,481
TOTAL UNITED STATES				2,071,003
TOTAL COMMON STOCK (Cost $3,796,521)				3,353,183

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

28

Schedule of Investments October 31, 2011

Global X Oil Equities ETF

	Face Amount		Value
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030% (Cost $941)	$	941	$	941
TOTAL INVESTMENTS — 100.0% (Cost $3,797,462)			$	3,354,124

Percentages are based on Net Assets of $3,355,537.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,353,183	$	—	$	—	$	3,353,183
Time Deposit		—		941		—		941
Total Investments in Securities	$	3,353,183	$	941	$	—	$	3,354,124

For the period ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

29

Schedule of Investments October 31, 2011

Global X S&P/TSX Venture 30 Canada ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 101.4%
CANADA— 101.4%
Basic Materials — 55.4%
Allana Potash *		160,989	$	176,059
Atac Resources *		6,760		28,486
Aurcana *		76,769		57,767
Barisan Gold * 1,2		4,920		—
Bear Creek Mining *		35,145		135,051
Canaco Resources *		34,138		55,829
Clifton Star Resources * 1,2		15,605		34,914
East Asia Minerals *		35,207		31,085
Gold Canyon Resources *		22,405		65,864
Great Western Minerals Group *		109,534		70,334
Hana Mining *		56,542		90,767
New Millennium Iron *		37,901		62,744
Orbite Aluminae *		89,253		246,258
Orko Silver *		27,320		55,917
Quest Rare Minerals *		23,587		78,095
Rainy River Resources *		15,621		116,292
Rio Alto Mining *		37,018		103,251
Sandstorm Gold *		36,535		46,553
Stans Energy *		61,296		55,349
Trelawney Mining and Exploration *		22,972		84,356
				1,594,971
Consumer Services — 9.9%
Entertainment Media *		547,686		285,740
Oil & Gas — 36.1%
Arcan Resources *		20,690		110,643
Ithaca Energy *		66,427		147,956
Novus Energy *		53,767		44,235
Painted Pony Petroleum, Cl A *		9,410		115,088
Petrolia *		24,178		43,179
Pinecrest Energy *		52,084		126,461
Renegade Petroleum *		18,700		50,657
Shamaran Petroleum, Common Subscription Receipt *		112,772		44,127
Sterling Resources *		71,168		128,526
Surge Energy, Common Subscription Receipt *		14,031		123,600

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

30

Schedule of Investments October 31, 2011

Global X S&P/TSX Venture 30 Canada ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — continued
Wild Stream Exploration *		10,832	$	107,157
				1,041,629
TOTAL CANADA				2,922,340
TOTAL COMMON STOCK (Cost $3,620,922)				2,922,340
TOTAL INVESTMENTS — 101.4% (Cost $3,620,922)		.	$	2,922,340
Percentages are based on Net Assets of $2,881,731.
*        Non-income producing security.

¹  Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such securities as of October 31 2011 was $34,914 and represents 1.2% of Net Assets.

²  Securities considered illiquid. The total value of such securities as of October 31, 2011 was $34,914 and represents 1.2% of Net Assets.

Cl — Class

Amounts designated as”—”are $0 or rounded to zero.

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Canada
Basic Materials	$	1,560,057	$	-	$	34,914	$	1,594,971
Consumer Services		285,740		-		-		285,740
Oil & Gas		1,041,629		-		-		1,041,629
Total Investments in Securities	$	2,887,426	$	-	$	34,914	$	2,922,340

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Canada
	Investments in Common Stock
Beginning balance as of March 16, 2011	$	-
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		-
Net purchases		-
Net sales		-
Transfers into Level 3		34,914
Transfers out of Level 3		-
Ending balance as of October 31, 2011	$	34,914

Net change in unrealized appreciation (depreciation) from investments (Level 3) still held as of October 31, 2011 is $—.

For the period ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

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

31

Schedule of Investments October 31, 2011

Global X S&P/TSX Venture 30 Canada ETF

For the period ended October 31, 2011, transfers between Level 1 and Level 3 assets and liabilities totaled $34,914.

The Level 3 investment presented above was considered a Level 1 investment at the beginning of the reporting period. The reason for the transfer was a temporary trading suspension of the investment’s shares, which necessitated a fair value determination by the Fair Value Committee at the end of the reporting period. The Fund’s policy is to transfer investments into/out of Level 3 at the end of the reporting period.

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

32

Schedule of Investments October 31, 2011

Global X Fertilizers/Potash ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 94.6%
AUSTRALIA— 10.0%
Basic Materials — 10.0%
Incitec Pivot		477,357	$	1,760,629
Nufarm *		349,232		1,740,732
TOTAL AUSTRALIA				3,501,361
CANADA— 11.8%
Basic Materials — 11.8%
Agrium		23,224		1,914,867
Allana Potash *		147,162		160,938
Hanfeng Evergreen *		50,948		157,950
Migao *		49,666		192,844
Potash Corp. of Saskatchewan		36,342		1,720,282
TOTAL CANADA				4,146,881
CHILE— 5.4%
Basic Materials — 5.4%
Sociedad Quimica y Minera de Chile ADR		32,758		1,916,343
CHINA— 5.1%
Basic Materials — 5.1%
China BlueChemical		2,249,255		1,783,537
HONG KONG— 2.6%
Basic Materials — 2.6%
Sinofert Holdings		2,700,425		903,792
ISRAEL— 7.5%
Basic Materials — 7.5%
Israel		1,637		1,207,067
Israel Chemicals		118,466		1,427,088
TOTAL ISRAEL				2,634,155
JAPAN— 1.0%
Basic Materials — 1.0%
Nihon Nohyaku		75,071		334,332

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

33

Schedule of Investments October 31, 2011

Global X Fertilizers/Potash ETF

	Shares		Value
COMMON STOCK — continued
NORWAY— 4.8%
Basic Materials — 4.8%
Yara International		35,706	$	1,702,426
RUSSIA— 5.9%
Basic Materials — 5.9%
Uralkali GDR		47,664		2,068,618
SOUTH KOREA— 1.3%
Basic Materials — 1.3%
Namhae Chemical		27,512		273,425
Dongbu HiTek *		27,009		200,894
TOTAL SOUTH KOREA				474,319
SWITZERLAND— 4.9%
Basic Materials — 4.9%
Syngenta		5,652		1,730,007
TAIWAN— 4.2%
Basic Materials — 4.2%
Taiwan Fertilizer		568,798		1,487,327
TURKEY— 1.2%
Basic Materials — 1.2%
Bagfas Bandirma Gubre Fabrik		2,819		268,051
Gubre Fabrikalari *		22,500		154,729
TOTAL TURKEY				422,780
UNITED STATES— 28.9%
Basic Materials — 28.9%
CF Industries Holdings		13,999		2,355,529
Intrepid Potash *		64,497		1,794,951
K+S		25,424		1,618,425
Mosaic		27,728		1,623,752
Scotts Miracle-Gro, Cl A		32,004		1,552,514
Terra Nitrogen		7,107		1,210,962
TOTAL UNITED STATES				10,156,133
TOTAL COMMON STOCK (Cost $36,131,100)				33,262,011

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

34

Schedule of Investments October 31, 2011

Global X Fertilizers/Potash ETF

	Shares/Face Amount		Value
PREFERRED STOCK — 5.4%
BRAZIL— 5.4%
Basic Materials — 5.4%
Vale Fertilizantes (Cost $1,917,202)		133,943	$	1,890,731
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030% (Cost $18,586)	$	18,586		18,586
TOTAL INVESTMENTS — 100.00% (Cost $38,066,888)			$	35,171,328

Percentages are based on Net Assets of $35,159,811.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	33,262,011	$	—	$	—	$	33,262,011
Preferred Stock		1,890,731		—		—		1,890,731
Time Deposit		—		18,586		—		18,586
Total Investments in Securities	$	35,152,742	$	18,586	$	—	$	35,171,328

For the period ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

35

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2011

	Global X Gold Explorers ETF			Global X Silver Miners ETF			Global X Copper Miners ETF			Global X Uranium ETF
Assets:
Cost of Investments	$	33,902,009		$	380,758,075		$	52,236,937		$	321,831,768
Cost of Foreign Currency		—			—			15,874			39
Investments at Value	$	27,405,549		$	362,947,921		$	45,491,213		$	199,468,621
Foreign Currency at Value		2			—			17,301			39
Unrealized Appreciation on Spot Foreign Currency Contracts		—			—			—			44,922
Dividend and Interest Receivable		—			—			14,306			—
Receivable for Capital Shares Sold		—			14,196,000			—			—
Receivable for Investment Securities Sold		—			31,085,908			3,298,632			5,133,770
Reclaim Receivable		—			—			11,937			—
Total Assets		27,405,551			408,229,829			48,833,389			204,647,352
Liabilities:
Payable for Investment Securities Purchased		—			30,722,954			3,293,761			—
Payable for Capital Shares Redeemed		—			14,196,000			—			—
Payable due to Investment Adviser		13,691			193,067			22,415			104,087
Unrealized Depreciation on Spot Foreign Currency Contracts		—			—			—			729
Overdraft of Foreign Currency*		—			12,204			—			—
Due to Custodian		—			—			—			5,193,540
Total Liabilities		13,691			45,124,225			3,316,176			5,298,356
Net Assets	$	27,391,860		$	363,105,604		$	45,517,213		$	199,348,996
*Proceeds of Foreign Currency	$	—		$	12,296		$	—		$	—
Net Assets Consist of:
Paid-in Capital	$	34,227,105		$	396,045,094		$	50,411,377		$	345,722,055
Undistributed (Distributions in Excess of) Net Investment Income/Accumulated Investment Loss		(98,158	)		(97,015	)		1,198,992			(393,842	)
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(240,629	)		(14,972,486	)		648,987			(23,611,994	)
Net Unrealized Depreciation on Investments		(6,496,460	)		(17,810,154	)		(6,745,724	)		(122,363,147	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		2			(59,835	)		3,581			(4,076	)
Net Assets	$	27,391,860		$	363,105,604		$	45,517,213		$	199,348,996
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		2,050,000			15,350,000			3,050,000			19,750,000
Net Asset Value, Offering and Redemption Price Per Share	$	13.36		$	23.66		$	14.92		$	10.09

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

36

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2011

	Global X Lithium ETF			Global X Aluminum ETF			Global X Pure Gold Miners ETF			Global X Oil Equities ETF
Assets:
Cost of Investments	$	134,127,260		$	5,249,501		$	5,236,571		$	3,797,462
Cost of Foreign Currency		44,698			453			1,981			—
Investments at Value	$	107,144,686		$	3,724,633		$	5,122,288		$	3,354,124
Cash		—			—			—			—
Foreign Currency at Value		44,388			44,196			2,035			—
Receivable for Investment Securities Sold		190,075			—			—			—
Receivable from Broker		—			—			10,476			—
Dividend and Interest Receivable		—			2,710			1,348			3,340
Total Assets		107,379,149			3,771,539			5,136,147			3,357,464
Liabilities:
Payable due to Investment Adviser		64,586			2,040			2,161			1,281
Payable for Investments Securities Purchased		—			43,746			—			—
Due to Custodian		13,939			3,000			—			—
Overdraft of Foreign Currency*		—			—			—			646
Total Liabilities		78,525			48,786			2,161			1,927
Net Assets	$	107,300,624		$	3,722,753		$	5,133,986		$	3,355,537
*Proceeds of Foreign Currency	$	—		$	44,199		$	—		$	640
Net Assets Consist of:
Paid-in Capital	$	141,861,582		$	5,266,176		$	5,249,500		$	3,854,000
Undistributed (Distributions in Excess of) Net Investment Income		(70,303	)		20,250			1,087			8,451
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(7,507,772	)		(38,768	)		(2,415	)		(63,561	)
Net Unrealized Depreciation on Investments		(26,982,574	)		(1,524,868	)		(114,283	)		(443,338	)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(309	)		(37	)		97			(15	)
Net Assets	$	107,300,624		$	3,722,753		$	5,133,986		$	3,355,537
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		6,750,000			350,000			350,000			250,000
Net Asset Value, Offering and Redemption Price Per Share	$	15.90		$	10.64		$	14.67		$	13.42

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

37

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2011

	Global X S&P/TSX Venture 30 Canada ETF			Global X Fertilizers/Potash ETF
Assets:
Cost of Investments	$	3,620,922		$	38,066,888
Cost of Foreign Currency		—			7,453
Investments at Value	$	2,922,340		$	35,171,328
Foreign Currency at Value		—			7,501
Dividend and Interest Receivable		—			84,055
Total Assets		2,922,340			35,262,884
Liabilities:
Payable for Investment Securities Purchased		—			83,911
Due to Custodian		38,976			—
Payable due to Investment Adviser		1,633			19,162
Total Liabilities		40,609			103,073
Net Assets	$	2,881,731		$	35,159,811
Net Assets Consist of:
Paid-in Capital	$	4,112,312		$	37,904,500
Undistributed (Accumulated Net Investment Loss) Net Investment Income		(20,517	)		100,542
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(511,482	)		50,216
Net Unrealized Depreciation on Investments		(698,582	)		(2,895,560	)
Net Unrealized Appreciation on Foreign Currency Translations		—			113
Net Assets	$	2,881,731		$	35,159,811
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		250,000			2,500,000
Net Asset Value, Offering and Redemption Price Per Share	$	11.53		$	14.06

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

38

STATEMENTS OF OPERATIONS

For the year or period ended October 31, 2011

	Global X Gold Explorers ETF(1)			Global X Silver Miners ETF			Global X Copper Miners ETF			Global X Uranium ETF(2)			Global X Lithium ETF
Investment Income:
Dividend Income	$	—		$	3,674,222		$	2,126,111		$	3,297,916		$	923,339
Interest Income		179			834			104			8,768			464
Security Lending Income		—			—			—			282,315			—
Less: Foreign Taxes Withheld		—			(204,683	)		(107,624	)		(142,156	)		(162,568	)
Total Investment Income		179			3,470,373			2,018,591			3,446,843			761,235
Supervision and Administration Fees(3)		150,948			2,773,066			512,493			1,323,783			1,085,885
Total Expenses		150,948			2,773,066			512,493			1,323,783			1,085,885
Net Expenses		150,948			2,773,066			512,493			1,323,783			1,085,885
Net Investment Income (Loss)		(150,769	)		697,307			1,506,098			2,123,060			(324,650	)
Net Realized Gain (Loss) on:
Investments		422,302	(4)		49,262,824	(4)		(8,180,300	) (4)		(19,699,769	) (4)		(1,133,362	) (4)
Foreign Currency		173,785			643,864			101,875			(73,987	)		(323,067	)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		596,087			49,906,688			(8,078,425	)		(19,773,756	)		(1,456,429	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(6,496,460	)		(47,107,335	)		(7,509,616	)		(122,363,147	)		(34,182,113	)
Foreign Currency Transactions		2			(60,021	)		3,432			(4,076	)		(892	)
Net Change in Unrealized Depreciation on Investments and Foreign Currency		(6,496,458	)		(47,167,356	)		(7,506,184	)		(122,367,223	)		(34,183,005	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(5,900,371	)		2,739,332			(15,584,609	)		(142,140,979	)		(35,639,434	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(6,051,140	)	$	3,436,639		$	(14,078,511	)	$	(140,017,919	)	$	(35,964,084	)

⁽¹⁾ The Fund commenced operations on November 3, 2010.

⁽²⁾ The Fund commenced operations on November 4, 2010.

⁽³⁾ 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.)

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

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

39

STATEMENTS OF OPERATIONS

For the period ended October 31, 2011

	Global  X Aluminum ETF(1)			Global X Pure Gold Miners ETF(2)			Global X  Oil Equities ETF(2)			Global X S&P/TSX Venture 30 Canada ETF(3)			Global X Fertilizers/Potash ETF(4)
Investment Income:
Dividend Income	$	59,847		$	17,764		$	21,110		$	—		$	188,380
Interest Income		134			4			1			11			8
Less: Foreign Taxes Withheld		(3,861	)		(2,161	)		(2,112	)		(416	)		(26,936	)
Total Investment Income		56,120			15,607			18,999			(405	)		161,452
Supervision and Administration Fees(5)		25,317			13,407			10,453			15,687			69,793
Total Expenses		25,317			13,407			10,453			15,687			69,793
Net Expenses		25,317			13,407			10,453			15,687			69,793
Net Investment Income (Loss)		30,803			2,200			8,546			(16,092	)		91,659
Net Realized Gain (Loss) on:
Investments		(99,593	) (6)		(2,406	)		(63,561	)		(399,170	) (6)		32,332
Foreign Currency Transactions		(10,552	)		(1,122	)		(95	)		(4,425	)		26,767
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(110,145	)		(3,528	)		(63,656	)		(403,595	)		59,099
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(1,524,868	)		(114,283	)		(443,338	)		(698,582	)		(2,895,560	)
Foreign Currency Transactions		(37	)		97			(15	)		—			113
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(1,524,905	)		(114,186	)		(443,353	)		(698,582	)		(2,895,447	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions		(1,635,050	)		(117,714	)		(507,009	)		(1,102,177	)		(2,836,348	)
Net Decrease in Net Assets Resulting from Operations	$	(1,604,247	)	$	(115,514	)	$	(498,463	)	$	(1,118,269	)	$	(2,744,689	)

⁽¹⁾ The Fund commenced operations on January 4, 2011.

⁽²⁾ The Fund commenced operations on March 14, 2011.

⁽³⁾ The Fund commenced operations on March 16, 2011.

⁽⁴⁾ The Fund commenced operations on May 25, 2011.

⁽⁵⁾ 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.)

⁽⁶⁾ Includes realized 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.

40

STATEMENTS OF CHANGES IN NET ASSETS

	Global X Gold Explorers ETF			Global X Silver Miners ETF
	Period Ended October 31, 2011(1)			Year Ended October 31, 2011			Period Ended October 31, 2010(2)
Operations:
Net Investment Income (Loss)	$	(150,769	)	$	697,307		$	229,608
Net Realized Gain on Investments and Foreign Currency Transactions		596,087	(3)		49,906,688	(3)		276,359	(4)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(6,496,458	)		(47,167,356	)		29,297,367
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,051,140	)		3,436,639			29,803,334
Dividends and Distributions:
Net Investment Income		—			(3,208,369	)		—
Total Dividends and Distributions		—			(3,208,369	)		—
Capital Share Transactions:
Issued		41,769,000			449,418,000			143,459,000
Redeemed		(8,326,000	)		(258,212,500	)		(1,590,500	)
Increase in Net Assets from Capital Share Transactions		33,443,000			191,205,500			141,868,500
Total Increase in Net Assets		27,391,860			191,433,770			171,671,834
Net Assets:
Beginning of Period		—			171,671,834			—
End of Period	$	27,391,860		$	363,105,604		$	171,671,834
Undistributed Net Investment Income/ (Accumulated Net Investment Loss)	$	(98,158	)	$	(97,015	)	$	221,096
Share Transactions:
Issued		2,550,000			17,400,000			8,600,000
Redeemed		(500,000	)		(10,550,000	)		(100,000	)
Net Increase in Shares Outstanding from Share Transactions		2,050,000			6,850,000			8,500,000

⁽¹⁾ The Fund commenced operations on November 3, 2010.

⁽²⁾ The Fund commenced operations on April 19, 2010.

⁽³⁾  Includes realized gains as a result of in-kind transactions. (See Note 4 in Notes to Financial Statements.)

⁽⁴⁾  Includes realized gains as a result of in-kind transactions.

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

41

STATEMENTS OF CHANGES IN NET ASSETS

	Global X Copper Miners ETF						Global X Uranium ETF
	Year Ended October 31, 2011			Period Ended October 31, 2010(1)			Period Ended October 31, 2011(2)
Operations:
Net Investment Income	$	1,506,098		$	1,341		$	2,123,060
Net Realized Loss on Investments and Foreign Currency Transactions		(8,078,425	) (3)		(6,805	)		(19,773,756	) (3)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(7,506,184	)		764,041			(122,367,223	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(14,078,511	)		758,577			(140,017,919	)
Dividends and Distributions:
Net Investment Income		(388,853	)		—			(2,682,085	)
Total Dividends and Distributions		(388,853	)		—			(2,682,085	)
Capital Share Transactions:
Issued		116,788,000			29,170,000			406,784,000
Redeemed		(86,732,000	)		—			(64,735,000	)
Increase in Net Assets from Capital Share Transactions		30,056,000			29,170,000			342,049,000
Total Increase in Net Assets		15,588,636			29,928,577			199,348,996
Net Assets:
Beginning of Period		29,928,577			—			—
End of Period	$	45,517,213		$	29,928,577		$	199,348,996
Undistributed (Distributions in Excess of) Net Investment Income	$	1,198,992		$	4,749		$	(393,842	)
Share Transactions:
Issued		6,150,000			1,800,000			23,900,000
Redeemed		(4,900,000	)		—			(4,150,000	)
Net Increase in Shares Outstanding from Share Transactions		1,250,000			1,800,000			19,750,000

⁽¹⁾ The Fund commenced operations on April 19, 2010.

⁽²⁾  The Fund commenced operations on November 4, 2010.

⁽³⁾ Includes realized loss 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.

42

STATEMENTS OF CHANGES IN NET ASSETS

	Global X Lithium ETF						Global X Aluminum ETF
	Year Ended October 31, 2011			Period Ended October 31, 2010(1)			Period Ended October 31, 2011(2)
Operations:
Net Investment Income (Loss)	$	(324,650	)	$	(60,245	)	$	30,803
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,456,429	)(3)		114,188			(110,145	)(3)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(34,183,005	)		7,200,122			(1,524,905	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(35,964,084	)		7,254,065			(1,604,247	)
Dividends and Distributions:
Net Investment Income		(1,533,031	)		—			—
Net Realized Gains		(105,326	)		—			—
Total Dividends and Distributions		(1,638,357	)		—			—
Capital Share Transactions:
Issued		140,851,000			71,062,500			5,989,000
Redeemed		(74,264,500	)		—			(662,000	)
Increase in Net Assets from Capital Share Transactions		66,586,500			71,062,500			5,327,000
Total Increase in Net Assets		28,984,059			78,316,565			3,722,753
Net Assets:
Beginning of Period		78,316,565			—			—
End of Period	$	107,300,624		$	78,316,565		$	3,722,753
Undistributed (Distributions in Excess of) Net Investment Income/Accumulated Net Investment Loss	$	(70,303	)	$	(50,941	)	$	20,250
Share Transactions:
Issued		6,550,000			3,950,000			400,000
Redeemed		(3,750,000	)		—			(50,000	)
Net Increase in Shares Outstanding from Share Transactions		2,800,000			3,950,000			350,000

⁽¹⁾ The Fund commenced operations on July 22, 2010.

⁽²⁾ The Fund commenced operations on January 4, 2011.

⁽³⁾ Includes realized loss 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.

43

STATEMENTS OF CHANGES IN NET ASSETS

	Global X Pure Gold Miners ETF			Global X Oil Equities ETF			Global X S&P/ TSX Venture 30 Canada ETF			Global X Fertilizers/Potash ETF
	Period Ended October 31, 2011(1)			Period Ended October 31, 2011(1)			Period Ended October 31, 2011(2)			Period Ended October 31, 2011(3)
Operations:
Net Investment Income (Loss)	$	2,200		$	8,546		$	(16,092	)	$	91,659
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(3,528	)		(63,656	)		(403,595	)(4)		59,099
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(114,186	)		(443,353	)		(698,582	)		(2,895,447	)
Net Decrease in Net Assets Resulting from Operations		(115,514	)		(498,463	)		(1,118,269	)		(2,744,689	)
Capital Share Transactions:
Issued		5,249,500			3,854,000			6,060,000			37,904,500
Redeemed		—			—			(2,060,000	)		—
Increase in Net Assets from Capital Share Transactions		5,249,500			3,854,000			4,000,000			37,904,500
Total Increase in Net Assets		5,133,986			3,355,537			2,881,731			35,159,811
Net Assets:
Beginning of Period		—			—			—			—
End of Period	$	5,133,986		$	3,355,537		$	2,881,731		$	35,159,811
Undistributed Net Investment Income/Accumulated Net Investment Loss	$	1,087		$	8,451		$	(20,517	)	$	100,542
Share Transactions:
Issued		350,000			250,000			400,000			2,500,000
Redeemed		—			—			(150,000	)		—
Net Increase in Shares Outstanding from Share Transactions		350,000			250,000			250,000			2,500,000

⁽¹⁾ The Fund commenced operations on March 14, 2011

⁽²⁾ The Fund commenced operations on March 16, 2011

⁽³⁾ The Fund commenced operations on May 25, 2011

⁽⁴⁾ Includes realized loss 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.

44

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 ($)		Net Assets Value, End of Period ($)		Total Return (%)**		Net Asset 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 Gold Explorers ETF(1)
2011	15.49		(0 .10)		(2.03)		(2.13)		—		—		—		13 .36		(13 .75)		27,392		0.65	†		(0 .65	)†		29.96	††
Global X Silver Miners ETF
2011	20 .20		0 .04		3 .66		3 .70		(0.24)		—		(0.24)		23 .66		18 .20		363,106		0.65			0 .16			26.50
2010(2)	14 .50		0 .05		5 .65		5 .70		—		—		—		20 .20		39 .31		171,672		0 .65	†		0 .61	†		0 .35	††
Global X Copper Miners ETF
2011	16 .63		0 .35		(1 .97)		(1 .62)		(0.09)		—		(0.09)		14 .92		(9 .85)		45,517		0.65			1 .91			15.78
2010(2)	14 .40		—		2 .23		2 .23		—		—		—		16 .63		15 .49		29,929		0 .65	†		0 .06	†		1 .36	††
Global X Uranium ETF(3)
2011	16.78		0 .15		(6.45)		(6.30)		(0.39)		—		(0.39)		10 .09		(38 .70)		199,349		0.69	†		1 .10	†		24.17	††
Global X Lithium ETF
2011	19 .83		(0 .04)		(3 .62)		(3 .66)		(0.25)		(0.02)		(0.27)		15 .90		(18 .86)		107,301		0.75			(0 .22	)		24.87
2010(4)	15 .51		(0 .03)		4 .35		4 .32		—		—		—		19 .83		27 .85		78,317		0 .75	†		(0 .62	)†		5 .55	††

⁽¹⁾ The Fund commenced operations on November 3, 2010.

⁽²⁾  The Fund commenced operations on April 19, 2010.

⁽³⁾  The Fund commenced operations on November 4, 2010.

⁽⁴⁾  The Fund commenced operations on July 22, 2010.

^*  Per share data calculated using average shares method.

^** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

† Annualized.

†† Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

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

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

45

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 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 Aluminum ETF(1)
2011	15.27		0 .09		(4.72	)		(4.63	)		—		—		—		10 .64		(30 .32	)		3,723		0.69	†		0 .84†		15.47	††
Global X Pure Gold Miners ETF(2)
2011	15.15		0.01		(0.49	)		(0.48	)		—		—		—		14 .67		(3 .17	)		5,134		0.59	†		0 .10†		7.61	††
Global X Oil Equities ETF(2)
2011	15.08		0 .04		(1.70	)		(1.66	)		—		—		—		13 .42		(11 .01	)		3,356		0.49	†		0 .40†		25.30	††
Global X S&P/TSX Venture 30 Canada ETF(3)
2011	15.04		(0 .07)		(3.44	)		(3.51	)		—		—		—		11 .53		(23 .34	)		2,882		0.75	†		(0 .77)†		28.23	††
Global X Fertilizers/Potash ETF(4)
2011	15.05		0 .06		(1.05	)		(0.99	)		—		—		—		14 .06		(6 .58	)		35,160		0.69	†		0 .90†		7.55	††

⁽¹⁾  The Fund commenced operations on January 4, 2011.

⁽²⁾ The Fund commenced operations on March 14, 2011.

⁽³⁾  The Fund commenced operations on March 16, 2011.

⁽⁴⁾  The Fund commenced operations on May 25, 2011.

^*  Per share data calculated using average shares method.

^**  Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

† Annualized.

†† Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

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

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

46

NOTES TO FINANCIAL STATEMENTS

OCTOBER 31, 2011

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 with eighty-six portfolios as of October 31, 2011. The financial statements herein and the related notes pertain to the Global X Gold Explorers ETF, Global X Silver Miners ETF, Global X Copper Miners ETF, Global X Uranium ETF, Global X Lithium ETF, Global X Aluminum ETF, Global X Pure Gold Miners ETF (formerly, Global X Gold Miners ETF), Global X Oil Equities ETF, Global X S&P/TSX Venture 30 Canada ETF (formerly, Global X S&P/TSX Venture Canada ETF) and Global X Fertilizers/Potash ETF (the “Funds”). Each Fund is non-diversified.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Significant Accounting Policies followed by the Funds.

USE OF ESTIMATES -- The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.

SECURITY VALUATION -- Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Board of Directors (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

47

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (continued)

de-listed from a national 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. 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 October 31, 2011, there were $—, $183,557, $17,433 and $34,914 of fair valued securities in the Global X Copper Miners ETF, Global X Aluminum ETF, Global X Pure Gold Miners ETF and Global X S&P/TSX 30 Canada ETF, respectively. There were no other securities priced using the fair value procedures.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Fund’s calculated their net asset value. The closing prices of such securities may no longer reflect their market value at the time the Funds calculated net asset value if an event that could materially affect the value of those securities (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. 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. In addition, the Funds’ Sub-administrator, SEI Investments Global Funds Services (“SEIGFS”), monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Funds calculate net asset value. If price movements in a monitored index or security exceed levels established by the Sub-administrator, the Sub-administrator notifies the Adviser that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

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:

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 Fund has the ability to access at the measurement date

48

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

Level 2 – Other significant observable inputs (including quoted prices for similar investments, fair value of investments for which the Fund has 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 Fund’s own assumptions in determining the fair value of investments, fair value of investments for which the Fund does not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term)

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 October 31, 2011 there has been no significant changes to the Funds’ fair valuation methodologies.

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.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.

FOREIGN CURRENCY TRANSLATION -- The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds’ do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net

49

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

FOREIGN CURRENCY TRANSLATION (concluded)

realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- The Funds distribute their net investment income on a pro rata basis. Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend date.

CREATION UNITS -- The Funds issue and redeem shares (“Shares”) at Net Asset Value (“NAV”) and only in large blocks of Shares, (each block of Shares for a Fund is called a “Creation Unit” or multiples thereof). Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an investor on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard Redemption Fee per transaction on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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

	Creation Unit  Shares		Transaction Fee		Value		Redemption Fee
Global X Gold Explorers ETF		50,000	$	1,000	$	668,000	$	1,000
Global X Silver Miners ETF		50,000		1,000		1,183,000		1,000
Global X Copper Miners ETF		50,000		1,000		746,000		1,000
Global X Uranium ETF		50,000		1,000		504,500		1,000
Global X Lithium ETF		50,000		1,000		795,000		1,000
Global X Aluminum ETF		50,000		1,000		532,000		1,000
Global X Pure Gold Miners ETF		50,000		1,000		733,500		1,000
Global X Oil Equities ETF		50,000		1,000		671,000		1,000
Global X S&P/TSX Venture 30 Canada ETF		50,000		1,000		576,500		1,000
Global X Fertilizers/Potash ETF		50,000		1,000		703,000		1,000

3. RELATED PARTY TRANSACTIONS

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board of Trustees, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate Distribution Agreement), certain shareholder and distribution-related services (provided pursuant to

50

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

3. RELATED PARTY TRANSACTIONS (continued)

a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an “all-in” fee structure. For its service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses 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, and extraordinary expenses (such as litigation and indemnification expenses).

	Supervision and Administration Fee
Global X Gold Explorers ETF	0.65%
Global X Silver Miners ETF	0.65%
Global X Copper Miners ETF	0.65%
Global X Uranium ETF	0.69%
Global X Lithium ETF	0.75%
Global X Aluminum ETF	0.69%
Global X Pure Gold Miners ETF	0.59%
Global X Oil Equities ETF	0.49%
Global X S&P/TSX Venture 30 Canada ETF	0.75%
Global X Fertilizer/Potash ETF	0.69%

The Adviser and MCCA Lithium ETF, LLC (“MCCA”), a single purpose limited liability firm, have entered into an agreement, pursuant to which MCCA has agreed to assist the Adviser, in its capacity as sponsor of the Global X Lithium ETF, by providing initial capital and additional financial resources to the Adviser in connection with the listing, launch and the continuing operation of the Global X Lithium Fund. In return, the Adviser has agreed to compensate MCCA for its financial assistance to the Adviser with respect to the Global X Lithium ETF by sharing with MCCA fifty percent (50%) of the Adviser’s Net Profits with respect to the Global X Lithium ETF. For this purpose, the term Net Profits means, for any calendar quarter, the total management fees received by the Adviser with respect to the Global X Lithium ETF less direct expenses, marketing expenses and overhead expenses for the Global X Lithium ETF during such quarter. In the event that there are no Net Profits with respect to the Global X Lithium ETF in any calendar quarter, MCCA shall pay fifty percent of the negative shortfall in Net Profits to the Adviser. The agreement between the parties does not contemplate that MCCA or any of its affiliates will be involved directly or indirectly in the distribution of shares of the Global X Lithium ETF.

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.

51

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

3. RELATED PARTY TRANSACTIONS (concluded)

SEI Investments Distribution Co. (“SIDCO”) serves as each Funds underwriter and distributor of Shares pursuant to a Distribution Agreement. Under the Distribution Agreement, SIDCO, as agent, receives orders to create and redeem Shares in Creation Unit Aggregations and transmits such orders to the Trust’s custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee for its distribution services under the Distribution Agreement.

4. INVESTMENT TRANSACTIONS

For the period ended October 31, 2011, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

	Purchases		Sales
Global X Gold Explorers ETF	$	14,941,625	$	7,293,145
Global X Silver Miners ETF		134,584,345		110,590,792
Global X Copper Miners ETF		20,953,861		12,131,584
Global X Uranium ETF		81,305,746		48,936,817
Global X Lithium ETF		47,000,294		35,300,061
Global X Aluminum ETF		960,782		724,946
Global X Pure Gold Miners ETF		292,920		296,694
Global X Oil Equities ETF		897,988		890,942
Global X S&P/TSX Venture 30 Canada ETF		1,800,461		974,864
Global X Fertilizers/Potash ETF		6,442,921		1,806,741

During the period ended October 31, 2011, there were no purchases or sales of long-term U.S. Government securities for the Funds.

52

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

4. INVESTMENT TRANSACTIONS (concluded)

For the period ended October 31, 2011, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales		Realized Gain/(Loss)
Global X Gold Explorers ETF	$	33,432,262	$	7,616,073	$	654,517
Global X Silver Miners ETF		402,094,872		237,098,769		64,219,953
Global X Copper Miners ETF		102,159,483		79,785,883		(8,966,405	)
Global X Uranium ETF		372,214,203		63,051,969		3,912,226
Global X Lithium ETF		100,350,670		47,935,094		4,216,095
Global X Aluminum ETF		5,732,053		618,803		(60,824	)
Global X Pure Gold Miners ETF		5,241,873		-		-
Global X Oil Equities ETF		3,853,036		-		-
Global X S&P/TSX Venture 30 Canada ETF		4,829,680		1,635,188		112,312
Global X Fertilizers/Potash ETF		33,295,879		-		-

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 following differences, primarily attributable to utilization of earnings and profits on shareholder redemptions and distribution reclassifications, investment in master limited partnership, foreign currency, redemptions in-kind, sales of passive foreign investment companies, wash sales and net operating losses, have been reclassified to/from the following accounts during the fiscal period ended October 31, 2011.

Global X Funds	Paid-in Capital			Undistributed Net Investment Income/(Loss)			Accumulated Net  Realized Gain/(Loss)
Global X Gold Explorers ETF	$	784,105		$	52,611		$	(836,716	)
Global X Silver Miners ETF		62,689,228			2,192,951			(64,882,179	)
Global X Copper Miners ETF		(8,814,623	)		76,998			8,737,625
Global X Uranium ETF		3,673,055			165,183			(3,838,238	)
Global X Lithium ETF		4,212,582			1,838,319			(6,050,901	)
Global X Aluminum ETF		(60,824	)		(10,553	)		71,377
Global X Pure Gold Miners ETF		–			(1,113	)		1,113
Global X Oil Equities ETF		–			(95	)		95
Global X S&P/TSX Venture 30 Canada ETF		112,312			(4,425	)		(107,887	)
Global X Fertilizers/Potash ETF		–			8,883			(8,883	)

These reclassifications have no impact on net assets or net asset value per share.

53

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

5. TAX INFORMATION (continued)

The tax character of dividends and distributions paid during the last period ended October 31, 2011 and 2010 were as follows:

Global X Funds	Ordinary Income		Return of Capital		Totals
Global X Silver Miners ETF
2011	$	3,208,369	$	–	$	3,208,369
2010		–				–
Global X Copper Miners ETF
2011	$	388,853	$	–	$	388,853
2010		–				–
Global X Uranium ETF
2011	$	2,442,914	$	239,171	$	2,682,085
Global X Lithium ETF
2011	$	1,638,357	$	–	$	1,638,357
2010		–		–		–

As of October 31, 2011, the Components of Tax Basis Distributable Earnings (Accumulated Losses) were as follows:

	Global X Funds
	Global X Gold Explorers ETF			Global X Silver Miners ETF			Global X Copper Miners ETF
Undistributed Ordinary Income	$	545,816		$	–		$	2,582,213
Undistributed Long-Term Capital Gain		–			–			15,799
Capital Loss Carryforwards		(130,976	)		(8,433,466	)		–
Unrealized Depreciation on Investments and Foreign Currency		(7,250,085	)		(24,506,024	)		(7,492,168	)
Other Temporary Differences		–			–			(8	)
Total Accumulated Losses	$	(6,835,245	)	$	(32,939,490	)	$	(4,894,164	)
	Global X Funds
	Global X Uranium ETF			Global X  Lithium ETF			Global X Aluminum ETF
Undistributed Ordinary Income	$	–		$	–		$	20,251
Capital Loss Carryforwards		(12,705,798	)		(7,329,311	)		(14,836	)
Unrealized Depreciation on Investments and Foreign Currency		(133,623,067	)		(27,231,647	)		(1,548,838	)
Other Temporary Differences		(44,194	)		–			–
Total Accumulated Losses	$	(146,373,059	)	$	(34,560,958	)	$	(1,543,423	)
	Global X Funds
	Global X Pure Gold Miners ETF			Global X Oil Equities ETF			Global X S&P/TSX Venture 30 Canada ETF
Undistributed Ordinary Income	$	89,967		$	8,451		$	71,812
Capital Loss Carryforwards		–			(63,419	)		(506,011	)
Unrealized Depreciation on Investments and Foreign Currency		(205,481	)		(443,495	)		(796,382	)
Total Accumulated Losses	$	(115,514	)	$	(498,463	)	$	(1,230,581	)

54

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Fertilizers/Potash ETF
Undistributed Ordinary Income	$	132,874
Unrealized Depreciation on Investments and Foreign Currency		(2,877,563	)
Total Accumulated Losses	$	(2,744,689	)

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, 2011, the Funds that had capital loss carryforwards are listed below.

Expiration Date	Global X Silver Miners ETF		Global X Uranium ETF		Global X Lithium ETF
Oct. 2019	$	8,433,466	$	12,705,798	$	7,329,311
Total	$	8,433,466	$	12,705,798	$	7,329,311

During the fiscal year ended October 31, 2011, Global X Copper Miners ETF utilized $10,213 of capital loss carry forwards to offset capital gains.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be used prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, preenactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

Global X Funds	Short-Term Loss		Long-Term Loss		Total
Global X Gold Explorers ETF	$	130,976	$	-	$	130,976
Global X Aluminum ETF		14,836		-		14,836
Global X Oil Equities ETF		63,419		-		63,419
Global X S&P/TSX Venture 30 Canada ETF		506,011		-		506,011

55

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

5. TAX INFORMATION (concluded)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2011 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Depreciation
Global X Gold Explorers ETF		$34,655,636		$309,199		$(7,559,286	)		$(7,250,087	)
Global X Silver Miners ETF		387,394,110		28,686,282		(53,132,471	)		(24,446,189	)
Global X Copper Miners ETF		52,986,962		1,275,388		(8,771,137	)		(7,495,749	)
Global X Uranium ETF		333,087,612		5,331,759		(138,950,750	)		(133,618,991	)
Global X Lithium ETF		134,376,024		6,512,285		(33,743,623	)		(27,231,338	)
Global X Aluminum ETF		5,273,434		196		(1,548,997	)		(1,548,801	)
Global X Pure Gold Miners ETF		5,327,866		329,160		(534,738	)		(205,578	)
Global X Oil Equities ETF		3,797,604		72,360		(515,840	)		(443,480	)
Global X S&P/TSX Venture 30 Canada ETF		3,718,722		121,410		(917,792	)		(796,382	)
Global X Fertilizers/Potash ETF		38,049,004		401,863		(3,279,539	)		(2,877,676	)

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 as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Index. The Funds may utilize a representative sampling strategy with respect to its Underlying Index when a replication strategy might be detrimental to its shareholders, such as when

56

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

6. CONCENTRATION OF RISKS (concluded)

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).

Commodity related securities, are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on these Funds.

7. OTHER

At October 31, 2011, the total Shares outstanding that were held by Authorized Participants were as follows. The Authorized Participants have entered into an agreement with the Funds’ Distributor.

	Authorized Participants	Percentage of Shares Outstanding
Global X Gold Explorers ETF	4	100%
Global X Silver Miners ETF	5	100%
Global X Copper Miners ETF	4	100%
Global X Uranium ETF	6	100%
Global X Lithium ETF	4	100%
Global X Aluminum ETF	2	100%
Global X Pure Gold Miners ETF	2	100%
Global X Oil Equities ETF	1	100%
Global X S&P/TSX Venture 30 Canada ETF	2	100%
Global X Fertilizers/Potash ETF	4	100%

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.

8. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Global X Funds have selected Ernst & Young LLP (“E&Y”) to serve as the Funds’ independent registered public accounting firm for the Funds’ fiscal year ended October 31, 2011. The decision to select E&Y was recommended by the Funds’ Audit Committee on December 21, 2010 and was approved by the Funds’ Board of Trustees on January 28, 2011. During the Global X Funds’ fiscal years ended October 31, 2009 and October 31, 2010, neither the Funds, their portfolios, nor anyone on their behalf, consulted with E&Y 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).

57

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

8. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (concluded)

The selection of E&Y 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, Sanville & Company (“Sanville”). The decision not to renew the engagement of Sanville, effective upon its completion of its audit for the fiscal year ended October 31, 2010, and to select E&Y was recommended by the Funds’ Audit Committee and approved by the Funds’ Board of Trustees. Sanville’s report on the Global X Funds’ financial statements for the fiscal years ended October 31, 2009 and October 31, 2010 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, 2009 and October 31, 2010 (i) there were no disagreements with Sanville 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 Sanville, 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.

9. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of October 31, 2011, there were no securities on loan for any of the Funds.

10. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds maximum exposure under these arrangements is unknown. However the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

58

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

11. NEW ACCOUNTING PROUNCEMENTS

In May 2011, the FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards(“IFRS”)”. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.

12. SUBSEQUENT EVENT

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

Subsequent to fiscal year end, on November 11, 2011, the continuation of the Investment Advisory Agreement and Supervision and Administration Agreement for the Funds was considered and approved by the Board of Trustees of the Trust.

Subsequent to fiscal year end, on December, 19, 2011, the Board of Trustees of the Trust, based upon the recommendation of the Adviser, determined to liquidate and terminate the Global X Oil Equities ETF (the “Liquidating Fund”). Due to the Liquidating Fund’s low levels of assets, the Adviser does not believe that it can continue to conduct the Liquidating Fund’s business and operations in an economically efficient manner. As such, the Board concluded that it would be in the best interests of the Liquidating Fund and its shareholders to liquidate and terminate the Liquidating Fund. As of the close of regular trading on the NYSE Arca, Inc. (“NYSE”) on February 16, 2012 (“Closing Date”), the shares of the Liquidating Fund will cease trading on the NYSE and will close to purchases by investors.

Shareholders may sell their holdings in the Liquidating Fund prior to the Closing Date and customary brokerage charges may apply to these transactions. However, from February 17, 2012, through February 27, 2012 (“Liquidation Date”), shareholders only may be able to sell their shares to certain broker-dealers and there is no assurance that there will be a market for the Liquidating Fund during this time period. Between the Closing Date and the Liquidation Date, the Liquidating Fund will be in the process of winding up its operations and liquidating its portfolio. This process will result in the Liquidating Fund not tracking its underlying indexes and its cash holdings increasing, which may not be consistent with the Liquidating Fund’s investment objective and strategy.

59

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

OCTOBER 31, 2011

12. SUBSEQUENT EVENT (concluded)

On or about the Liquidation Date, the Liquidating Fund will liquidate its assets and distribute cash pro rata to all remaining shareholders who have not previously redeemed their shares. These distributions are taxable events. In addition, these payments to shareholders will include accrued capital gains and dividends, if any. Once the distributions are complete, the Liquidating Fund will terminate.

Subsequent to fiscal year end, on December 21, 2011, based on the recommendation of the Adviser, the Board of Trustees of the Trust approved the discontinuance of the Global X Philippines PSEi ETF and Global X Shipping ETF, each a separate investment portfolio of the Trust that had never commenced operations.

Subsequent to year end, the following investment portfolios were added to the Trust.

Fund Name

Global X NASDAQ 100 Global Technology Index ETF

Global X NASDAQ 500 ETF

Global X NASDAQ 400 Mid Cap ETF

Global X FTSE Permanent ETF

Subsequent to year end, the following investment portfolios Trust commenced operations.

Fund Name	Commenced Operations
Global X Social Media Index ETF	November 14, 2011
Global X NASDAQ 500 ETF	December 5, 2011
Global X NASDAQ 400 Mid Cap ETF	December 5, 2011
Global X FTSE Greece 20 ETF	December 7, 2011

60

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Global X Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Global X Gold Explorers ETF, Global X Silver Miners ETF, Global X Copper Miners ETF, Global X Uranium ETF, Global X Lithium ETF, Global X Aluminum ETF, Global X Pure Gold Miners ETF, Global X Oil Equities ETF, Global X S&P/TSX Venture 30 Canada ETF and Global X Fertilizers/Potash ETF (ten of the series constituting the Global X Funds) (the “Funds”) as of October 31, 2011, and the related statements of operations, statements of changes in net assets, and financial highlights for the year or period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets and financial highlights of the Global X Silver Miners ETF, Global X Copper Miners ETF and Global X Lithium ETF for each of the periods presented through October 31, 2010 were audited by other auditors whose report dated December 23, 2010, expressed an unqualified opinion on those financial statements and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the 2011 financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds listed above at October 31, 2011, and the results of their operations, the changes in their net assets, and their financial highlights for the year or period then ended, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

December 22, 2011

61

DISCLOSURE OF FUND EXPENSES (unaudited)

All Exchange Traded Funds (“ETF”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, brokerage fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

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

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

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

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

62

DISCLOSURE OF FUND EXPENSES (unaudited) (concluded)

	Beginning Account Value 5/1/2011		Ending Account Value 10/31/2011		Annualized Expense Ratios			Expenses Paid During Period(1)
Global X Gold Explorers ETF
Actual Fund Return	$	1,000.00	$	720.20		0.65	%	$	2.82
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3 .31
Global X Silver Miners ETF
Actual Fund Return	$	1,000.00		831.60		0.65			3 .00
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3 .31
Global X Copper Miners ETF
Actual Fund Return	$	1,000.00		732.80		0.65			2 .84
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3 .31
Global X Uranium ETF
Actual Fund Return	$	1,000.00		710.10		0.69			2.97
Hypothetical 5% Return		1,000.00		1,021.73		0.69			3.52
Global X Lithium ETF
Actual Fund Return	$	1,000.00		706.40		0.75			3 .23
Hypothetical 5% Return		1,000.00		1,021.42		0.75			3 .82
Global X Aluminum ETF
Actual Fund Return	$	1,000.00		676.80		0.69			2 .92
Hypothetical 5% Return		1,000.00		1,021.73		0.69			3 .52
Global X Pure Gold Miners ETF
Actual Fund Return	$	1,000.00		891.30		0.59			2 .81
Hypothetical 5% Return		1,000.00		1,022.23		0.59			3 .01
Global X Oil Equities ETF
Actual Fund Return	$	1,000.00		700.50		0.49			2 .28
Hypothetical 5% Return		1,000.00		1,022.74		0.49			2 .50
Global X S&P/TSX Venture 30 Canada ETF
Actual Fund Return	$	1,000.00		848.30		0.75			3 .21
Hypothetical 5% Return		1,000.00		1,021.42		0.75			3 .82
Global X Fertilizers/Potash ETF
Actual Fund Return	$	1,000.00		1,065.80		0.69			3 .12
Hypothetical 5% Return(2)		1,000.00		1,021.73		0.69			3 .52

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/365 (to reflect the one-half year period.)

⁽²⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 160/365 (to reflect the period from inception to date.)

63

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (“1940 Act”), requires that the mutual fund’s board of trustees, including a majority of those trustees who are not “interested persons” of the mutual fund, as defined in the 1940 Act (“Independent Trustees”), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of the fund’s investment advisory agreement and approve the agreement with such changes as the Independent Trustees deem appropriate.

At a quarterly Board meeting held on February 25, 2011, the Board of Trustees (“Board”) (including the Independent Trustees) of the Global X Fund (“Trust”) initially considered and unanimously approved (i) the initial Investment Advisory Agreement for the Global X Fertilizers/Potash ETF (the “Fertilizers/Potash Fund”) and (ii) the Supervision and Administration Agreement between the Trust, on behalf the Fertilizers/Potash Fund, and Global X Management Company (“Global X Management”).¹

The Investment Advisory Agreement and Supervision and Administration Agreement for the Fertilizers/Potash Fund are referred to herein as the “Agreements.”

In advance of the Board meetings noted above, the Board (including the Independent Trustees) requested (in writing) detailed information from Global X Management in connection with their consideration of the Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information.

In determining to approve the Agreements for the Fertilizers/Potash Fund, the Board concluded that the Agreements are fair and reasonable and in the best interests of the Fertilizers/Potash Fund and its shareholders, respectively. In approving Agreements for the Fertilizers/Potash Fund, the Board considered among other things the following categories of material factors.

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.

Nature, extent and quality of services

With respect to this factor, the Board considered:

• the terms of the Agreements and the range of services to be provided to the Fertilizers/Potash Fund in accordance with the Agreements;

• Global X Management’s key personnel and the portfolio managers who would provide investment advisory services to the Fertilizers/Potash Fund;

• Global X Management’s responsibilities under the Agreements to, among other things, (i) manage the investment operations of the Fertilizers/Potash Fund and the composition of the Fertilizers/Potash Fund’s assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and Board and other

¹ At the Feburary 25, 2011 quarterly Board meeting, the Board also approved the (i) initial Investment Advisory Agreement for the Global X UK Small-Cap ETF, Global X Germany Small-Cap ETF, Global X Mexico Small-Cap ETF, Global X Hong Kong Small-Cap ETF, Global X Singapore Small-Cap ETF, Global X South Korea Small-Cap ETF, Global X Taiwan Small-Cap ETF, Global X Rare Earths ETF, Global X Strategic Metals ETF, Global X SuperDividend ETF and Global X Canada Preferred ETF (the “Funds”) and (ii) the Supervision and Administration Agreement between the Trust, on behalf of each of these Funds, and Global X Management.

64

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)(continued)

reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights appertaining to securities and assets held by the Fertilizers/Potash Fund, (iv) select broker-dealers to execute portfolio transactions for the Fertilizers/Potash Fund when necessary, (v) provide or arrange for the provision of various third-party services required by the Fertilizers/Potash Fund, (vi) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of the Fertilizers/Potash Fund, draft and periodically update the registration statement and other reports and documents for the Fertilizers/Potash Fund that are required to be filed by the Trust with the Securities and Exchange Commission (“SEC”) and other regulatory or governmental bodies, and (vii) monitor anticipated purchases and redemptions of the shares (including creation units) of the Fertilizers/Potash Fund by shareholders and new investors;

• the nature, extent and quality of Global X Management’s services (including advisory, administrative and compliance services) that would be made available to the Fertilizers/Potash Fund; and

• the quality of Global X Management’s resources and personnel that would be made available to the Fertilizers/Potash Fund, including Global X Management’s experience and the qualifications of Global X Management’s key personnel and the portfolio managers who would provide investment advisory services to the Fertilizers/Potash Fund.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fertilizers/Potash Fund.

Performance

The Board determined that because the Fertilizers/Potash Fund had not commenced operations, meaningful data relating to investment performance of the Fertilizers/Potash Fund was not available and, therefore, could not be a factor in approving the Agreements.

Cost of Services and Profitability

With respect to this factor, the Board considered:

• Global X Management’s expected cost to provide investment management, supervision and administrative and related services to the Fertilizers/Potash Fund;

• the unitary Management Fee (including the proposed investment advisory fee) that was proposed to be borne by the Fertilizers/Potash Fund under the Agreements for the investment advisory, supervisory and administrative services that the Fertilizers/Potash 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 the Fertilizers/Potash Fund); and

• the expected profitability to Global X Management, if any, from all services to be provided to the Fertilizers/Potash Fund and all aspects of the relationship between Global X Management and the Fertilizers/Potash Fund. In connection with these considerations, the Board noted that Global X Management advised the Board that it was expected that it would not generate profits from its services to any of the Fertilizers/Potash Fund during the first 12 months of the Fertilizers/Potash Fund’s operations, but expected to do so after that initial start up period.

65

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)(continued)

Based on these considerations, the Board concluded that the profits anticipated to be realized by Global X Management from its relationship with the Fertilizers/Potash Fund would not be excessive.

Comparison of Fees and Services

With respect to this factor, the Board considered:

• comparative information with respect to the Management Fee proposed to be paid to Global X Management by the Fertilizers/Potash Fund. In connection with this consideration, Global X Management provided the Board with detailed comparative expense data for the Fertilizers/Potash Fund, including fees and expenses paid by comparable affiliated and unaffiliated exchange-traded funds and other registered funds and the reasons for any differences in the proposed expense ratios for the Fertilizers/Potash Fund and those presented for comparison;

• the proposed unified Management Fee structure (which includes as one component the proposed investment advisory fee for the Fertilizers/Potash Fund), the expected total expense ratios for the Fertilizers/Potash Fund and that Global X Management would be responsible for paying all of designated expenses of the Fertilizers/Potash Fund (discussed in more detail below). In this regard, the Board took into consideration that the purpose of having a unitary Management Fee structure 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 the Fertilizers/Potash Fund and that the proposed Management Fee for the Fertilizers/Potash Fund was set at a competitive rate to make the Fertilizers/Potash Fund viable in the marketplace; and

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

Based on these considerations, the Board concluded that the proposed Management Fee and expected total expense ratio of the Fertilizers/Potash Fund should not preclude approval of the Agreements.

Economies of Scale

With respect to this factor, the Board considered:

• the extent to which economies of scale would be realized as the Fertilizers/Potash Fund grows and whether the proposed unitary Management Fee for the Fertilizers/Potash Fund reflected these economies of scale;

• the significant investment of time, personnel and other resources that Global X Management intends to made in the Fertilizers/Potash Fund in order to seek to assure that the Fertilizers/Potash Fund are attractive to investors; and

• that the proposed unitary Management Fee would provide a significant amount of certainty regarding the total fees and expenses of the Fertilizers/Potash Fund and its shareholders.

66

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)(concluded)

Based on these considerations, the Board concluded that approval of the proposed Management Fee for the Fertilizers/Potash Fund was reasonable.

Other Benefits

In considering the Agreement, in addition to the categories discussed above, the Board considered other benefits that may be realized by Global X Management as a result of its relationships with the Fertilizers/Potash Fund.

67

SUPPLEMENTAL INFORMATION (unaudited)

Net asset value, or “NAV”, is the price per Share at which the Funds issue and redeems Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Funds generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds are listed for trading, as of the time that the Funds’ NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of their Funds holdings. The Market Price of the Funds will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency distributions of premiums and discounts for the Funds. The information shown is for the full calendar quarter completed after the inception date through the date of the most recent calendar quarter end.

Each line in the table shows the number of trading days in which the Funds traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

68

SUPPLEMENTAL INFORMATION (unaudited) (continued)

	Percentage of Total Days
Premium/Discount Range	Global X  Gold Explorers ETF(1)		Global X Silver Miners ETF		Global X Copper Miners ETF		Global X Uranium ETF(2)		Global X Lithium ETF(3)
Greater than 4.0% and Less than 4.5%		0.42%		-		-		-		-
Greater than 3.5% and Less than 4.0%		0.42%		-		-		0.42%		0.82%
Greater than 3.0% and Less than 3.5%		-		0.41%		-		-		-
Greater than 2.5% and Less than 3.0%		-		0.41%		0.41%		1.26%		0.41%
Greater than 2.0% and Less than 2.5%		-		-		0.41%		1.26%		-
Greater than 1.5% and Less than 2.0%		2.51%		1.24%		2.07%		6.30%		-
Greater than 1.0% and Less than 1.5%		25.10%		12.81%		16.94%		20.59%		4.96%
Greater than 0.5% and Less than 1.0%		58.16%		45.88%		30.99%		42.86%		30.99%
Between 0.5% and -0.5%		11.30%		28.10%		26.04%		15.97%		45.88%
Less than -0.5% and Greater than -1.0%		1.67%		8.68%		17.36%		7.98%		15.70%
Less than -1.0% and Greater than -1.5%		0.42%		0.83%		4.13%		2.10%		0.83%
Less than -1.5% and Greater than -2.0%		-		0.41%		0.83%		-		0.41%
Less than -2.0% and Greater than -2.5%		-		0.41%		0.41%		0.42%		-
Less than -2.5% and Greater than -3.0%		-		0.41%		0.41%		0.42%		-
Less than -3.0% and Greater than -3.5%		-		0.41%		-		0.42%		-
Less than -3.5% and Greater than -4.0%		-				-		-		-
Total		100.00%		100.00%		100.00%		100.00%		100.00%
	Number of Business Days
Premium/Discount Range	Global X  Gold Explorers ETF(1)		Global X Silver Miners ETF		Global X Copper Miners ETF		Global X Uranium ETF(2)		Global X Lithium ETF(3)
Greater than 4.0% and Less than 4.5%		1		-		-		-		-
Greater than 3.5% and Less than 4.0%		1		-		-		1		2
Greater than 3.0% and Less than 3.5%		-		1		-		-		-
Greater than 2.5% and Less than 3.0%		-		1		1		3		1
Greater than 2.0% and Less than 2.5%		-		-		1		3		-
Greater than 1.5% and Less than 2.0%		6		3		5		15		-
Greater than 1.0% and Less than 1.5%		60		31		41		49		12
Greater than 0.5% and Less than 1.0%		139		111		75		102		75
Between 0.5% and -0.5%		27		68		63		38		111
Less than -0.5% and Greater than -1.0%		4		21		42		19		38
Less than -1.0% and Greater than -1.5%		1		2		10		5		2
Less than -1.5% and Greater than -2.0%		-		1		2		-		1
Less than -2.0% and Greater than -2.5%		-		1		1		1		-
Less than -2.5% and Greater than -3.0%		-		1		1		1		-
Less than -3.0% and Greater than -3.5%		-		1		-		1		-
Less than -3.5% and Greater than -4.0%		-		-		-		-		-
Total		239		242		242		238		242

69

SUPPLEMENTAL INFORMATION (unaudited) (continued)

	Percentage of Total Days
Premium/Discount Range	Global X Aluminum ETF(4)		Global X Pure Gold Miners ETF(5)		Global X  Oil Equities ETF(5)		Global X S&P/TSX Venture 30 Canada ETF(6)		Global X Fertilizers/Po tash ETF(7)
Greater than 4.0% and Less than 4.5%		-		-		-		-		-
Greater than 3.5% and Less than 4.0%		-		0.65%		-		-		-
Greater than 3.0% and Less than 3.5%		-		-		-		0.66%		-
Greater than 2.5% and Less than 3.0%		-		-		-		-		-
Greater than 2.0% and Less than 2.5%		0.51%		0.65%		-		0.66%		-
Greater than 1.5% and Less than 2.0%		7.11%		1.31%		1.96%		-		7.84%
Greater than 1.0% and Less than 1.5%		25.89%		16.34%		3.92%		1.32%		26.47%
Greater than 0.5% and Less than 1.0%		25.38%		52.94%		32.03%		29.80%		31.37%
Between 0.5% and -0.5%		21.32%		25.49%		23.53%		59.60%		19.61%
Less than -0.5% and Greater than -1.0%		11.17%		2.62%		33.33%		6.63%		7.84%
Less than -1.0% and Greater than -1.5%		5.08%		-		5.23%		1.33%		4.91%
Less than -1.5% and Greater than -2.0%		1.02%		-		-		-		0.98%
Less than -2.0% and Greater than -2.5%		1.52%		-		-		-		0.98%
Less than -2.5% and Greater than -3.0%		0.50%		-		-		-		-
Less than -3.0% and Greater than -3.5%		-		-		-		-		-
Less than -3.5% and Greater than -4.0%		0.50%		-		-		-		-
Total		100.00%		100.00%		100.00%		100.00%		100.00%
	Number of Business Days
Premium/Discount Range	Global X Aluminum ETF(4)		Global X Pure Gold Miners ETF(5)		Global X Oil Equities ETF(5)		Global X S&P/TSX Venture 30 Canada ETF(6)		Global X Fertilizers/Po tash ETF(7)
Greater than 4.0% and Less than 4.5%		-		-		-		-		-
Greater than 3.5% and Less than 4.0%		-		1		-		-		-
Greater than 3.0% and Less than 3.5%		-		-		-		1		-
Greater than 2.5% and Less than 3.0%		-		-		-		-		-
Greater than 2.0% and Less than 2.5%		1		1		-		1		-
Greater than 1.5% and Less than 2.0%		14		2		3		-		8
Greater than 1.0% and Less than 1.5%		51		25		6		2		27
Greater than 0.5% and Less than 1.0%		50		81		49		45		32
Between 0.5% and -0.5%		42		39		36		90		20
Less than -0.5% and Greater than -1.0%		22		4		51		10		8
Less than -1.0% and Greater than -1.5%		10		-		8		2		5
Less than -1.5% and Greater than -2.0%		2		-		-		-		1
Less than -2.0% and Greater than -2.5%		3		-		-		-		1
Less than -2.5% and Greater than -3.0%		1		-		-		-		-
Less than -3.0% and Greater than -3.5%		-		-		-		-		-
Less than -3.5% and Greater than -4.0%		1		-		-		-		-
Total		197		153		153		151		102

70

SUPPLEMENTAL INFORMATION (unaudited) (concluded)

⁽¹⁾  The Fund commenced operations on Novenber 3, 2010.

⁽²⁾  The Fund commenced operations on Novenber 4, 2010.

⁽³⁾  The Fund commenced operations on July 22, 2010.

⁽⁴⁾  The Fund commenced operations on January 4, 2011.

⁽⁵⁾  The Fund commenced operations on March 14, 2011.

⁽⁶⁾  The Fund commenced operations on March 16, 2011.

⁽⁷⁾  The Fund commenced operations on May 25, 2011.

71

TRUSTEES AND OFFICERS OF THE TRUST (unaudited)

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

Name, Address (Year of Birth)	Position(s)   Held with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Director	Other Directorships Held by Trustees
Independent Trustees2
Sanjay Ram Bharwani 399 Park Ave, 32nd floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm); Chief Information Officer, M. Safra & Co (2004-2006) (hedge fund).	353	None.
Scott R. Chichester1 399 Park Ave, 32nd floor New York, NY 10022 (1970)	Trustee (since 2008)	President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (since 2009) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Chief Financial Officer, Ong Corporation (2002-2010) (technology company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	353	None.
Kartik Kiran Shah 399 Park Ave, 32nd floor New York, NY 10022 (1977)	Trustee (since 2008)	Director, Wireless Generation (since 2008) (software); Manager, Amgen (2003-2006) (biotechnology firm).	353	None.

72

TRUSTEES AND OFFICERS OF THE TRUST (unaudited) (continued)

The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2011.

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Director	Other Directorships Held by Trustees
Interested Trustee / Officers2
Bruno del Ama 399 Park Ave, 32nd floor New York, NY 10022 (1976)	Trustee (since 2008), President, Chief Executive Officer (since 2008)	Chief Executive Officer and Chief Compliance Officer, Global X Management Company LLC (since 2008); Head of Global Structured Products Operations at Radian Asset Assurance (2004-2008) (financial services firm).	353	None.
Jose C. Gonzalez 399 Park Ave, 32nd floor New York, NY 10022 (1976)	Chief Operating Officer, Chief Compliance Officer and Chief Financial Officer, Secretary (since 2008)	Chief Executive Officer and Chief Compliance Officer, Global X Management Company LLC (since 2008); Head of Global Structured Products Operations at Radian Asset Assurance (2004-2008) (financial services firm).	N/A	N/A
Dianne Sulzbach4 One Freedom Valley Drive Oaks, PA 19456 (1977)	Assistant Secretary (since 2011)	Corporate Counsel, SEI Investments (since 2010); Associate, Morgan, Lewis & Bockius LLP (2006-2010).	N/A	N/A

73

TRUSTEES AND OFFICERS OF THE TRUST (unaudited) (concluded)

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustees
Peter Rodriguez4 One Freedom Valley Drive Oaks, PA 19456 (1962)	Assistant Treasurer (since 2011)	Fund Accounting Director of the Administrator (since 2011); Mutual Fund Trading Director, SEI Global Trust Company (2009- 2011); Asset Data Services Director at the Administrator (2006-2009).	N/A

¹  Mr. Chichester is currently married to a sister of Mr. del Ama’s wife. While an “immediate family member” (as defined in Section 2(a)(19) of the 1940 Act) of Mr. del Ama would be considered an Interested Person, Mr. Chichester is not considered an immediate family member for this purpose. Although this fact was taken into consideration in determining whether Mr. Chichester should be considered to be an Independent Trustee for purposes of the Section 2(a)(19) of the 1940 Act, it was determined that this relationship was not one that should disqualify Mr. Chichester from serving as an Independent Trustee of the Trust.

²  Each Trustee serves until his or her successor is duly elected or appointed and qualified.

³  As of October 31, 2011, the Trust had eighty-six investment portfolios, thirty-five of which were operational.

⁴  These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

74

NOTICE TO SHAREHOLDERS

For shareholders that do not have an October 31, 2011 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2011 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2011, the Funds are designating the following items with regard to distributions paid during the year.

	Return of Capital		Long-Term Capital Gain Distributions		Ordinary Income Distributions		Total Distributions		Qualifying for Corporate Dividends Received Deduction(1)		Qualifying Dividend Income(2)		Interest Related Dividends(3)		Short-Term Capital Gain Dividends(4)
Global X Gold Explorers ETF		0.00%		0.00%		100.00%		100.00%		0.00%		0.00%		0.02%		0.00%
Global X Silver Miners ETF		0.00%		0.00%		100.00%		100.00%		0.00%		41.76%		0.00%		100.00%
Global X Copper Miners ETF		0.00%		0.22%		99.78%		100.00%		6.73%		37.99%		0.00%		100.00%
Global X Uranium ETF		8.92%		0.00%		91.08%		100.00%		0.00%		0.00%		0.01%		0.00%
Global X Lithium ETF		0.00%		0.00%		100.00%		100.00%		7.08%		19.18%		0.00%		100.00%
Global X Aluminum 20 ETF		0.00%		0.00%		100.00%		100.00%		0.00%		100.00%		0.03%		0.00%
Global X Pure Gold Miners ETF		0.00%		0.00%		100.00%		100.00%		1.09%		19.16%		0.00%		0.00%
Global X Oil Equities ETF		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%
Global X S&P/TSX Venture 30 Canada ETF		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%
Global X Fertilizers/Potash Miners ETF		0.00%		0.00%		100.00%		100.00%		30.04%		48.53%		0.00%		0.00%

(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

(2) The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

(3) The percentage in this column represents the amount of “Interest Related Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid for foreign investors.

(4) The percentage in this column represents the amount of “Short-Term Capital Gain Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

The Fund intends to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2011, the total amount of foreign source income and foreign tax credit are as follows:

Global X Funds	Foreign Source Income		Foreign Tax Credit Pass through
Global X Gold Explorers ETF	$	-	$	-
Global X Silver Miners ETF		3,674,222		62,024
Global X Copper Miners ETF		1,970,874		95,731
Global X Uranium ETF		-		-
Global X Lithium ETF		744,180		162,568
Global X Aluminum ETF		52,161		2,570
Global X Pure Gold Miners ETF		16,850		1,854
Global X Oil Equities ETF		-		-
Global X S&P/TSX Venture 30 Canada ETF		-		-
Global X Fertilizers/Potash ETF		139,760		26,936

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2011. Complete information will be computed and reported in conjunction with your 2011 Form 1099-DIV.

75

399 Park Ave, 32^nd floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser:

Global X Management Company LLC

399 Park Avenue, 32^nd floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for the Independent Trustees:

Dechert LLP

1175 I Street N.W.

Washington, DC 20007

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

GLX-AR-001-0300

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)

(formerly, Global X China Technology ETF)

Global X FTSE ASEAN 40 ETF (ticker: ASEA)

Global X FTSE Andean 40 ETF (ticker: AND)

Global X FTSE Colombia 20 ETF (ticker: GXG)

(formerly, Global X/InterBolsa FTSE Colombia 20 ETF)

Global X FTSE Argentina 20 ETF (ticker: ARGT)

Global X Brazil Mid Cap ETF (ticker: BRAZ)

Global X Brazil Consumer ETF (ticker: BRAQ)

Global X Brazil Financials ETF (ticker: BRAF)

Global X Mexico Small-Cap ETF (ticker: MEXS)

Global X Russell Emerging Markets Growth ETF (ticker: EMGX)

Global X Russell Emerging Markets Value ETF (ticker: EMVX)

Global X FTSE Nordic Region ETF (ticker: GXF)

(formerly, Global X Nordic 30 ETF)

Global X FTSE Norway 30 ETF (ticker: NORW)

Annual Report

October 31, 2011

TABLE OF CONTENTS

Management Discussion of Fund Performance	1
Schedules of Investments
Global X China Consumer ETF	19
Global X China Energy ETF	21
Global X China Financials ETF	23
Global X China Industrials ETF	25
Global X China Materials ETF	28
Global X NASDAQ China Technology ETF	30
Global X FTSE ASEAN 40 ETF	32
Global X FTSE Andean 40 ETF	35
Global X FTSE Colombia 20 ETF	38
Global X FTSE Argentina 20 ETF	40
Global X Brazil Mid Cap ETF	42
Global X Brazil Consumer ETF	46
Global X Brazil Financials ETF	49
Global X Mexico Small-Cap ETF	51
Global X Russell Emerging Markets Growth ETF	53
Global X Russell Emerging Markets Value ETF	61
Global X FTSE Nordic Region ETF	66
Global X FTSE Norway 30 ETF	69
Statements of Assets and Liabilities	71
Statements of Operations	76
Statements of Changes in Net Assets	81
Financial Highlights	90
Notes to Financial Statements	93
Report of Independent Registered Public Accounting Firm	110
Disclosure of Fund Expenses	111
Approval of Investment Advisory Agreement	114
Supplemental Information	118
Trustees and Officers of the Trust	123
Notice to Shareholders	126

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-888-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X CHINA CONSUMER ETF

Global X China Consumer ETF

The Global X China Consumer ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Consumer Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the consumer sector in China. It is comprised of selected companies which have their main business operations in the consumer sector and are domiciled in China or have their main business operations in this country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the first ETF globally focused exclusively on the China consumer sector.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 23.99%, while the Index decreased 23.52%. The Fund had a net asset value of $20.33 per share on October 31, 2010 and ended the period with a net asset value of $15.29 on October 31, 2011.

Four of the Fund’s forty holdings as of October 31, 2011 increased in value for the reporting period, led by Shenzhou International Group Holdings and Focus Media Holding ADR, which returned 15.99% and 9.91% respectively. The worst performers were Li Ning and BaWang International Group Holding, which returned -66.69% and -72.44% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2011*
	One Year Return			Annualized Inception to Date
		Net Asset Value	Market Price		Net Asset Value	Market Price
Global X China Consumer ETF		(23.99%)	(27.62%)		(0.66%)	(2.67%)
Solactive China Consumer Index		(23.52%)	(23.52%)		(0.15%)	(0.15%)

*Fund commenced operations on November 30, 2009.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

1

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X CHINA ENERGY ETF

Global X China Energy ETF

The Global X China Energy ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Energy Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the energy sector in China. It is comprised of selected companies which have their main business operations in the energy sector and are domiciled in China or have their main business operations in this country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the nation’s first ETF focused exclusively on the China energy sector.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 11.57%, while the Index decreased 10.94%. The Fund had a net asset value of $15.72 per share on October 31, 2010 and ended the period with a net asset value of $13.78 on October 31, 2011.

Eight of the Fund’s thirty holdings as of October 31, 2011 increased in value for the reporting period, led by ENN Energy Holdings and United Energy Group, which returned 23.20% and 14.10% respectively. The worst performers were JA Solar Holdings ADR and Hanwha SolarOne ADR, which returned -73.47% and -78.06% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2011*
	One Year Return			Annualized Inception to Date
		Net Asset Value	Market Price		Net Asset Value	Market Price
Global X China Energy ETF		(11.57%)	(15.47%)		(4.04%)	(5.94%)
Solactive China Energy Index		(10.94%)	(10.94%)		(3.12%)	(3.12%)

*Fund commenced operations on December 15, 2009.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

2

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X CHINA FINANCIALS ETF

Global X China Financials ETF

The Global X China Financials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Financials Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the financial sector in China. It is comprised of selected companies which have their main business operations in the financial sector and are domiciled in China or have their main business operations in this country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the nation’s first ETF focused exclusively on the China financial sector.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 24.29%, while the Index decreased 24.62%. The Fund had a net asset value of $14.77 per share on October 31, 2010 and ended the period with a net asset value of $10.92 on October 31, 2011.

Four of the Fund’s thirty-six holdings as of October 31, 2011 increased in value for the reporting period, led by Country Garden Holdings and Longfor Properties, which returned 17.95% and 10.45% respectively. The worst performers were Poly Hong Kong Investments and E-House China Holdings ADR, which returned -48.98% and -52.15% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2011*
	One Year Return		Annualized Inception to Date
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X China Financials ETF	(24.29%)	(27.86%)	(14.09%)	(15.99%)
Solactive China Financials Index	(24.62%)	(24.62%)	(13.99%)	(13.99%)

*Fund commenced operations on December 10, 2009.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

3

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X CHINA INDUSTRIALS ETF

Global X China Industrials ETF

The Global X China Industrials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Industrials Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the industrial sector in China. It is comprised of selected companies which have their main business operations in the industrial sector and are domiciled in China or have their main business operations in this country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the first ETF globally focused exclusively on the China industrial sector.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 32.56%, while the Index decreased 30.16%. The Fund had a net asset value of $17.13 per share on October 31, 2010 and ended the period with a net asset value of $11.39 on October 31, 2011.

Four of the Fund’s thirty-nine holdings as of October 31, 2011 increased in value for the reporting period, led by China Resources Cement Holdings and China Shanshui Cement Group, which returned 16.21% and 12.28% respectively. The worst performers were China High Speed Transmission Equipment Group and Duoyuan Global Water ADR, which returned -67.67% and -68.98% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2011*
	One Year Return		Annualized Inception to Date
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X China Industrials ETF	(32.56%)	(35.31%)	(14.22%)	(15.83%)
Solactive China Industrials Index	(30.16%)	(30.16%)	(12.30%)	(12.30%)

*Fund commenced operations on November 30, 2009.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

4

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X CHINA MATERIALS ETF

Global X China Materials ETF

The Global X China Materials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Materials Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the materials sector in China. It is comprised of selected companies which have their main business operations in the materials sector and are domiciled in China or have their main business operations in this country. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the nation’s first ETF focused exclusively on the China materials sector.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 33.69%, while the Index decreased 31.62%. The Fund had a net asset value of $14.59 per share on October 31, 2010 and ended the period with a net asset value of $9.58 on October 31, 2011.

Three of the Fund’s twenty-nine holdings as of October 31, 2011 increased in value for the reporting period, led by Dongyue Group and Yingde Gases, which returned 83.62% and 27.89% respectively. The worst performers were China Agritech and ShengdaTech, which returned -94.55% and -99.29% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2011*
	One Year Return		Annualized Inception to Date
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X China Materials ETF	(33.69%)	(35.79%)	(21.47%)	(22.62%)
Solactive China Materials Index	(31.62%)	(31.62%)	(19.86%)	(19.86%)

*Fund commenced operations on January 12, 2010.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

5

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X NASDAQ CHINA TECHNOLOGY ETF

Global X NASDAQ China Technology ETF

The Global X NASDAQ China Technology ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive China Technology Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the technology sector in China. It is comprised of selected companies which have their main business operations in the technology sector and are domiciled in China or have their main business operations in this country. Only securities which are tradable for foreign investors without restrictions are eligible.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 9.81%, while the Index decreased 9.31%. The Fund had a net asset value of $17.21 per share on October 31, 2010 and ended the period with a net asset value of $15.38 on October 31, 2011.

Eight of the Fund’s twenty-nine holdings as of October 31, 2011 increased in value for the reporting period, led by Spreadtrum Communications ADR and China Unicom Hong Kong, which returned 87.08% and 46.96% respectively. The worst performers were Camelot Information Systems and Longtop Financial Technologies which returned -79.66% and -99.39% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2011*
	One Year Return		Annualized Inception to Date
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X NASDAQ China Technology ETF	(9.81%)	(11.99%)	2.18%	1.06%
Solactive China Technology Index	(9.31%)	(9.31%)	2.78%	2.78%

*Fund commenced operations on December 8, 2009.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

6

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X FTSE ASEAN 40 ETF

Global X FTSE ASEAN 40 ETF

The Global X FTSE ASEAN 40 ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE ASEAN 40 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The FTSE/ASEAN 40 Index tracks the performance of the 40 largest companies in the five ASEAN regions: Indonesia, Philippines, Singapore, Malaysia and Thailand. The index is free float adjusted and weighted by market capitalization and designed using eligible stocks within the FTSE All-World universe. The Fund is the nation’s first ETF focused exclusively on the ASEAN region.

For the period from the Fund’s commencement date on February 16, 2011 through October 31, 2011 (the “reporting period”), the Fund increased 2.85%, while the Index increased 3.65%. The Fund commenced operations with a net asset value of $15.08 per share on February 16, 2011 and ended the period with a net asset value of $15.51 on October 31, 2011.

Twenty-three of the Fund’s forty holdings as of October 31, 2011 increased in value for the reporting period, led by Advanced Info Service and Jardine Cycle & Carriage, which returned 71.68% and 52.15% respectively. The worst performers were Singapore Airlines and Noble Group, which returned -21.03% and -23.51% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL  TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X FTSE ASEAN 40 ETF	2.85%	2.12%
FTSE ASEAN 40 Index	3.65%	3.65%

*Fund commenced operations on February 16, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

7

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X FTSE ANDEAN 40 ETF

Global X FTSE Andean 40 ETF

The Global X Andean 40 ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Andean 40 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The FTSE Andean 40 Index is designed to represent the performance of the 40 largest and most liquid companies listed on the Chile, Colombia, and Peru stock exchanges. The Index is designed to provide investors with a comprehensive and transparent way to measure the performance of the constituent companies. The Fund is the nation’s first ETF focused exclusively on the Andean region.

For the period from the Fund’s commencement date on February 2, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 8.53% while the Index decreased 7.11%. The Fund commenced operations with a net asset value of $14.88 per share on February 2, 2011 and ended the period with a net asset value of $13.61 on October 31, 2011.

Sixteen of the Fund’s forty-one holdings as of October 31, 2011 increased in value for the reporting period, led by Fabricato and AES Gener, which returned 136.46% and 22.23% respectively. The worst performers were Empresas La Polar and Empresas CMPC, which returned -89.17% and -91.22% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN  FOR THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X FTSE Andean 40 ETF	(8.53%)	(9.01%)
FTSE Andean 40 Index	(7.11%)	(7.11%)

*Fund commenced operations on February 2, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

8

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X FTSE COLOMBIA 20 ETF

Global X FTSE Colombia 20 ETF

The Global X FTSE Colombia 20 ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Colombia 20 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is a market capitalization-weighted index of the 20 most liquid stocks in the Colombian market. The Index is designed to measure broad based equity market performance in Colombia. The Fund is the first ETF globally focused exclusively on Colombia.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 15.69%, while the Index decreased 14.87%. The Fund had a net asset value of $22.99 per share on October 31, 2010 and ended the period with a net asset value of $19.19 on October 31, 2011.

Two of the Fund’s twenty-one holdings as of October 31, 2011 increased in value for the reporting period, led by Fabricato and Corporacion Financiera Colombiana, which returned 166.90% and 9.38% respectively. The worst performers were Helm Bank and Cia Colombiana de Inversiones, which returned -33.22% and -35.05% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED          OCTOBER 31, 2011*
	One Year Return		Annualized Inception to Date
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X FTSE Colombia 20 ETF	(15.69%)	(16.11%)	43.40%	41.33%
FTSE Colombia 20 Index	(14.87%)	(14.87%)	45.23%	45.23%

*Fund commenced operations on February 5, 2009.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

9

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X FTSE ARGENTINA 20 ETF

Global X FTSE Argentina 20 ETF

The Global X FTSE Argentina 20 (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Argentina 20 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The FTSE Argentina 20 Index represents the performance of the twenty largest and most liquid companies that directly participate in the Argentine economy, but are not listed in Argentina. The index is designed to provide investors with a comprehensive and transparent way to measure the performance of these companies. The Fund is the nation’s first ETF focused exclusively on Argentina.

For the period from the Fund’s commencement date on March 2, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 26.19%, while the Index decreased 26.06%. The Fund commenced operations with a net asset value of $14.93 per share on March 2, 2011 and ended the period with a net asset value of $11.02 on October 31, 2011.

Two of the Fund’s twenty holdings as of October 31, 2011 increased in value for the reporting period, led by Yamana Gold and Telecom Argentina ADR, which returned 16.94% and 1.66% respectively. The worst performers were Grupo Financiero Galicia ADR, and Banco Macro ADR which returned -32.50% and -40.70% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN  FOR   THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X FTSE Argentina 20 ETF	(26.19%)	(26.66%)
FTSE Argentina 20 Index	(26.06%)	(26.06%)

*Fund commenced operations on March 2, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

10

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X BRAZIL MID CAP ETF

Global X Brazil Mid Cap ETF

The Global X Brazil Mid Cap ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Brazil Mid Cap Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of Brazilian mid cap companies. It is comprised of mid-market capitalization securities of companies that are domiciled or have their main business operations in Brazil. The Fund is the first ETF globally focused exclusively on Brazil mid cap companies.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 13.73%, while the Index decreased 13.12%. The Fund had a net asset value of $18.28 per share on October 31, 2010 and ended the period with a net asset value of $15.55 on October 31, 2011.

Fifteen of the Fund’s forty-two holdings as of October 31, 2011 increased in value for the reporting period, led by Redecard and Eletropaulo Metropolitana Electricidade, which returned 41.53% and 30.28% respectively. The worst performers were GOL Linhas Aereas Inteligentes and Hypermarcas, which returned -53.50% and -66.75% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN  FOR THE YEAR ENDED OCTOBER 31, 2011*
	One Year Return		Annualized Inception to Date
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Brazil Mid Cap ETF	(13.73%)	(16.72%)	2.95%	1.36%
Solactive Brazil Mid Cap Index	(13.12%)	(13.12%)	3.51%	3.51%

*Fund commenced operations on June 21, 2010.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

11

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X BRAZIL CONSUMER ETF

Global X Brazil Consumer ETF

The Global X Brazil Consumer ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Brazil Consumer Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the consumer sector in Brazil. It is comprised of selected companies which have their main business operations in the consumer sector and are domiciled or have their main business operations in Brazil. The Fund is the nation’s first ETF focused exclusively on the Brazil consumer sector.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 15.74%, while the Index decreased 14.87%. The Fund had a net asset value of $19.95 per share on October 31, 2010 and ended the period with a net asset value of $16.78 on October 31, 2011.

Nine of the Fund’s thirty holdings as of October 31, 2011 increased in value for the reporting period, led by BRF Brasil Foods ADR and Cia Hering, which returned 48.21% and 40.49% respectively. The worst performers were B2W Companhia Global do Varejo and Hypermarcas, which returned -54.50% and -66.75% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2011*
	One Year Return		Annualized Inception to Date
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Brazil Consumer ETF	(15.74%)	(15.83%)	6.47%	7.72%
Solactive Brazil Consumer Index	(14.87%)	(14.87%)	7.56%	7.56%

*Fund commenced operations on July 7, 2010.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

12

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X BRAZIL FINANCIALS ETF

Global X Brazil Financials ETF

The Global X Brazil Financials ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Brazil Financials Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is designed to reflect the performance of the financial sector in Brazil. It is comprised of selected companies which have their main business operations in the financial sector and are domiciled or have their main business operations in Brazil. The Fund is the first ETF globally focused exclusively on the Brazil financial sector.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 13.80%, while the Index decreased 13.27%. The Fund had a net asset value of $17.40 per share on October 31, 2010 and ended the period with a net asset value of $14.92 on October 31, 2011.

Six of the Fund’s twenty-five holdings as of October 31, 2011 increased in value for the reporting period, led by Redecard and Cielo, which returned 41.53% and 33.22% respectively. The worst performers were Cyrela Brazil Realty and Banco Industrial e Comercial, which returned -34.69% and -48.06% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2011*
	One Year Return		Annualized Inception to Date
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X Brazil Financials ETF	(13.80%)	(16.21%)	(0.43%)	(1.32%)
Solactive Brazil Financials Index	(13.27%)	(13.27%)	0.18%	0.18%

*Fund commenced operations on July 28. 2010.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

13

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X MEXICO SMALL-CAP ETF

Global X Mexico Small-Cap ETF

The Global X Mexico Small-Cap ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Mexico Small-Cap Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Mexico Small-Cap Index is designed to reflect the performance of Mexican small cap companies. The index is comprised of companies that are domiciled or have their main business operations in Mexico. The Fund is the nation’s first ETF focused exclusively on the Mexico small cap sector.

For the period from the Fund’s commencement date on May 4, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 23.33%, while the Index decreased 23.46%. The Fund commenced operations with a net asset value of $14.53 per share on May 4, 2011 and ended the period with a net asset value of $11.14 on October 31, 2011.

Three of the Fund’s twenty-seven holdings as of October 31, 2011 increased in value for the reporting period, led by Grupo Aeroportuario del Sureste ADR and Gruma, which returned 2.58% and 0.63% respectively. The worst performers were Compania Minera Autlan and Sare Holding, which returned -60.71% and -62.98% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR     THE PERIOD ENDED OCTOBER  31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X Mexico Small-Cap ETF	(23.33%)	(23.33%)
Solactive Mexico Small-Cap Index	(23.46%)	(23.46%)

*Fund commenced operations on May 4. 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

14

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X RUSSELL EMERGING MARKETS GROWTH ETF

Global X Russell Emerging Markets Growth ETF

The Global X Russell Emerging Markets Growth ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Russell Emerging Market MegaCap Growth Index (the “Index”). The Fund uses a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Russell Emerging Market MegaCap Growth Index measures the performance of the mega-cap growth segment of the emerging markets equity universe. It includes those mega-cap emerging market companies with higher price-to-book ratios and higher expected growth values. It is constructed to provide a comprehensive and unbiased barometer for the mega-cap growth segment.

For the period from the Fund’s commencement date on January 24, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 13.34%, while the Index decreased 9.81%. The Fund commenced operations with a net asset value of $25.11 per share on January 24, 2011 and ended the period with a net asset value of $21.76 on October 31, 2011.

Thirty-three of the Fund’s one hundred and twenty-three holdings as of October 31, 2011 increased in value for the reporting period, led by Grupo Elektra and Novatek, which returned 87.38% and 63.75% respectively. The worst performers were China Railway Construction and China Railway Group, which returned -50.58% and -52.54% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN  FOR THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X Russell Emerging Markets Growth ETF	(13.34%)	(13.74%)
Russell Emerging Market MegaCap Growth Index	(9.81%)	(9.81%)

*Fund commenced operations on January 24, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

15

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X RUSSELL EMERGING MARKETS VALUE ETF

Global X Russell Emerging Markets Value ETF

The Global X Russell Emerging Markets Value ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Russell Emerging Market MegaCap Value Index (the “Index”). The Fund uses a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Russell Emerging Market MegaCap Value Index measures the performance of the mega-cap value segment of the emerging markets equity universe. It includes those mega-cap emerging market companies with lower price-to-book ratios and lower expected growth values. It is constructed to provide a comprehensive and unbiased barometer for the mega-cap value segment.

For the period from the Fund’s commencement date on January 24, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 10.33%, while the Index decreased 8.26%. The Fund commenced operations with a net asset value of $24.98 per share on January 24, 2011 and ended the period with a net asset value of $22.40 on October 31, 2011.

Eighteen of the Fund’s fifty-three holdings as of October 31, 2011 increased in value for the reporting period, led by China Unicom and Telefonica Brasil, which returned 32.86% and 30.57% respectively. The worst performers were Aluminum Corp of China and China COSCO Holdings, which returned -41.71% and -55.02% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN  FOR THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to  Date
	Net Asset Value	Market Price
Global X Russell Emerging Markets Value ETF	(10.33%)	(10.53%)
Russell Emerging Market MegaCap Value Index	(8.26%)	(8.26%)

*Fund commenced operations on January 24, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

16

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X FTSE NORDIC REGION ETF

Global X FTSE Nordic Region ETF

The Global X FTSE Nordic Region ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Nordic 30 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Index is a market capitalization-weighted index of the 30 largest and most liquid stocks in Sweden, Denmark, Norway and Finland. The Index is designed to measure broad based equity market performance in these countries. The Fund is the nation’s first ETF focused exclusively on the Nordic region.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 8.34%, while the Index decreased 6.87%. The Fund had a net asset value of $19.22 per share on October 31, 2010 and ended the period with a net asset value of $17.47 on October 31, 2011.

Nine of the Fund’s thirty holdings as of October 31, 2011 increased in value for the reporting period, led by Statoil ADR and Seadrill, which returned 24.06% and 21.25% respectively. The worst performers were Danske Bank and Vestas Wind Systems, which returned -43.18% and -50.39% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE YEAR ENDED OCTOBER 31, 2011*
	One Year Return		Annualized Inception to Date
	Net Asset Value	Market Price	Net Asset Value	Market Price
Global X FTSE Nordic Region ETF	(8.34%)	(10.36%)	9.26%	8.37%
FTSE Nordic 30 Index	(6.87%)	(6.87%)	10.62%	10.62%

*Fund commenced operations on August 17, 2009.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

17

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X FTSE NORWAY 30 ETF

Global X FTSE Norway 30 ETF

The Global X FTSE Norway 30 ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Norway 30 Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The FTSE Norway 30 Index is designed to reflect broad based equity market performance in Norway. The Fund is the nation’s first ETF focused exclusively on Norway.

For the 12-month period ended October 31, 2011 (the “reporting period”), the Fund decreased 5.62%, while the Index decreased 4.10%. The Fund had a net asset value of $14.80 per share on November 9, 2010 and ended the period with a net asset value of $13.96 on October 31, 2011.

Thirteen of the Fund’s thirty holdings as of October 31, 2011 increased in value for the reporting period, led by Algeta and Aker, which returned 85.97% and 37.58% respectively. The worst performers were Renewable Energy and Frontline, which returned -70.79% and -80.88% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to  Date
	Net Asset Value	Market Price
Global X FTSE Norway 30 ETF	(5.62%)	(6.15%)
FTSE Norway 30 Index	(4.10%)	(4.10%)

*Fund commenced operations on November 9, 2010.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

18

Schedule of Investments October 31, 2011              

Global X China Consumer ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares	Value
COMMON STOCK — 99.8%
CHINA— 86.1%
Consumer Goods — 39.6%
361 Degrees International	1,601,116	$	791,438
Anta Sports Products	2,038,525		1,891,970
BaWang International Group Holding	2,702,158		313,051
China Huiyuan Juice Group	1,101,587		347,415
China Yurun Food Group	3,627,298		6,452,888
Dongfeng Motor Group, Cl H	3,681,601		6,122,969
Great Wall Motor, Cl H	2,734,642		3,787,700
Guangzhou Automobile Group, Cl H	5,929,951		6,007,429
Hengan International Group	724,766		6,353,423
Li Ning	1,859,131		1,787,695
Shenzhou International Group Holdings	784,141		1,017,460
Tingyi Cayman Islands Holding	2,248,057		6,453,198
Tsingtao Brewery, Cl H	764,536		3,931,675
Uni-President China Holdings	2,538,671		1,519,575
Want Want China Holdings	7,135,686		6,686,979
Zhongpin *	81,884		755,789
			54,220,654
Consumer Services — 39.4%
Air China, Cl H	5,300,721		4,189,538
Ajisen China Holdings	1,245,488		1,795,645
China Southern Airlines, Cl H *	4,718,848		2,690,931
Focus Media Holding ADR *	239,417		6,507,354
Golden Eagle Retail Group	1,652,774		4,208,260
GOME Electrical Appliances Holding	20,652,879		6,460,256
Home Inns & Hotels Management ADR *	99,450		3,397,212
Intime Department Store Group	3,207,056		4,648,446
New Oriental Education & Technology Group ADR *	218,955		6,489,826
Parkson Retail Group	3,649,547		4,697,879
PCD Stores Group	7,887,372		1,198,056
Peak Sport Products	1,798,452		539,408
Wumart Stores, Cl H	1,370,611		2,784,095
Youku.com ADR *	206,688		4,390,053
			53,996,959

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

19

Schedule of Investments October 31, 2011                  

Global X China Consumer ETF

	Shares	Value
COMMON STOCK — continued
Health Care — 7.1%
Shandong Weigao Group Medical Polymer, Cl H	4,181,879	$	4,398,011
Sinopharm Group, Cl H	1,915,608		5,276,953
			9,674,964
TOTAL CHINA			117,892,577
HONG KONG— 13.7%
Consumer Goods — 11.5%
AviChina Industry & Technology, Cl H	4,713,561		2,099,366
Bosideng International Holdings	6,804,341		1,909,437
China Agri-Industries Holdings	4,180,065		3,389,896
China Foods	1,927,799		1,536,085
China Resources Enterprise	1,821,007		6,739,261
			15,674,045
Consumer Services — 2.2%
China Dongxiang Group	7,016,133		1,273,444
China Travel International Investment Hong Kong	7,171,130		1,098,493
New World Department Store China	1,020,189		686,824
			3,058,761
TOTAL HONG KONG			18,732,806
TOTAL COMMON STOCK (Cost $158,801,941)			136,625,383
TOTAL INVESTMENTS — 99.8% (Cost $158,801,941)		$	136,625,383

Percentages are based on Net Assets of $136,857,987.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1	Level 2		Level 3	Total
Common Stock	$    136,625,383	$	—	$                      —	$	136,625,383
Total Investments in Securities	$    136,625,383	$	—	$                      —	$	136,625,383

For the year ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the year ended October 31, 2011, there were no Level 3 investments.

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

20

Schedule of Investments October 31, 2011              

Global X China Energy ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares	Value
COMMON STOCK — 99.8%
CHINA— 64.4%
Energy — 55.4%
China Coal Energy, Cl H	181,732	$	231,361
China Longyuan Power Group, Cl H	247,476		208,659
China Oilfield Services, Cl H	133,154		226,251
China Petroleum & Chemical, Cl H	496,326		475,339
China Shenhua Energy, Cl H	105,892		493,440
Hanwha SolarOne ADR *	6,152		13,781
JA Solar Holdings ADR *	14,078		31,112
JinkoSolar Holding ADR *	2,172		20,091
LDK Solar ADR *	13,206		54,673
PetroChina, Cl H	366,745		484,367
Renesola ADR *	7,239		16,505
Suntech Power Holdings ADR *	15,098		41,369
Tianneng Power International	55,615		26,488
Trina Solar ADR *	7,228		58,330
Trony Solar Holdings *	93,759		19,793
Yanzhou Coal Mining, Cl H	89,296		230,467
Yingli Green Energy Holding ADR *	9,148		37,141
			2,669,167
Utilities — 9.0%
Datang International Power Generation, Cl H	258,822		67,300
ENN Energy Holdings	62,004		226,674
Huadian Power International, Cl H	97,544		15,319
Huaneng Power International, Cl H	277,098		126,983
			436,276
TOTAL CHINA			3,105,443
HONG KONG— 35.4%
Energy — 25.0%
Beijing Enterprises Holdings	41,569		232,500
China Gas Holdings	242,282		70,484
CNOOC	246,875		484,947
Kunlun Energy	159,457		227,019
Shougang Fushan Resources Group	347,941		146,011
United Energy Group *	319,379		42,756
			1,203,717

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

21

Schedule of Investments October 31, 2011              

Global X China Energy ETF

	Shares	Value
COMMON STOCK — continued
Utilities — 10.4%
China Power International Development	144,040	$	30,779
China Resources Power Holdings	135,347		242,870
GCL-Poly Energy Holdings	692,811		230,090
			503,739
TOTAL HONG KONG			1,707,456
TOTAL COMMON STOCK (Cost $5,201,716)			4,812,899
TOTAL INVESTMENTS — 99.8% (Cost $5,201,716)		$	4,812,899

Percentages are based on Net Assets of $4,821,824.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	4,812,899	$	—	$	—	$	4,812,899
Total Investments in Securities	$	4,812,899	$	—	$	—	$	4,812,899

For the year ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the year ended October 31, 2011, there were no Level 3 investments.

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

22

Schedule of Investments October 31, 2011              

Global X China Financials ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares	Value
COMMON STOCK — 100.3%
CHINA— 88.9%
Financials — 88.9%
Agile Property Holdings	120,753	$	111,450
Agricultural Bank of China, Cl H	1,128,791		515,828
Bank of China, Cl H	3,008,858		1,092,229
Bank of Communications, Cl H	615,050		430,697
China Citic Bank, Cl H	728,457		398,525
China Construction Bank, Cl H	1,483,578		1,109,556
China Life Insurance, Cl H	436,008		1,164,596
China Merchants Bank, Cl H	249,602		514,080
China Minsheng Banking, Cl H	392,474		323,841
China Pacific Insurance Group, Cl H	169,845		529,092
Chongqing Rural Commercial Bank, Cl H *	246,567		111,088
CNinsure ADR *	3,595		27,142
Country Garden Holdings	334,226		134,663
E-House China Holdings ADR	6,873		53,953
Evergrande Real Estate Group	369,472		164,083
Greentown China Holdings	53,556		34,746
Guangzhou R&F Properties	93,556		92,611
Industrial & Commercial Bank of China, Cl H	1,721,616		1,094,778
Kaisa Group Holdings *	168,764		34,541
Longfor Properties	117,934		153,632
PICC Property & Casualty, Cl H	333,271		471,904
Ping An Insurance Group, Cl H	70,376		531,772
Renhe Commercial Holdings	964,977		137,880
Shimao Property Holdings	125,404		124,621
Shui On Land	148,337		46,782
Sino-Ocean Land Holdings	400,817		181,099
Soho China	178,890		129,415
TOTAL CHINA			9,714,604
HONG KONG— 11.4%
Financials — 11.4%
China Everbright	82,047		123,992
China Overseas Land & Investment	263,909		498,025
China Resources Land	131,326		195,083
China Taiping Insurance Holdings *	72,750		159,575
Franshion Properties China	295,258		61,571

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

23

Schedule of Investments October 31, 2011              

Global X China Financials ETF

	Shares/Face     Amount	Value
COMMON STOCK — continued
Financials — continued
Hopson Development Holdings	54,329	$	34,338
KWG Property Holding	103,217		45,440
Poly Hong Kong Investments	166,007		85,050
Shenzhen Investment	189,591		41,001
TOTAL HONG KONG			1,244,075
TOTAL COMMON STOCK (Cost $11,601,597)			10,958,679
TIME DEPOSIT — 1.0%
Brown Brothers Harriman, 0.030% (Cost $103,741)	$              103,741		103,741
TOTAL INVESTMENTS — 101.3% (Cost $11,705,338)		$	11,062,420

Percentages are based on Net Assets of $10,923,728.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	10,958,679	$	—	$	—	$	10,958,679
Time Deposit		—		103,741		—		103,741
Total Investments in Securities	$	10,958,679	$	103,741	$	—	$	11,062,420

For the year ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the year ended October 31, 2011, there were no Level 3 investments.

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

24

Schedule of Investments October 31, 2011              

Global X China Industrials ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares	Value
COMMON STOCK — 99.9%
CHINA — 83.5%
Industrials — 83.5%
Anhui Conch Cement, Cl H	57,700	$          214,653
Asia Cement China Holdings	54,973	26,536
BBMG, Cl H	148,021	132,044
Byd, Cl H	96,167	236,441
China Communications Construction, Cl H	295,465	227,061
China COSCO Holdings, Cl H	321,218	171,184
China National Building Material, Cl H	172,578	227,483
China National Materials	135,446	69,741
China Railway Construction, Cl H	239,095	144,654
China Railway Group, Cl H	521,045	176,398
China Rongsheng Heavy Industry Group	372,962	132,506
China Shanshui Cement Group	243,723	191,377
China Shipping Container Lines, Cl H *	444,438	86,387
China Shipping Development, Cl H	164,098	118,292
China South Locomotive and Rolling Stock	250,647	151,643
China Zhongwang Holdings	173,638	58,114
Dongfang Electric, Cl H	42,093	131,939
Duoyuan Global Water ADR * 1, 2	3,967	3,848
First Tractor, Cl H	50,741	46,309
Guangshen Railway, Cl H	177,253	62,062
Haitian International Holdings	69,200	62,176
Harbin Electric *	2,503	58,795
Harbin Power Equipment, Cl H	86,146	88,159
Metallurgical Corp of China, Cl H	349,069	76,837
Sany Heavy Equipment International Holdings	109,161	97,519
Shanghai Electric Group, Cl H	345,632	154,830
Sinotrans, Cl H	204,694	42,686
Sinotruk Hong Kong	167,542	99,208
Weichai Power, Cl H	41,444	212,062
Yangzijiang Shipbuilding Holdings	221,438	166,727
Zhuzhou CSR Times Electric, Cl H	57,404	137,294
TOTAL CHINA		3,804,965

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

25

Schedule of Investments October 31, 2011              

Global X China Industrials ETF

	Shares/Face         Amount	Value
COMMON STOCK — continued
HONG KONG — 16.4%
Industrials — 16.4%
Beijing Capital International Airport, Cl H	187,796	$	85,334
China High Speed Transmission Equipment Group	134,150		85,652
China Resources Cement Holdings	219,725		178,190
Citic Resources Holdings *	336,598		48,528
Shanghai Industrial Holdings	68,139		226,297
Shenzhen International Holdings	839,258		55,097
Sinotrans Shipping	173,907		44,101
Tianjin Development Holdings	54,912		25,941
TOTAL HONG KONG			749,140
TOTAL COMMON STOCK (Cost $7,019,845)			4,554,105
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030% (Cost $4,865)	$        4,865		4,865
TOTAL INVESTMENTS — 100.0% (Cost $7,024,710)		$	4,558,970

Percentages are based on Net Assets of $4,557,888.

* Non-income producing security.

¹  Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31, 2011 was $3,848 and represents 0.1% of Net Assets.

²  Security considered illiquid. The total value of such security as of October 31, 2011 was $3,848 and represented 0.1% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
China	$	3,801,117	$	-	$	3,848	$	3,804,965
Hong Kong		749,140		-		-		749,140
Total Common Stock		4,550,257		-		3,848		4,554,105
Time Deposit		-		4,865		-		4,865
Total Investments in Securities	$	4,550,257	$	4,865	$	3,848	$	4,558,970

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

26

Schedule of Investments October 31, 2011              

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:

	China
	Investments in   Common Stock
Beginning balance as of October 31, 2010	$	-
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		-
Net purchases		-
Net sales		-
Transfers into Level 3		3,848
Transfers out of Level 3		-
Ending balance as of October 31, 2011	$	3,848

Net change in unrealized appreciation/(depreciation) from investments (Level 3) still held as of October 31, 2011 is $—.

For the year ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the year ended October 31, 2011, transfers between Level 1 and Level 3 assets and liabilities totaled $3,848.

The Level 3 investment presented above was considered a Level 1 investment at the beginning of the reporting period. The reason for the transfer was a temporary trading suspension of the investment’s shares, which necessitated a fair value determination by the Fair Value Committee at the end of the reporting period. The Fund’s policy is to transfer investments into/out of level 3 at the end of the reporting period.

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

27

Schedule of Investments October 31, 2011              

Global X China Materials ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares	Value
COMMON STOCK — 99.0%
CHINA— 71.0%
Basic Materials — 71.0%
Aluminum Corp of China, Cl H	238,676	$	133,340
Angang Steel, Cl H	212,835		132,602
China BlueChemical	174,107		138,057
China Green Agriculture *	3,490		14,099
China Hongqiao Group *	204,744		121,236
China Molybdenum, Cl H	270,719		135,908
China Rare Earth Holdings *	245,006		54,562
China Vanadium Titano - Magnetite Mining	199,620		42,142
Dongyue Group	175,806		139,631
Gulf Resources *	3,171		7,484
Hidili Industry International Development	202,838		86,425
Hunan Non-Ferrous Metal, Cl H	371,854		103,871
Jiangxi Copper, Cl H	54,661		135,799
Lingbao Gold, Cl H	64,198		29,006
Maanshan Iron & Steel, Cl H	381,426		115,874
Real Gold Mining 1,2	97,864		74,830
Sinopec Shanghai Petrochemical, Cl H	359,204		134,092
Sinopec Yizheng Chemical Fibre, Cl H	316,897		77,914
Xinjiang Xinxin Mining Industry, Cl H	156,094		52,443
Yongye International *	8,879		44,750
Zhaojin Mining Industry	74,566		133,995
Zijin Mining Group, Cl H	302,858		131,381
TOTAL CHINA			2,039,441
HONG KONG— 28.0%
Basic Materials — 28.0%
China Lumena New Materials	587,611		133,127
Citic Pacific	77,339		142,562
Fufeng Group	164,402		89,730
North Mining Shares, Cl C *	2,953,059		79,067
Shougang Concord International Enterprises	1,160,526		82,164
Sinofert Holdings	402,160		134,597
Yingde Gases	133,812		144,345
TOTAL HONG KONG			805,592

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

28

Schedule of Investments October 31, 2011            

Global X China Materials ETF

	Value
COMMON STOCK — continued
TOTAL COMMON STOCK (Cost $4,310,922)	$	2,845,033
TOTAL INVESTMENTS — 99.0% (Cost $4,310,922)	$	2,845,033

Percentages are based on Net Assets of $2,874,627.

* Non-income producing security.

₁ Security is fair valued using methods determined in good faith by the Fair Value Committee of the Fund. The total value of such security as of October 31, 2011 was $74,830 and represents 2.6% of Net Assets.

₂ Security considered illiquid. The total value of such security as of October 31, 2011 was $74,830 and represented 2.6% of Net Assets

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
China	$	1,964,611	$	-	$	74,830	$	2,039,441
Hong Kong		805,592		-		-		805,592
Total Investments in Securities	$	2,770,203	$	-	$	74,830	$	2,845,033

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	China
	Investments in   Common Stock
Beginning balance as of October 31, 2010	$	1,048,393
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		-
Net purchases		-
Net sales		-
Transfers into Level 3		74,830
Transfers out of Level 3		(1,048,393)
Ending balance as of October 31, 2011	$	74,830

Net change in unrealized appreciation/(depreciation) from investments (Level 3) still held as of October 31, 2011 is $—.

For the year ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the year ended October 31, 2011, transfers between Level 1 and Level 3 assets and liabilities totaled $74,830.

The Level 3 investments at the end of the reporting period were considered Level 1 investments at the beginning of the reporting period. The reason for the transfer was a temporary suspension of the investments’ shares, which necessitated a fair value determination by the Fair Value Committee at the end of the reporting period. The Fund’s policy is to transfer investments into/out of Level 3 at the end of the reporting period.

The Level 3 investment at the beginning of the period resumed trading and was transferred to Level 1.

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

29

Schedule of Investments October 31, 2011            

Global X NASDAQ China Technology ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.4%
CHINA— 84.4%
Technology — 79.6%
AAC Acoustic Technologies Holdings		89,044	$	207,007
Alibaba.com		179,362		213,568
AsiaInfo Holdings *		6,452		64,649
Baidu ADR *		1,546		216,718
BYD Electronic International		89,092		32,341
China Communications Services, Cl H		294,341		137,537
Ctrip.com International ADR *		6,140		214,040
Foxconn International Holdings *		310,048		210,730
Giant Interactive Group ADR		33,051		128,568
Kingdee International Software Group		236,683		97,190
Kingsoft		93,271		41,782
Lenovo Group		317,208		216,821
Netease.com ADR *		4,631		219,371
Perfect World ADR *		6,268		81,547
Qihoo 360 Technology ADR *		5,330		107,719
Semiconductor Manufacturing International *		2,676,939		149,896
Shanda Interactive Entertainment ADR *		5,576		221,646
Sina *		2,138		173,798
Sohu.com *		3,241		195,756
Spreadtrum Communications ADR		6,125		162,741
Tencent Holdings		9,482		223,486
Travelsky Technology, Cl H		137,170		68,863
VanceInfo Technologies ADR *		5,224		60,651
ZTE, Cl H		78,839		227,835
				3,674,260
Telecommunications — 4.8% China Telecom, Cl H		348,739		219,070
TOTAL CHINA				3,893,330
HONG KONG— 14.3%
Technology — 4.6% Digital China Holdings		134,710		213,635

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

30

Schedule of Investments October 31, 2011            

Global X NASDAQ China Technology ETF

	Shares/Face     Amount		Value
COMMON STOCK — continued
Telecommunications — 9.7% China Mobile		23,051	$	221,504
China Unicom Hong Kong		108,954		226,085
				447,589
TOTAL HONG KONG				661,224
UNITED STATES— 0.7%
Technology — 0.7% Sina *		392		31,866
TOTAL COMMON STOCK (Cost $4,598,372)				4,586,420
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030% (Cost $7,095)	$	7,095		7,095
TOTAL INVESTMENTS — 99.6% (Cost $4,605,467)			$	4,593,515

Percentages are based on Net Assets of $4,614,037.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	4,586,420	$	—	$	—	$	4,586,420
Time Deposit		—		7,095		—		7,095
Total Investments in Securities	$	4,586,420	$	7,095	$	—	$	4,593,515

For the year ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the year ended October 31, 2011, there were no Level 3 investments.

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

31

Schedule of Investments October 31, 2011            

Global X FTSE ASEAN 40 ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 100.0%
INDONESIA— 19.1%
Consumer Goods — 7.6%
Astra International		204,928	$	1,597,744
Unilever Indonesia		102,000		180,373
				1,778,117
Financials — 8.1%
Bank Central Asia		820,400		750,875
Bank Mandiri		618,759		499,901
Bank Rakyat Indonesia Persero		817,700		623,669
				1,874,445
Telecommunications — 2.5%
Telekomunikasi Indonesia ADR		16,866		570,071
Utilities — 0.9%
Perusahaan Gas Negara		649,500		216,500
TOTAL INDONESIA				4,439,133
MALAYSIA— 30.4%
Basic Materials — 2.0%
Petronas Chemicals Group		222,166		467,222
Consumer Goods — 2.4%
IOI		323,800		554,271
Consumer Services — 2.8%
Genting		186,000		652,546
Financials — 12.7%
CIMB Group Holdings		381,114		940,669
Malayan Banking		382,705		1,043,174
Public Bank		237,000		981,383
				2,965,226
Industrials — 4.7%
PLUS Expressways		134,700		194,123

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

32

Schedule of Investments October 31, 2011            

Global X FTSE ASEAN 40 ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
Sime Darby		307,582	$	892,559
				1,086,682
Oil & Gas — 1.0%
Petronas Gas		54,000		230,649
Telecommunications — 4.0%
Axiata Group		423,800		674,322
Maxis		150,600		262,703
				937,025
Utilities — 0.8%
Tenaga Nasional		90,000		175,481
TOTAL MALAYSIA				7,069,102
PHILIPPINES— 0.6%
Telecommunications — 0.6%
Philippine Long Distance Telephone ADR		2,526		140,294
SINGAPORE— 38.7%
Consumer Goods — 3.2%
Wilmar International		171,000		745,255
Consumer Services — 5.6%
Genting Singapore *		406,500		561,929
Jardine Cycle & Carriage		9,592		347,730
Singapore Airlines		41,008		382,929
				1,292,588
Financials — 18.4%
CapitaLand		213,000		463,302
City Developments		45,300		393,772
DBS Group Holdings		118,900		1,170,906
Oversea-Chinese Banking		171,101		1,154,669
United Overseas Bank		79,880		1,091,500
				4,274,149
Industrials — 2.7%
Noble Group		319,047		395,282
Singapore Technologies Engineering		102,000		229,990
				625,272
Oil & Gas — 2.9%
Keppel		89,280		675,059
Telecommunications — 5.9%
Singapore Telecommunications		542,820		1,379,648
TOTAL SINGAPORE				8,991,971
THAILAND— 11.2%
Financials — 4.4%
Bangkok Bank		63,000		306,592

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

33

Schedule of Investments October 31, 2011            

Global X FTSE ASEAN 40 ETF

	Shares		Value
COMMON STOCK — continued
Financials — continued
Kasikornbank		78,000	$	314,844
Siam Commercial Bank		105,000		401,611
				1,023,047
Industrials — 0.9%
Siam Cement		20,750		212,769
Oil & Gas — 4.5%
PTT		57,000		567,773
PTT Exploration & Production		90,778		475,757
				1,043,530
Telecommunications — 1.4%
Advanced Info Service		78,900		335,171
TOTAL THAILAND				2,614,517
TOTAL COMMON STOCK (Cost $24,596,635)				23,255,017
TOTAL INVESTMENTS — 100.0% (Cost $24,596,635)			$	23,255,017

Percentages are based on Net Assets of $23,262,232.

* Non-income producing security.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	23,255,017	$	—	$	—	$	23,255,017
Total Investments in Securities	$	23,255,017	$	—	$	—	$	23,255,017

For the period ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

34

Schedule of Investments October 31, 2011            

Global X FTSE Andean 40 ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.8%
CHILE— 50.6%
Basic Materials — 10.0%
CAP		4,867	$	189,304
Empresas CMPC		46,005		191,206
Sociedad Quimica y Minera de Chile ADR		5,153		301,450
				681,960
Consumer Goods — 2.3%
AquaChile *		20,095		15,223
Cia Cervecerias Unidas ADR		1,061		60,774
Embotelladora Andina ADR, Cl B		1,319		37,592
Vina Concha y Toro ADR		1,166		43,142
				156,731
Consumer Services — 12.8%
Cencosud		39,324		252,974
Lan Airlines ADR		10,892		273,062
Ripley		45,400		48,099
SACI Falabella		31,170		293,377
				867,512
Financials — 7.7%
Banco de Chile ADR		2,517		204,104
Banco de Credito e Inversiones		1,802		100,820
Banco Santander Chile ADR		1,575		128,646
Corpbanca ADR		2,520		52,542
Parque Arauco		19,137		36,678
				522,790
Health Care — 0.4%
CFR Pharmaceuticals *		109,629		25,966

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

35

Schedule of Investments October 31, 2011            

Global X FTSE Andean 40 ETF

	Shares	Value
COMMON STOCK — continued
Industrials — 1.2%
Cia Sud Americana de Vapores	89,444	$	24,447
Salfacorp	18,500		57,357
			81,804
Oil & Gas — 4.6%
Empresas COPEC	20,414		313,065
Technology — 1.0%
Sonda	26,700		65,203
Telecommunications — 1.1%
ENTEL Chile	3,940		77,971
Utilities — 9.5%
AES Gener	113,000		64,586
Colbun	293,024		79,701
Empresa Nacional de Electricidad ADR	5,935		286,305
Enersis ADR	11,342		222,643
			653,235
TOTAL CHILE			3,446,237
COLOMBIA— 30.7%
Consumer Goods — 0.2%
Fabricato *	360,615		13,729
Consumer Services — 2.1%
Almacenes Exito	11,236		144,592
Financials — 11.0%
BanColombia ADR	8,553		533,536
Grupo de Inversiones Suramericana	12,125		213,114
			746,650
Industrials — 4.0%
Cementos Argos	18,372		105,799
Inversiones Argos	17,197		165,054
			270,853
Oil & Gas — 11.8%
Ecopetrol ADR	11,734		499,164
Pacific Rubiales Energy (CAD)	13,125		306,035
			805,199
Utilities — 1.6%
Interconexion Electrica	17,808		113,628
TOTAL COLOMBIA			2,094,651
PERU— 18.5%
Basic Materials — 13.5%
Cia de Minas Buenaventura ADR	10,617		434,554
Sociedad Minera Cerro Verde SAA	1,476		53,874

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

36

Schedule of Investments October 31, 2011            

Global X FTSE Andean 40 ETF

	Shares		Value
COMMON STOCK — continued
Basic Materials — continued
Southern Copper		10,627	$	326,036
Volcan Cia Minera SAA		102,641		100,543
				915,007
Financials — 5.0%
Credicorp		1,285		140,052
Credicorp Ltd.		1,868		203,201
				343,253
TOTAL PERU				1,258,260
TOTAL COMMON STOCK (Cost $7,260,366)				6,799,148
TOTAL INVESTMENTS — 99.8% (Cost $7,260,366)			$	6,799,148

Percentages are based on Net Assets of $6,806,041.

* Non-income producing security.

ADR — American Depositary Receipt

CAD — Canadian Dollar

Cl — Class

Ltd. — Limited

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	6,799,148	$	—	$	—	$	6,799,148
Total Investments in Securities	$	6,799,148	$	—	$	—	$	6,799,148

For the period ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

37

Schedule of Investments October 31, 2011            

Global X FTSE Colombia 20 ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.5%
COLOMBIA— 99.5%
Consumer Goods — 6.9%
Fabricato *		78,134,754	$	2,974,567
Grupo Nutresa		561,596		6,805,399
				9,779,966
Consumer Services — 6.4%
Almacenes Exito		702,461		9,039,712
Financials — 44.0%
Banco Davivienda		590,416		6,401,186
BanColombia ADR		320,925		20,019,302
Bolsa de Valores de Colombia		220,322,625		3,933,911
Cia Colombiana de Inversiones		2,558,721		5,872,025
Financiera Colombiana		358,206		6,749,254
Grupo Aval Acciones y Valores		13,478,162		8,852,948
Grupo de Inversiones Suramericana		450,640		7,920,632
Helm Bank		6,387,007		1,061,647
Interbolsa *		1,167,693		1,427,528
				62,238,433
Industrials — 10.3%
Cementos Argos		1,131,453		6,515,713
Inversiones Argos		689,128		6,614,151
Tableros y Maderas de Caldas		285,476,806		1,467,948
				14,597,812
Oil & Gas — 21.7%
Ecopetrol ADR		437,245		18,600,402
Pacific Rubiales Energy (CAD)		504,870		11,772,027
Pacific Rubiales Energy (USD)		15,000		351,000
				30,723,429
Telecommunications — 1.0%
Empresa de Telecomunicaciones de Bogota		4,740,779		1,443,840

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

38

Schedule of Investments October 31, 2011              

Global X FTSE Colombia 20 ETF

	Shares		Value
COMMON STOCK — continued
Utilities — 9.2%
Interconexion Electrica		1,040,683	$	6,640,283
Isagen		5,469,665		6,452,152
				13,092,435
TOTAL COMMON STOCK (Cost $145,016,559)				140,915,627
TOTAL INVESTMENTS — 99.5% (Cost $145,016,559)			$	140,915,627

Percentages are based on Net Assets of $141,612,918.

*     Non-income producing security.

ADR — American Depositary Receipt

CAD — Canadian Dollar

USD — U.S. Dollar

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	140,915,627	$	—	$	—	$	140,915,627
Total Investments in Securities	$	140,915,627	$	—	$	—	$	140,915,627

For the year ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the year ended October 31, 2011, there were no Level 3 investments.

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

39

Schedule of Investments October 31, 2011              

Global X FTSE Argentina 20 ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.7%
ARGENTINA— 81.5%
Basic Materials — 22.8%
Tenaris ADR		27,671	$	880,215
Consumer Discretionary — 8.5%
Arcos Dorados Holdings		14,087		329,636
Consumer Goods — 2.5%
Cresud SA ADR		8,390		97,408
Consumer Services — 8.1%
MercadoLibre		4,810		313,612
Financials — 11.5%
Banco Macro ADR		8,412		168,661
BBVA Banco Frances ADR		11,963		74,290
Grupo Financiero Galicia ADR		16,061		132,664
IRSA Inversiones y Representaciones ADR		6,453		64,917
				440,532
Oil & Gas — 14.0%
Petrobras Argentina ADR		9,007		126,098
Transportadora de Gas del Sur ADR		8,683		27,351
YPF ADR		11,407		383,389
				536,838
Telecommunications — 9.0%
Nortel Inversora ADR *		6,559		156,563
Telecom Argentina ADR		9,527		191,302
				347,865
Utilities — 5.1%
Empresa Distribuidora Y Comercializadora Norte ADR *		2,466		19,728
Pampa Energia ADR		11,725		177,138
				196,866
TOTAL ARGENTINA				3,142,972

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

40

Schedule of Investments October 31, 2011              

Global X FTSE Argentina 20 ETF

	Shares/Face     Amount		Value
COMMON STOCK — continued
CANADA— 13.8%
Basic Materials — 13.8%
Goldcorp		2,962	$	144,664
Pan American Silver		4,878		136,389
Silver Standard Resources *		5,533		108,391
Yamana Gold		9,623		144,056
TOTAL CANADA				533,500
CHILE— 4.4%
Consumer Services — 4.4%
Cencosud		26,353		169,531
TOTAL COMMON STOCK (Cost $4,843,075)				3,846,003
TIME DEPOSIT — 0.3%
Brown Brothers Harriman, 0.030% (Cost $12,932)	$	12,932		12,932
TOTAL INVESTMENTS — 100.0% (Cost $4,856,007)			$	3,858,935

Percentages are based on Net Assets of $3,857,052.

*     Non-income producing security.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,846,003	$	—	$	—	$	3,846,003
Time Deposit		—		12,932		—		12,932
Total Investments in Securities	$	3,846,003	$	12,932	$	—	$	3,858,935

For the period ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

41

Schedule of Investments October 31, 2011              

Global X Brazil Mid Cap ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 79.3%
BRAZIL— 79.3%
Basic Materials — 1.3%
Fibria Celulose ADR		35,806	$	317,599
Consumer Goods — 8.8%
Cosan, Cl A		21,845		262,140
Cosan Industria e Comercio		20,620		321,583
Hypermarcas		77,233		420,248
JBS *		100,731		302,809
Marfrig Alimentos		24,302		104,910
Natura Cosmeticos		32,909		642,267
				2,053,957
Consumer Services — 5.6%
Gol Linhas Aereas Inteligentes ADR		25,402		203,724
Lojas Renner		23,285		708,114
TAM ADR		19,126		384,241
				1,296,079
Financials — 18.5%
BR Malls Participacoes		77,814		845,459
Cyrela Brazil Realty Empreendimentos e Participacoes		54,918		484,392
MRV Engenharia e Participacoes		62,820		445,029
Multiplan Empreendimentos Imobiliarios		12,462		251,709
PDG Realty Empreendimentos e Participacoes		214,056		945,263
Porto Seguro		18,927		202,998
Redecard		68,617		1,140,885
				4,315,735
Industrials — 16.1%
All America Latina Logistica		99,880		499,836
CCR		41,031		1,131,131
Duratex		52,399		287,867
Embraer ADR		35,221		979,848

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

42

Schedule of Investments October 31, 2011              

Global X Brazil Mid Cap ETF

	Shares		Value
COMMON STOCK — continued
Industrials — continued
LLX Logistica *		92,028	$	205,877
Weg		58,174		656,131
				3,760,690
Telecommunications — 4.9%
Telegraph Norte Leste Participacoes ADR		55,173		598,627
Tim Participacoes ADR		20,628		537,153
				1,135,780
Utilities — 24.1%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		10,755		583,566
Cia Energetica de Minas Gerais ADR		73,178		1,246,953
Cia Paranaense de Energia ADR		24,427		492,937
CPFL Energia ADR		48,975		1,272,860
EDP - Energias do Brasil		10,609		229,424
Tractebel Energia		38,881		622,685
Ultrapar Participacoes ADR		66,035		1,172,782
				5,621,207
TOTAL COMMON STOCK (Cost $19,643,759)				18,501,047
PREFERRED STOCK — 20.0%
BRAZIL — 20.0%
Basic Materials — 3.4%
Metalurgica Gerdau, Cl A		51,210		576,989
Suzano Papel e Celulose		44,013		221,283
				798,272
Consumer Services — 7.2%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		30,373		1,190,318
Lojas Americanas		55,145		493,141
				1,683,459
Financials — 5.2%
Banco do Estado do Rio Grande do Sul		33,975		358,652
Bradespar		42,617		868,974
				1,227,626
Telecommunications — 2.2%
Telemar Norte Leste		18,708		510,288
Utilities — 2.0%
Cia Energetica de Sao Paulo		26,283		456,144
TOTAL PREFERRED STOCK (Cost $4,931,257)				4,675,789

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

43

Schedule of Investments October 31, 2011              

Global X Brazil Mid Cap ETF

	Face Amount/Number   of Warrants		Value
CORPORATE OBLIGATIONS — 0.6%
BRAZIL— 0.6%
Hypermarcus 1,2
11.300%, 10/15/18	$	59,000	$	34,941
3.000%, 10/15/15		59,000		34,941
Marfrig Alimentos, Convertible 1,2,3
1.04%, 07/15/15		12		70,868
TOTAL CORPORATE OBLIGATIONS (Cost $141,511)				140,750
WARRANTS — 0.0%
Hypermarcas* 1,2 (Cost $—)		59		—
TOTAL INVESTMENTS — 99.9% (Cost $24,716,527)			$	23,317,586

Percentages are based on Net Assets of $23,329,414.

* Non-income producing security.

¹  Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of October 31, 2011, was $140,750 and represented 0.6% of Net Assets.

²  Securities considered illiquid. The total value of such securities as of October 31, 2011 was $140,750 and represented 0.6% of Net Assets.

³  Floating rate security. Rate disclosed is the rate in effect on October 31, 2011.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Common Stock	$	18,501,047	$	—	$	—	$	18,501,047
Preferred Stock		4,675,789		—		—		4,675,789
Corporate Obligations		—		—		140,750		140,750
Warrants		—		—		—		—
Total Investments in Securities	$	23,176,836	$	—	$	140,750	$	23,317,586

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

44

Schedule of Investments October 31, 2011              

Global X Brazil Mid Cap ETF

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Brazil
	Investments in     Corporate Obligations
Beginning balance as of October 31, 2010	$	71,750
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		(882)
Net purchases		69,882
Net sales		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending balance as of October 31, 2011	$	140,750

Net change in unrealized appreciation/(depreciation) from investments still held as of October 31, 2011 is $(882).

For the year ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

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

45

Schedule of Investments October 31, 2011              

Global X Brazil Consumer ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares	Value
COMMON STOCK — 81.1%
BRAZIL — 81.1%
Consumer Goods — 51.1%
Arezzo Industria e Comercio	31,331	$	414,339
BRF - Brasil Foods ADR	86,534		1,821,541
Cia Hering	72,780		1,630,289
Cosan, Cl A	99,387		1,192,644
Cosan Industria e Comercio	93,754		1,462,158
Gafisa ADR	148,476		1,104,661
Hypermarcas	170,082		925,468
JBS *	454,939		1,367,600
M Dias Branco	36,106		935,832
Marfrig Alimentos	109,761		473,830
Natura Cosmeticos	62,250		1,214,900
Sao Martinho	24,137		288,266
SLC Agricola	40,494		402,227
Souza Cruz	135,595		1,682,594
Tereos Internacional	76,167		109,159
			15,025,508
Consumer Services — 30.0%
Anhanguera Educacional Participacoes	74,867		1,112,646
B2W Cia Global Do Varejo	80,674		656,108
Drogasil	95,821		603,452
Gol Linhas Aereas Inteligentes ADR	114,935		921,779
Localiza Rent a Car	96,794		1,453,179
Lojas Renner	43,556		1,324,569
Marisa Lojas	39,910		548,952
Multiplus	41,872		707,421
TAM ADR	73,135		1,469,282
			8,797,388
TOTAL COMMON STOCK (Cost $26,589,125)			23,822,896

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

46

Schedule of Investments October 31, 2011              

Global X Brazil Consumer ETF

	Shares/Face Amount/Number of Warrants		Value
PREFERRED STOCK — 18.4%
BRAZIL— 18.4%
Consumer Goods — 7.5%
Alpargatas		68,871	$	457,401
Cia de Bebidas das Americas ADR		51,455		1,735,063
				2,192,464
Consumer Services — 10.9%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		38,913		1,525,000
Lojas Americanas		165,026		1,475,764
Saraiva Livreiros Editores		14,567		211,313
				3,212,077
TOTAL PREFERRED STOCK (Cost $4,905,764)				5,404,541
CORPORATE OBLIGATIONS — 0.5%
BRAZIL— 0.5%
Hypermarcus 1,2
11.300%, 10/15/18	$	84,000		49,747
3.000%, 10/15/15		84,000		49,746
Marfrig Alimentos, Convertible 1,2,3
1.04%, 07/15/15		6		35,412
TOTAL CORPORATE OBLIGATIONS (Cost $136,027)				134,905
WARRANTS — 0.0%
Hypermarcas* 1,2
(Cost $—)		84		—
TOTAL INVESTMENTS — 100.0% (Cost $31,630,916)			$	29,362,342

Percentages are based on Net Assets of $29,361,324.

* Non-income producing security.

¹  Securities are fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of October 31, 2011, was $134,905 and represented 0.5% of Net Assets.

²  Securities considered illiquid. The total value of such securities as of October 31, 2011 was $134,905 and represented 0.5% of Net Assets.

³  Floating rate security. Rate disclosed is the rate in effect on October 31, 2011.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	23,822,896	$	—	$	—	$	23,822,896
Preferred Stock		5,404,541		—		—		5,404,541
Corporate Obligations		—		—		—		—
Warrants		—		—		134,905		134,905
Total Investments in Securities	$	29,227,437	$	—	$	134,905	$	29,362,342

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

47

Schedule of Investments October 31, 2011            

Global X Brazil Consumer ETF

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Brazil
	Investments in     Corporate Obligations
Beginning balance as of October 31, 2010	$	35,852
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		(440)
Net purchases		99,493
Net sales		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending balance as of October 31, 2011	$	134,905

Net change in unrealized appreciation/(depreciation) from investments still held as of October 31, 2011 is $(440).

For the year ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

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

48

Schedule of Investments October 31, 2011            

Global X Brazil Financials ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares	Value
COMMON STOCK — 94.0%
BRAZIL— 94.0%
Financials — 94.0%
Banco Bradesco ADR	43,554	$            792,683
Banco do Brasil	50,332	768,248
Banco Santander Brasil ADR	36,668	333,679
BM&F Bovespa	59,379	357,346
BR Malls Participacoes	35,620	387,016
BR Properties	22,538	227,809
Brasil Brokers Participacoes	30,851	125,094
Brookfield Incorporacoes	5,035	19,624
CETIP - Balcao Organizado de Ativos e Derivativos	26,671	365,299
Cielo	17,088	456,244
Cyrela Brazil Realty Empreendimentos e Participacoes	38,419	338,866
Even Construtora e Incorporadora	28,014	105,756
Itau Unibanco Holding ADR	38,014	726,828
Iguatemi Empresa de Shopping Centers	5,897	114,917
MRV Engenharia e Participacoes	44,654	316,337
Multiplan Empreendimentos Imobiliarios	10,547	213,029
PDG Realty Empreendimentos e Participacoes	65,641	289,868
Porto Seguro	15,939	170,951
Redecard	28,214	469,110
Rossi Residencial	27,027	171,940
Sul America	32,509	264,958
TOTAL COMMON STOCK (Cost $7,775,608)		7,015,602
PREFERRED STOCK — 5.9%
BRAZIL— 5.9%
Financials — 5.9%
Banco ABC Brasil	8,220	55,071
Banco do Estado do Rio Grande do Sul	28,158	297,246
Banco Industrial e Comercial	10,440	47,562

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

49

Schedule of Investments October 31, 2011            

Global X Brazil Financials ETF

	Shares	Value
PREFERRED STOCK — continued
Financials — continued Banco Panamericano*	8,330	$             37,028
TOTAL PREFERRED STOCK (Cost $476,648)		436,907
TOTAL INVESTMENTS — 99.9% (Cost $8,252,256)		$        7,452,509

Percentages are based on Net Assets of $7,461,414.

* Non-income producing security.

ADR — American Depositary Receipt

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	7,015,602	$	—	$	—	$	7,015,602
Preferred Stock		436,907		—		—		436,907
Total Investments in Securities	$	7,452,509	$	—	$	—	$	7,452,509

For the year ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the year ended October 31, 2011, there were no Level 3 investments.

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

50

Schedule of Investments October 31, 2011            

Global X Mexico Small-Cap ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares	Value
COMMON STOCK — 99.8%
MEXICO— 99.8%
Basic Materials — 7.2%
Cia Minera Autlan	9,200	$                9,566
Grupo Simec, Cl B *	7,100	15,858
Industrias CH, Cl B *	4,500	14,655
		40,079
Consumer Goods — 17.7%
Consorcio ARA	49,936	13,721
Corporacion GEO *	11,500	15,877
Desarrolladora Homex ADR *	521	7,794
Gruma, Cl B *	2,500	4,891
Grupo Herdez	16,568	30,450
Industrias Bachoco	3,100	5,760
Sare Holding, Cl B *	19,900	1,912
Urbi Desarrollos Urbanos *	14,200	18,113
		98,518
Consumer Services — 27.8%
Alsea	21,600	22,362
Controladora Comercial Mexicana *	20,700	29,916
Grupo Comercial Chedraui	11,857	28,574
Grupo Famsa, Cl A *	4,100	3,675
Megacable Holdings *	17,182	36,119
TV Azteca	56,364	34,233
		154,879
Financials — 13.7%
Bolsa Mexicana de Valores	19,193	31,398
Compartamos	21,721	33,593
Inmuebles Carso *	14,500	11,049
		76,040
Health Care — 5.9%
Genomma Lab Internacional, Cl B *	15,958	32,946

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

51

Schedule of Investments October 31, 2011            

Global X Mexico Small-Cap ETF

	Shares/Face     Amount	Value
COMMON STOCK — continued
Industrials — 26.1%
Empresas ICA ADR *	3,466	$                18,474
Grupo Aeroportuario del Pacifico ADR	986	34,175
Grupo Aeroportuario del Sureste ADR	702	40,435
OHL Mexico *	19,178	29,818
Promotora y Operadora de Infraestructura *	5,600	22,618
		145,520
Telecommunications — 1.4%
Axtel *	23,800	7,808
TOTAL COMMON STOCK (Cost $726,839)		555,790
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030% (Cost $1,082)	$                    1,082	1,082
TOTAL INVESTMENTS — 100.0% (Cost $727,921)		$              556,872

Percentages are based on Net Assets of $556,805.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1	Level 2	Level 3	Total
Common Stock	$        555,790	$                  —	$                —	$      555,790
Time Deposit	—	1,082	—	1,082
Total Investments in Securities	$        555,790	$             1,082	$                —	$      556,872

For the period ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

52

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Growth ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares	Value
COMMON STOCK — 93.3%
BRAZIL— 12.3%
Basic Materials — 3.0%
Cia Siderurgica Nacional ADR	1,110	$              10,390
Gerdau ADR	26	234
Vale ADR, Cl B	2,158	54,835
		65,459
Consumer Goods — 1.3%
BRF - Brasil Foods ADR	1,096	23,071
Cia de Bebidas das Americas ADR	228	6,140
		29,211
Financials — 7.3%
Banco Bradesco ADR	4,032	73,383
Banco do Brasil	106	1,618
Cielo	344	9,184
Itau Unibanco Holding ADR	3,302	63,134
Itausa - Investimentos Itau	1,440	11,325
		158,644
Oil & Gas — 0.7%
OGX Petroleo e Gas Participacoes *	1,820	15,247
TOTAL BRAZIL		268,561
CHILE— 1.2%
Consumer Services — 0.4%
SACI Falabella	900	8,471
Oil & Gas — 0.4%
Empresas COPEC	626	9,600
Utilities — 0.4%
Empresa Nacional de Electricidad ADR	162	7,815
TOTAL CHILE		25,886

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

53

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Growth ETF

	Shares	Value
COMMON STOCK — continued
CHINA— 16.5%
Basic Materials — 0.5%
Aluminum Corp of China ADR	30	$                    399
Yanzhou Coal Mining ADR	302	7,460
Zijin Mining Group, Cl H	9,000	3,904
		11,763
Consumer Goods — 0.4%
Tingyi Cayman Islands Holding	2,800	8,038
Consumer Services — 0.1%
Air China, Cl H	3,200	2,529
Energy — 1.4%
China Coal Energy, Cl H	6,000	7,639
China Shenhua Energy, Cl H	4,800	22,367
		30,006
Financials — 9.5%
Agricultural Bank of China, Cl H	24,000	10,967
Bank of Communications, Cl H	9,900	6,932
China Citic Bank, Cl H	10,000	5,471
China Construction Bank, Cl H	94,000	70,302
China Life Insurance ADR	738	28,597
China Merchants Bank, Cl H	5,800	11,946
China Pacific Insurance Group, Cl H	1,460	4,548
Industrial & Commercial Bank of China, Cl H	82,000	52,144
Ping An Insurance Group, Cl H	2,200	16,624
		207,531
Industrials — 0.5%
Byd, Cl H	840	2,065
China Communications Construction, Cl H	6,000	4,611
China Railway Construction, Cl H	3,000	1,815
China Railway Group, Cl H	6,000	2,031
		10,522
Oil & Gas — 0.5%
China Petroleum & Chemical ADR	38	3,587
PetroChina ADR	56	7,258
		10,845
Technology — 3.6%
Baidu ADR *	370	51,867
Tencent Holdings	1,100	25,926
		77,793
TOTAL CHINA		359,027

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

54

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Growth ETF

	Shares	Value
COMMON STOCK — continued
COLOMBIA— 0.6%
Oil & Gas — 0.6%
Ecopetrol ADR	306	$              13,017
CZECH REPUBLIC— 0.2%
Utilities — 0.2%
CEZ	100	4,231
HONG KONG— 4.4%
Consumer Goods — 0.6%
Belle International Holdings, Cl A	6,786	13,487
Financials — 1.2%
BOC Hong Kong Holdings	4,129	9,982
China Overseas Land & Investment	5,600	10,568
China Resources Land	3,000	4,456
		25,006
Oil & Gas — 1.9%
CNOOC ADR	222	41,871
Telecommunications — 0.7%
China Mobile ADR	326	15,505
TOTAL HONG KONG		95,869
INDIA— 10.1%
Basic Materials — 0.4%
Sterlite Industries India ADR	730	7,534
Financials — 3.1%
HDFC Bank ADR	1,240	39,259
ICICI Bank ADR	408	15,161
State Bank of India GDR	186	14,657
		69,077
Industrials — 0.6%
Larsen & Toubro GDR	410	11,898
Oil & Gas — 2.8%
Reliance Industries GDR 1	1,694	61,323
Technology — 3.2%
Infosys ADR	1,110	65,035
Wipro ADR	512	5,355
		70,390
TOTAL INDIA		220,222
INDONESIA— 3.5%
Consumer Goods — 1.2%
Astra International	3,000	23,390
Unilever Indonesia	1,720	3,042
		26,432

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

55

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Growth ETF

	Shares	Value
COMMON STOCK — continued
Financials — 1.8%
Bank Central Asia	18,800	$            17,207
Bank Mandiri	12,257	9,903
Bank Rakyat Indonesia Persero	14,415	10,994
		38,104
Telecommunications — 0.5%
Telekomunikasi Indonesia ADR	348	11,762
TOTAL INDONESIA		76,298
MALAYSIA— 2.1%
Financials — 1.6%
CIMB Group Holdings	5,200	12,835
Malayan Banking	3,684	10,042
Public Bank	2,600	10,783
		33,660
Industrials — 0.3%
Sime Darby	2,600	7,545
Telecommunications — 0.2%
Maxis	2,800	4,884
TOTAL MALAYSIA		46,089
MEXICO— 5.8%
Basic Materials — 0.7%
Grupo Mexico, Cl B	5,400	14,976
Consumer Goods — 1.3%
Fomento Economico Mexicano ADR	318	21,322
Grupo Modelo	920	5,856
		27,178
Consumer Services — 1.3%
Grupo Elektra	100	7,710
Wal-Mart de Mexico	8,200	21,177
		28,887
Telecommunications — 2.5%
America Movil ADR, Ser L	1,988	50,535
Telefonos de Mexico ADR	308	4,817
		55,352
TOTAL MEXICO		126,393
MOROCCO— 0.2%
Telecommunications — 0.2%
Maroc Telecom	204	3,597

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

56

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Growth ETF

	Shares	Value
COMMON STOCK — continued
POLAND— 0.8%
Financials — 0.8%
Bank Pekao	130	$                6,050
Powszechna Kasa Oszczednosci Bank Polski	898	10,250
TOTAL POLAND		16,300
RUSSIA— 6.3%
Basic Materials — 2.3%
MMC Norilsk Nickel ADR	1,668	32,643
Novolipetsk Steel GDR	186	5,063
Uralkali	1,424	12,672
		50,378
Financials — 1.6%
Sberbank of Russia	11,749	32,956
VTB Bank GDR	504	2,425
		35,381
Oil & Gas — 1.6%
NovaTek OAO	2,694	34,807
Telecommunications — 0.8%
Mobile Telesystems ADR	560	8,002
Rostelecom	1,787	9,196
		17,198
TOTAL RUSSIA		137,764
SOUTH AFRICA— 9.9%
Basic Materials — 2.5%
Anglo American Platinum	102	7,430
AngloGold Ashanti ADR	562	25,408
Impala Platinum Holdings	672	15,633
Kumba Iron Ore	116	6,942
		55,413
Consumer Services — 1.4%
Naspers, Cl N	608	29,295
Financials — 1.7%
ABSA Group	472	8,546
FirstRand	5,022	12,570
Standard Bank Group	1,194	14,807
		35,923
Oil & Gas — 1.9%
Sasol ADR	926	41,892

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

57

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Growth ETF

	Shares	Value
COMMON STOCK — continued
Telecommunications — 2.4%
MTN Group	2,730	$              47,950
Vodacom Group	340	3,876
		51,826
TOTAL SOUTH AFRICA		214,349
SOUTH KOREA— 8.1%
Basic Materials — 1.1%
LG Chemical	66	21,607
POSCO ADR	20	1,718
		23,325
Consumer Goods — 4.4%
Hyundai Mobis	100	29,051
Hyundai Motor	208	42,466
Kia Motors	362	23,540
		95,057
Financials — 0.8%
KB Financial Group ADR	90	3,514
Samsung Life Insurance	125	9,759
Shinhan Financial Group ADR	50	3,980
		17,253
Industrials — 0.6%
Hyundai Heavy Industries	49	13,331
Oil & Gas — 0.6%
SK Innovation	83	12,728
Technology — 0.6%
Hynix Semiconductor	274	5,631
Samsung Electronics	9	7,836
		13,467
TOTAL SOUTH KOREA		175,161
TAIWAN— 10.0%
Basic Materials — 2.6%
Formosa Chemicals & Fibre	7,276	21,288
Formosa Plastics	7,178	21,362
Nan Ya Plastics	6,000	13,623
		56,273
Financials — 0.5%
Cathay Financial Holding	9,792	11,836
Industrials — 1.7%
Hon Hai Precision Industry	13,420	37,380
Oil & Gas — 0.4%
Formosa Petrochemical	3,000	9,490

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

58

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Growth ETF

	Shares	Value
COMMON STOCK — continued
Technology — 4.8%
HTC	1,050	$                    24,085
Taiwan Semiconductor Manufacturing ADR	6,284	79,304
		103,389
TOTAL TAIWAN		218,368
THAILAND— 0.9%
Oil & Gas — 0.9%
PTT	1,080	10,758
PTT Exploration & Production	1,720	9,014
TOTAL THAILAND		19,772
TURKEY— 0.4%
Financials — 0.3%
Turkiye Garanti Bankasi	818	2,889
Turkiye Is Bankasi, Cl C	2,078	4,857
		7,746
Telecommunications — 0.1%
Turkcell Iletisim Hizmetleri ADR	114	1,405
TOTAL TURKEY		9,151
TOTAL COMMON STOCK (Cost $2,343,806)		2,030,055
PREFERRED STOCK — 6.1%
BRAZIL— 6.1%
Basic Materials — 3.2%
Vale ADR, Cl B	2,978	70,281
Consumer Goods — 1.7%
Cia de Bebidas das Americas ADR	1,078	36,350
Financials — 1.0%
Itausa - Investimentos Itau	3,600	22,630
Technology — 0.2%
Samsung Electronics	7	4,029
TOTAL BRAZIL		133,290
TOTAL PREFERRED STOCK (Cost $155,807)		133,290
TOTAL INVESTMENTS — 99.4% (Cost $2,499,613)		$               2,163,345

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

59

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Growth ETF

Percentages are based on Net Assets of $2,176,455.

* Non-income producing security.

¹  Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the board of Trustees.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

Ser — Series

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1	Level 2	Level 3	Total
Common Stock	$    2,030,055	$               —	$                —	$     2,030,055
Preferred Stock	133,290	—	—	133,290
Total Investments in Securities	$    2,163,345	$               —	$                —	$     2,163,345

For the period ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

60

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Value ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares	Value
COMMON STOCK — 97.4%
BRAZIL— 20.7%
Basic Materials — 1.3%
Gerdau ADR	3,420	$              30,848
Financials — 4.3%
Banco do Brasil	2,614	39,899
Banco Santander Brasil ADR	2,400	21,840
BM&F Bovespa	5,800	34,905
		96,644
Oil & Gas — 14.2%
Petroleo Brasileiro ADR	5,603	151,337
Petroleo Brasileiro ADR, Cl A	6,529	165,118
		316,455
Utilities — 0.9%
Centrais Eletricas Brasileiras ADR	968	9,632
Centrais Eletricas Brasileiras ADR, Cl B	718	10,016
		19,648
TOTAL BRAZIL		463,595
CHILE— 0.8%
Utilities — 0.8%
Enersis ADR	884	17,353
CHINA— 12.0%
Basic Materials — 0.3%
Aluminum Corp of China ADR	480	6,379
Energy — 0.2%
China Shenhua Energy, Cl H	1,000	4,660

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

61

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Value ETF

	Shares	Value
COMMON STOCK — continued
Financials — 4.1%
Bank of China, Cl H	203,615	$              73,913
China Citic Bank, Cl H	20,223	11,064
China Minsheng Banking, Cl H	9,000	7,426
		92,403
Industrials — 0.7%
China Communications Construction, Cl H	14,588	11,211
China COSCO Holdings, Cl H	9,000	4,796
		16,007
Oil & Gas — 5.3%
China Petroleum & Chemical ADR	486	45,878
PetroChina ADR	560	72,582
		118,460
Telecommunications — 1.4%
China Telecom ADR	486	29,695
TOTAL CHINA		267,604
CZECH REPUBLIC— 0.6%
Utilities — 0.6%
CEZ	340	14,387
HONG KONG— 5.6%
Telecommunications — 5.6%
China Mobile ADR	2,263	107,628
China Unicom Hong Kong ADR	901	18,119
TOTAL HONG KONG		125,747
INDIA— 0.8%
Basic Materials — 0.8%
Sterlite Industries India ADR	608	6,274
Tata Steel GDR	1,106	10,673
TOTAL INDIA		16,947
MEXICO— 0.0%
Telecommunications — 0.0%
Telefonos de Mexico ADR	50	782
POLAND— 0.5%
Utilities — 0.5%
PGE	1,892	11,661
RUSSIA— 25.6%
Basic Materials — 0.1%
United RUSAL *	2,800	2,595
Financials — 0.7%
VTB Bank GDR	3,056	14,706

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

62

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Value ETF

	Shares	Value
COMMON STOCK — continued
Oil & Gas — 23.8%
Gazprom OAO ADR	18,501	$          214,797
Lukoil OAO ADR	2,571	148,347
Rosneft Oil GDR	4,454	31,690
Surgutneftegas ADR	13,504	116,810
Tatneft ADR	724	21,495
		533,139
Utilities — 1.0%
Federal Grid Unified Energy System JSC, Cl T	922,788	8,623
Federal Hydrogenerating JSC ADR	3,936	14,839
		23,462
TOTAL RUSSIA		573,902
SOUTH AFRICA— 0.8%
Financials — 0.8%
Standard Bank Group	1,506	18,676
SOUTH KOREA— 22.8%
Basic Materials — 2.9%
POSCO ADR	782	67,190
Consumer Goods — 0.9%
LG Electronics	308	20,693
Financials — 3.7%
KB Financial Group ADR	1,042	40,690
Samsung Life Insurance	20	1,561
Shinhan Financial Group ADR	511	40,676
		82,927
Technology — 14.4%
Hynix Semiconductor	1,067	21,928
Samsung Electronics GDR 1	696	299,489
		321,417
Utilities — 0.9%
Korea Electric Power ADR*	1,742	19,214
TOTAL SOUTH KOREA		511,441
TAIWAN— 4.9%
Basic Materials — 2.4%
China Steel	36,344	36,337
Nan Ya Plastics	7,800	17,710
		54,047
Technology — 0.5%
Taiwan Semiconductor Manufacturing ADR	860	10,853
Telecommunications — 2.0%
Chunghwa Telecom ADR	1,340	45,064
TOTAL TAIWAN		109,964

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

63

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Value ETF

	Shares/Face       Amount	Value
COMMON STOCK — continued
THAILAND— 0.2%
Oil & Gas — 0.2%
PTT	380	$                3,785
TURKEY— 2.1%
Financials — 2.1%
Akbank	5,173	18,914
Turkiye Garanti Bankasi	5,066	17,892
Turkiye Is Bankasi, Cl C	4,503	10,526
TOTAL TURKEY		47,332
TOTAL COMMON STOCK (Cost $2,541,646)		2,183,176
PREFERRED STOCK — 1.3%
SOUTH KOREA— 1.3%
Technology — 1.3%
Samsung Electronics (Cost $27,600)	49	28,205
TIME DEPOSIT — 1.0%
Brown Brothers Harriman, 0.030% (Cost $22,845)	$          22,845	22,845
TOTAL INVESTMENTS — 99.7% (Cost $2,592,091)		$         2,234,226

Percentages are based on Net Assets of $2,239,887.

* Non-income producing security.

¹  Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the board of Trustees.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

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

64

Schedule of Investments October 31, 2011            

Global X Russell Emerging Markets Value ETF

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1	Level 2	Level 3	Total
Common Stock	$    2,183,176	$                —	$                —	$    2,183,176
Preferred Stock	28,205	—	—	28,205
Time Deposit	—	22,845	—	22,845
Total Investments in Securities	$    2,211,381	$          22,845	$                —	$    2,234,226

For the period ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

65

Schedule of Investments October 31, 2011            

Global X FTSE Nordic Region ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares	Value
COMMON STOCK — 99.7%
DENMARK— 17.3%
Consumer Goods — 1.7%
Carlsberg, Cl B	7,410	$                504,579
Financials — 2.8%
Danske Bank	58,095	805,239
Health Care — 10.4%
Novo Nordisk ADR	28,374	3,016,156
Industrials — 2.4%
AP Moller - Maersk, Cl B	102	696,080
TOTAL DENMARK		5,022,054
FINLAND— 14.3%
Basic Materials — 1.3%
UPM-Kymmene	32,090	376,620
Financials — 3.3%
Sampo, Cl A	34,861	963,510
Industrials — 2.0%
Kone, Cl B	10,299	569,300
Technology — 5.4%
Nokia ADR	233,421	1,570,923
Utilities — 2.3%
Fortum	27,690	675,637
TOTAL FINLAND		4,155,990
NORWAY— 20.8%
Basic Materials — 3.3%
Norsk Hydro	62,503	326,663

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

66

Schedule of Investments October 31, 2011            

Global X FTSE Nordic Region ETF

	Shares	Value
COMMON STOCK — continued
Basic Materials — continued
Yara International	13,609	$          648,863
		975,526
Consumer Goods — 1.9%
Orkla	64,011	558,148
Financials — 3.1%
DnB	75,899	886,275
Oil & Gas — 9.3%
Seadrill	20,699	685,104
Statoil ADR	79,499	2,021,660
		2,706,764
Telecommunications — 3.2%
Telenor	51,665	923,286
TOTAL NORWAY		6,049,999
SWEDEN— 47.3%
Consumer Goods — 1.9%
Svenska Cellulosa, Cl B	36,965	541,015
Consumer Services — 4.2%
Hennes & Mauritz, Cl B	36,335	1,204,768
Financials — 17.5%
Investor, Cl B	27,685	544,652
Nordea Bank	187,637	1,718,916
Skandinaviska Enskilda Banken, Cl A	135,142	854,470
Svenska Handelsbanken, Cl A	38,449	1,109,526
Swedbank, Cl A	59,309	836,614
		5,064,178
Industrials — 13.8%
Atlas Copco, Cl A	39,246	860,092
Sandvik	73,824	1,022,090
Scania, Cl B	24,937	421,272
SKF, Cl B	25,516	570,558
Volvo, Cl B	90,204	1,131,117
		4,005,129
Technology — 6.7%
Ericsson ADR	187,710	1,954,061
Telecommunications — 3.2%
TeliaSonera	134,685	940,110
TOTAL SWEDEN		13,709,261
TOTAL COMMON STOCK (Cost $32,646,292)		28,937,304

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

67

Schedule of Investments October 31, 2011            

Global X FTSE Nordic Region ETF

	Face Amount	Value
TIME DEPOSIT — 0.2%
Brown Brothers Harriman, 0.030% (Cost $48,759)	$                        48,759	$                48,759
TOTAL INVESTMENTS — 99.9% (Cost $32,695,051)		$         28,986,063

Percentages are based on Net Assets of $29,004,748.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1	Level 2	Level 3	Total
Common Stock	$    28,937,304	$                —	$                —	$	28,937,304
Time Deposit	—	48,759	—		48,759
Total Investments in Securities	$    28,937,304	$           48,759	$                —	$	28,986,063

For the year ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the year ended October 31, 2011, there were no Level 3 investments.

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

68

Schedule of Investments October 31, 2011            

Global X FTSE Norway 30 ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares	Value
COMMON STOCK — 99.8%
NORWAY— 99.8%
Basic Materials — 11.6%
Norsk Hydro	616,916	$          3,224,219
Yara International	114,685	5,468,063
		8,692,282
Consumer Goods — 8.0%
Aker, Cl A	20,991	600,045
Austevoll Seafood	58,631	232,955
Cermaq	49,834	555,483
Marine Harvest	1,939,192	868,108
Orkla	429,591	3,745,850
		6,002,441
Consumer Services — 6.6%
Royal Caribbean Cruises	115,215	3,426,083
Schibsted	58,580	1,534,484
		4,960,567
Financials — 14.8%
DnB	638,906	7,460,527
Gjensidige Forsikring	144,508	1,589,999
Storebrand	328,735	2,028,958
		11,079,484
Health Care — 1.3%
Algeta *	28,584	1,002,100
Industrials — 1.6%
Stolt-Nielsen	18,485	365,566
Tomra Systems	106,964	790,374
		1,155,940

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

69

Schedule of Investments October 31, 2011            

Global X FTSE Norway 30 ETF

	Shares/Face         Amount	Value
COMMON STOCK — continued
Oil & Gas — 44.6%
Aker Solutions	149,216	$        1,737,035
Archer *	116,964	496,059
BW Offshore	373,685	702,062
DNO International *	686,126	809,827
Fred Olsen Energy	19,274	651,799
Petroleum Geo-Services *	157,847	1,731,090
ProSafe	166,106	1,263,817
Renewable Energy *	360,669	350,800
Seadrill	107,826	3,568,870
Statoil	628,976	16,068,730
Statoil Fuel & Retail	108,181	861,410
Subsea 7	152,333	3,316,588
TGS Nopec Geophysical	75,520	1,725,683
		33,283,770
Technology — 0.9%
Atea	72,598	644,770
Telecommunications — 10.4%
Telenor	434,618	7,766,896
TOTAL COMMON STOCK (Cost $80,366,089)		74,588,250
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030% (Cost $3,532)	$            3,532	3,532
TOTAL INVESTMENTS — 99.8% (Cost $80,369,621)		$      74,591,782

Percentages are based on Net Assets of $74,706,977.

* Non-income producing security.

Cl — Class

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1	Level 2	Level 3	Total
Common Stock	$      74,588,250	$                —	$               —	$      74,588,250
Time Deposit	—	3,532	—	3,532
Total Investments in Securities	$      74,588,250	$             3,532	$               —	$      74,591,782

For the period ended October 31, 2011, there have been no significant transfers between Level 1 & Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

70

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2011

	Global X China     Consumer ETF		Global X China     Energy ETF		Global X China     Financials ETF		Global X China     Industrials  ETF
Assets:
Cost of Investments	$	158,801,941	$	5,201,716	$	11,705,338	$	7,024,710
Cost of Foreign Currency		311,249		13,363		14,253		11,801
Investments at Value	$	136,625,383	$	4,812,899	$	11,062,420	$	4,558,970
Foreign Currency at Value		311,736		13,372		14,280		11,837
Receivable for Investment Securities Sold		10,684,525		419,876		506,207		174,785
Dividend and Interest Receivable		132,300		—		5,767		642
Receivable for Capital Shares Sold		—		—		2,785,000		—
Total Assets		147,753,944		5,246,147		14,373,674		4,746,234
Liabilities:
Payable for Investment Securities Purchased		10,810,342		418,966		3,447,474		186,170
Payable due to Investment Adviser		70,619		2,483		2,472		2,176
Due to Custodian		14,996		2,874		—		—
Total Liabilities		10,895,957		424,323		3,449,946		188,346
Net Assets	$	136,857,987	$	4,821,824	$	10,923,728	$	4,557,888
Net Assets Consist of:
Paid-in Capital	$	163,522,021	$	5,192,860	$	12,370,697	$	7,119,053
Undistributed (Distributions in Excess of) Net Investment Income		(646,350)		78,332		14,611		3,261
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(3,841,949)		(60,561)		(819,230)		(98,661)
Net Unrealized Depreciation on Investments		(22,176,558)		(388,817)		(642,918)		(2,465,740)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		823		10		568		(25)
Net Assets	$	136,857,987	$	4,821,824	$	10,923,728	$	4,557,888
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		8,950,000		350,000		1,000,000		400,000
Net Asset Value, Offering and Redemption Price Per Share	$	15.29	$	13.78	$	10.92	$	11.39

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

71

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2011

	Global X China     Materials ETF		Global X NASDAQ     China Technology ETF		Global X FTSE     ASEAN 40  ETF		Global X FTSE     Andean 40  ETF
Assets:
Cost of Investments	$	4,310,922	$	4,605,467	$	24,596,635	$	7,260,366
Cost of Foreign Currency		13,226		22,177		10,719		4,762
Investments at Value	$	2,845,033	$	4,593,515	$	23,255,017	$	6,799,148
Foreign Currency at Value		13,260		22,237		11,094		4,792
Receivable for Investment Securities Sold		301,401		498,452		—		—
Dividend and Interest Receivable		630		—		16,642		7,217
Total Assets		3,160,324		5,114,204		23,282,753		6,811,157
Liabilities:
Payable for Investment Securities Purchased		282,338		497,424		—		—
Due to Custodian		1,959		—		8,479		1,246
Payable due to Investment Adviser		1,400		2,743		12,042		3,870
Total Liabilities		285,697		500,167		20,521		5,116
Net Assets	$	2,874,627	$	4,614,037	$	23,262,232	$	6,806,041
Net Assets Consist of:
Paid-in Capital	$	4,343,294	$	4,810,925	$	24,350,557	$	7,298,000
Undistributed Net Investment Income		—		57,615		259,838		105,342
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(2,812)		(242,610)		(7,031)		(136,113)
Net Unrealized Depreciation on Investments		(1,465,889)		(11,952)		(1,341,618)		(461,218)
Net Unrealized Appreciation on Foreign Currency Translations		34		59		486		30
Net Assets	$	2,874,627	$	4,614,037	$	23,262,232	$	6,806,041
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		300,000		300,000		1,500,000		500,000
Net Asset Value, Offering and Redemption Price Per Share	$	9.58	$	15.38	$	15.51	$	13.61

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

72

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2011

	Global X FTSE     Colombia 20 ETF		Global X FTSE     Argentina 20 ETF		Global X Brazil     Mid Cap ETF		Global X Brazil     Consumer ETF
Assets:
Cost of Investments	$	145,016,559	$	4,856,007	$	24,716,527	$	31,630,916
Cost of Foreign Currency		7,389,882		761		4,834		6,866
Investments at Value	$	140,915,627	$	3,858,935	$	23,317,586	$	29,362,342
Foreign Currency at Value		7,388,324		733		4,894		7,029
Receivable for Capital Shares Sold		4,858,500		—		—		1,678,000
Dividend and Interest Receivable		280,134		—		61,373		70,188
Total Assets		153,442,585		3,859,668		23,383,853		31,117,559
Liabilities:
Payable for Investment Securities Purchased		4,246,896		—		—		1,677,095
Due to Custodian		7,370,120		—		41,470		61,946
Payable due to Investment Adviser		79,857		2,355		12,669		16,192
Payable due to Custody		132,794		261		—		—
Other Payables		—		—		300		1,002
Total Liabilities		11,829,667		2,616		54,439		1,756,235
Net Assets	$	141,612,918	$	3,857,052	$	23,329,414	$	29,361,324
Net Assets Consist of:
Paid-in Capital	$	158,205,828	$	5,219,000	$	25,344,341	$	32,070,393
Undistributed Net Investment Income		300,006		71,114		408,624		392,930
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(12,795,863)		(435,961)		(1,024,443)		(830,884)
Net Unrealized Depreciation on Investments		(4,100,932)		(997,072)		(1,398,941)		(2,268,574)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		3,879		(29)		(167)		(2,541)
Net Assets	$	141,612,918	$	3,857,052	$	23,329,414	$	29,361,324
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		7,380,000		350,000		1,500,000		1,750,000
Net Asset Value, Offering and Redemption Price Per Share	$	19.19	$	11.02	$	15.55	$	16.78

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

73

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2011

	Global X Brazil     Financials ETF		Global X Mexico     Small-Cap ETF		Global X Russell     Emerging Markets     Growth ETF		Global X Russell     Emerging Markets     Value ETF
Assets:
Cost of Investments	$	8,252,256	$	727,921	$	2,499,613	$	2,592,091
Cost of Foreign Currency		—		244		11,581		6,487
Investments at Value	$	7,452,509	$	556,872	$	2,163,345	$	2,234,226
Foreign Currency at Value		—		250		11,313		6,276
Dividend and Interest Receivable		13,846		—		3,989		602
Total Assets		7,466,355		557,122		2,178,647		2,241,104
Liabilities:
Payable due to Investment Adviser		4,470		317		1,186		1,217
Due to Custodian		471		—		1,006		—
Total Liabilities		4,941		317		2,192		1,217
Net Assets	$	7,461,414	$	556,805	$	2,176,455	$	2,239,887
Net Assets Consist of:
Paid-in Capital	$	8,159,523	$	719,614	$	2,511,000	$	2,498,000
Undistributed Net Investment Income		216,360		6,225		37,049		31,438
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(115,348)		2,010		(35,055)		68,493
Net Unrealized Depreciation on Investments		(799,747)		(171,049)		(336,268)		(357,865)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		626		5		(271)		(179)
Net Assets	$	7,461,414	$	556,805	$	2,176,455	$	2,239,887
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		500,000		50,000		100,000		100,000
Net Asset Value, Offering and Redemption Price Per Share		$14.92		$11.14		$21.76		$22.40

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

74

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2011

	Global X FTSE     Nordic Region ETF		Global X FTSE     Norway 30 ETF
Assets:
Cost of Investments	$	32,695,051	$	80,369,621
Cost of Foreign Currency		15,772		139,448
Investments at Value	$	28,986,063	$	74,591,782
Foreign Currency at Value		16,022		141,055
Reclaim Receivable		11,305		—
Receivable from Custodian		3,250		—
Total Assets		29,016,640		74,732,837
Liabilities:
Payable due to Investment Adviser		11,892		25,860
Total Liabilities		11,892		25,860
Net Assets	$	29,004,748	$	74,706,977
Net Assets Consist of:
Paid-in Capital	$	31,954,132	$	83,208,985
Undistributed Net Investment Income		694,530		995,926
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency Translations		64,912		(3,721,702)
Net Unrealized Depreciation on Investments		(3,708,988)		(5,777,839)
Net Unrealized Appreciation on Foreign Currency Translations		162		1,607
Net Assets	$	29,004,748	$	74,706,977
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		1,660,000		5,350,000
Net Asset Value, Offering and Redemption Price Per Share		$17.47		$13.96

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

75

STATEMENTS OF OPERATIONS

For the year ended October 31, 2011

	Global X China     Consumer ETF			Global X     China Energy     ETF			Global X China     Financials  ETF			Global X China     Industrials     ETF
Investment Income:
Dividend Income	$	2,932,933		$	189,727		$	158,169		$	129,440
Interest Income		220			7			7			7
Less: Foreign Taxes Withheld		(79,553)			(16,122)			(11,879)			(8,223)
Total Investment Income		2,853,600			173,612			146,297			121,224
Supervision and Administration Fees(1)		1,139,644			47,985			106,172			51,562
Total Expenses		1,139,644			47,985			106,172			51,562
Net Expenses		1,139,644			47,985			106,172			51,562
Net Investment Income		1,713,956			125,627			40,125			69,662
Net Realized Gain (Loss) on:
Investments		(11,428,389)	(2)		(322,121)	(2)		(1,777,734)	(2)		366,112	(2)
Foreign Currency Transactions		6,584			434			1,562			280
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(11,421,805)			(321,687)			(1,776,172)			366,392
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(43,411,948)			(602,952)			(3,649,752)			(3,005,370)
Foreign Currency Transactions		250			13			431			(735)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(43,411,698)			(602,939)			(3,649,321)			(3,006,105)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions		(54,833,503)			(924,626)			(5,425,493)			(2,639,713)
Net Decrease in Net Assets Resulting from Operations	$	(53,119,547)		$	(798,999)		$	(5,385,368)		$	(2,570,051)

⁽¹⁾  The Supervision and Administration fees include 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 as a result of in-kind transactions (See Note 4 in Notes to Financial Statements).

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

76

STATEMENTS OF OPERATIONS

For the period ended October 31, 2011

	Global X China     Materials ETF		Global X NASDAQ China     Technology     ETF		Global X FTSE     ASEAN 40 ETF(1)		Global X     FTSE Andean     40 ETF(2)
Investment Income:
Dividend Income	$	103,822	$	170,080	$	323,019	$	143,306
Interest Income		8		5		10		2
Less: Foreign Taxes Withheld		(7,016)		(4,068)		(12,118)		(17,730)
Total Investment Income		96,814		166,017		310,911		125,578
Supervision and Administration Fees(3)		89,639		37,043		48,969		35,613
Total Expenses		89,639		37,043		48,969		35,613
Net Expenses		89,639		37,043		48,969		35,613
Net Investment Income		7,175		128,974		261,942		89,965
Net Realized Gain (Loss) on:
Investments		11,781,411 (4)		(583,709)(4)		(15,942)(4)		(129,057)
Foreign Currency Transactions		(3,033)		166		(636)		8,321
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		11,778,378		(583,543)		(16,578)		(120,736)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(12,377,480)		(505,816)		(1,341,618)		(461,218)
Foreign Currency Transactions		(40)		22		486		30
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(12,377,520)		(505,794)		(1,341,132)		(461,188)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions		(599,142)		(1,089,337)		(1,357,710)		(581,924)
Net Decrease in Net Assets Resulting from Operations	$	(591,967)	$	(960,363)	$	(1,095,768)	$	(491,959)

⁽¹⁾  The Fund commenced operations on February 16, 2011.

⁽²⁾  The Fund commenced operations on February 2, 2011.

⁽³⁾  The Supervision and Administration fees include fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

⁽⁴⁾  Includes realized gains 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.

77

STATEMENTS OF OPERATIONS

For the period ended October 31, 2011

	Global X FTSE     Colombia 20 ETF		Global X FTSE     Argentina 20     ETF(1)		Global X Brazil         Mid Cap ETF		Global X Brazil     Consumer ETF
Investment Income:
Dividend Income	$	3,552,532	$	93,647	$	1,035,080	$	713,181
Interest Income		129		4		9,635		5,033
Less: Foreign Taxes Withheld		(36,114)		(1,871)		(57,687)		(41,508)
Total Investment Income		3,516,547		91,780		987,028		676,706
Supervision and Administration Fees(2)		1,087,176		20,666		202,169		226,242
Custodian Fees		234,007		280		—		—
Total Expenses		1,321,183		20,946		202,169		226,242
Waiver of Supervision and Administration Fees		(27,799)		—		—		—
Net Expenses		1,293,384		20,946		202,169		226,242
Net Investment Income		2,223,163		70,834		784,859		450,464
Net Realized Gain (Loss) on:
Investments		(9,703,681)(3)		(435,961)		(1,213,440)(3)		(954,780)(3)
Foreign Currency Transactions		151,360		280		(17,225)		(6,026)
Net Realized Loss on Investments and Foreign Currency Transactions		(9,552,321)		(435,681)		(1,230,665)		(960,806)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(26,032,969)		(997,072)		(3,992,645)		(4,579,419)
Foreign Currency Transactions		7,943		(29)		(777)		(2,705)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(26,025,026)		(997,101)		(3,993,422)		(4,582,124)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions		(35,577,347)		(1,432,782)		(5,224,087)		(5,542,930)
Net Decrease in Net Assets Resulting from Operations	$	(33,354,184)	$	(1,361,948)	$	(4,439,228)	$	(5,092,466)

⁽¹⁾  The Fund commenced operations on March 2, 2011.

⁽²⁾  The Supervision and Administration fees include fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

⁽³⁾  Includes realized gains as a result of in-kind transactions (See Note 4 in Notes to Financial Statements).

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

78

STATEMENTS OF OPERATIONS

For the period ended October 31, 2011

	Global X Brazil     Financials ETF			Global X Mexico     Small-Cap     ETF(1)			Global X Russell Emerging Markets     Growth  ETF(2)		Global X Russell Emerging     Markets Value     ETF(2)
Investment Income:
Dividend Income	$	332,454		$	9,423		$	61,226	$	49,878
Interest Income		1			—			—		1
Less: Foreign Taxes Withheld		(22,674)			—			(6,511)		(7,165)
Total Investment Income		309,781			9,423			54,715		42,714
Supervision and Administration Fees(3)		65,842			2,988			12,472		12,763
Total Expenses		65,842			2,988			12,472		12,763
Net Expenses		65,842			2,988			12,472		12,763
Net Investment Income		243,939			6,435			42,243		29,951
Net Realized Gain (Loss) on:
Investments		(164,524)	(4)		(10,377)	(4)		(35,055)		68,493
Foreign Currency Transactions		15,469			(209)			(5,194)		1,487
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(149,055)			(10,586)			(40,249)		69,980
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(1,295,157)			(171,049)			(336,268)		(357,865)
Foreign Currency Transactions		522			5			(271)		(179)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(1,294,635)			(171,044)			(336,539)		(358,044)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions		(1,443,690)			(181,630)			(376,788)		(288,064)
Net Decrease in Net Assets Resulting from Operations	$	(1,199,751)		$	(175,195)		$	(334,545)	$	(258,113)

⁽¹⁾ The Fund commenced operations on May 4, 2011.

⁽²⁾ The Fund commenced operations on January 24, 2011.

⁽³⁾ The Supervision and Administration fees include fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

⁽⁴⁾  Includes realized gains 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.

79

STATEMENTS OF OPERATIONS

For the period ended October 31, 2011

	Global X FTSE Nordic Region ETF		Global X FTSE Norway 30 ETF(1)
Investment Income:
Dividend Income	$	1,081,825	$	1,844,748
Interest Income		112		40
Less: Foreign Taxes Withheld		(193,224)		(391,291)
Total Investment Income		888,713		1,453,497
Supervision and Administration Fees(2)		137,085		205,421
Total Expenses		137,085		205,421
Net Expenses		137,085		205,421
Net Investment Income		751,628		1,248,076
Net Realized Gain (Loss) on:
Investments		150,017(3)		(3,783,797)(3)
Foreign Currency Transactions		8,302		(41,087)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		158,319		(3,824,884)
Net Change in Unrealized Appreciation (Depreciations) on:
Investments		(5,266,855)		(5,777,839)
Foreign Currency Transactions		(238)		1,607
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(5,267,093)		(5,776,232)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions		(5,108,774)		(9,601,116)
Net Decrease in Net Assets Resulting from Operations	$	(4,357,146)	$	(8,353,040)

⁽¹⁾  The Fund commenced operations on November 9, 2010.

⁽²⁾  The Supervision and Administration fees include fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

⁽³⁾  Includes realized gains 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.

80

STATEMENTS OF CHANGES IN NET ASSETS

	Global X China Consumer ETF				Global X China Energy ETF
	Year Ended October 31, 2011		Period Ended October 31, 2010(1)		Year Ended October 31, 2011		Period Ended October 31, 2010(2)
Operations:
Net Investment Income	$	1,713,956	$	513,308	$	125,627	$	57,846
Net Realized Loss on Investments and Foreign Currency Transactions		(11,421,805)(3)		(264,708)		(321,687)(3)		(54,664)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(43,411,698)		21,235,963		(602,939)		214,132
Net Increase (Decrease) in Net Assets Resulting from Operations		(53,119,547)		21,484,563		(798,999)		217,314
Dividends and Distributions:
Net Investment Income		(1,734,529)		—		(61,491)		—
Total Dividends and Distributions		(1,734,529)		—		(61,491)		—
Capital Share Transactions:
Issued		91,602,500		153,390,500		5,637,000		4,500,000
Redeemed		(74,765,500)		—		(4,672,000)		—
Increase in Net Assets from Capital Share Transactions		16,837,000		153,390,500		965,000		4,500,000
Total Increase (Decrease) in Net Assets		(38,017,076)		174,875,063		104,510		4,717,314
Net Assets:
Beginning of Period		174,875,063		—		4,717,314		—
End of Period	$	136,857,987	$	174,875,063	$	4,821,824	$	4,717,314
Undistributed Net Investment Income (Distributions in Excess)	$	(646,350)	$	513,701	$	78,332	$	58,057
Share Transactions:
Issued		4,800,000		8,600,000		350,000		300,000
Redeemed		(4,450,000)		—		(300,000)		—
Net Increase in Shares Outstanding from Share Transactions		350,000		8,600,000		50,000		300,000

⁽¹⁾  The Fund commenced operations on November 30, 2009.

⁽²⁾  The Fund commenced operations on December 15, 2009.

⁽³⁾  Includes realized gains 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.

81

STATEMENTS OF CHANGES IN NET ASSETS

	Global X China Financials ETF				Global X China Industrials ETF
	Year Ended October 31, 2011		Period Ended October 31, 2010(1)		Year Ended October 31, 2011		Period Ended October 31, 2010(2)
Operations:
Net Investment Income	$	40,125	$	1,175,125	$	69,662	$	135,007
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,776,172)(3)		1,589,811 (4)		366,392 (3)		1,515,803 (4)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(3,649,321)		3,006,971		(3,006,105)		540,340
Net Increase (Decrease) in Net Assets Resulting from Operations		(5,385,368)		5,771,907		(2,570,051)		2,191,150
Dividends and Distributions:
Net Investment Income		(1,177,311)		—		(149,711)		—
Total Dividends and Distributions		(1,177,311)		—		(149,711)		—
Capital Share Transactions:
Issued		7,974,500		82,874,000		839,000		27,227,000
Redeemed		(60,646,500)		(18,487,500)		(6,411,500)		(16,568,000)
Increase (Decrease) in Net Assets from Capital Share Transactions		(52,672,000)		64,386,500		(5,572,500)		10,659,000
Total Increase (Decrease) in Net Assets		(59,234,679)		70,158,407		(8,292,262)		12,850,150
Net Assets:
Beginning of Period		70,158,407		—		12,850,150		—
End of Period	$	10,923,728	$	70,158,407	$	4,557,888	$	12,850,150
Undistributed Net Investment Income	$	14,611	$	1,177,309	$	3,261	$	149,709
Share Transactions:
Issued		750,000		6,000,000		50,000		1,700,000
Redeemed		(4,500,000)		(1,250,000)		(400,000)		(950,000)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(3,750,000)		4,750,000		(350,000)		750,000

⁽¹⁾ The Fund commenced operations on December 10, 2009.

⁽²⁾ The Fund commenced operations on November 30, 2009.

⁽³⁾ Includes realized gains as a result of in-kind transactions (See Note 4 in Notes to Financial Statements).

⁽⁴⁾ Includes realized gains as a result of in-kind transactions.

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

82

STATEMENTS OF CHANGES IN NET ASSETS

	Global X China Materials ETF				Global X NASDAQ China Technology ETF
	Year Ended October 31, 2011		Period Ended October 31, 2010(1)		Year Ended October 31, 2011		Period Ended October 31, 2010(2)
Operations:
Net Investment Income	$	7,175	$	46,418	$	128,974	$	7,404
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		11,778,378(3)		(17,369)		(583,543)(3)		38,475
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(12,377,520)		10,911,665		(505,794)		493,901
Net Increase (Decrease) in Net Assets Resulting from Operations		(591,967)		10,940,714		(960,363)		539,780
Dividends and Distributions:
Net Investment Income		(336,120)		—		(7,571)		—
Net Realized Gains		—		—		(38,309)		—
Total Dividends and Distributions		(336,120)		—		(45,880)		—
Capital Share Transactions:
Issued		2,226,000		46,701,000		3,666,000		3,761,500
Redeemed		(56,065,000)		—		(2,347,000)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(53,839,000)		46,701,000		1,319,000		3,761,500
Total Increase (Decrease) in Net Assets		(54,767,087)		57,641,714		312,757		4,301,280
Net Assets:
Beginning of Period		57,641,714		—		4,301,280		—
End of Period	$	2,874,627	$	57,641,714	$	4,614,037	$	4,301,280
Undistributed Net Investment Income	$	—	$	44,666	$	57,615	$	7,571
Share Transactions:
Issued		150,000		3,950,000		200,000		250,000
Redeemed		(3,800,000)		—		(150,000)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(3,650,000)		3,950,000		50,000		250,000

⁽¹⁾  The Fund commenced operations on January 12, 2010.

⁽²⁾  The Fund commenced operations on December 8, 2009.

⁽³⁾  Includes realized gains 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.

83

STATEMENTS OF CHANGES IN NET ASSETS

	Global X FTSE ASEAN 40 ETF		Global X FTSE Andean 40 ETF
	Period Ended October 31, 2011(1)		Period Ended October 31, 2011(2)
Operations:
Net Investment Income	$	261,942	$	89,965
Net Realized Loss on Investments and Foreign Currency Transactions		(16,578)(3)		(120,736)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(1,341,132)		(461,188)
Net Decrease in Net Assets Resulting from Operations		(1,095,768)		(491,959)
Capital Share Transactions:
Issued		25,223,500		7,298,000
Redeemed		(865,500)		—
Increase in Net Assets from Capital Share Transactions		24,358,000		7,298,000
Total Increase in Net Assets		23,262,232		6,806,041
Net Assets:
Beginning of Period		—		—
End of Period	$	23,262,232	$	6,806,041
Undistributed Net Investment Income	$	259,838	$	105,342
Share Transactions:
Issued		1,550,000		500,000
Redeemed		(50,000)		—
Net Increase in Shares Outstanding from Share Transactions		1,500,000		500,000

⁽¹⁾  The Fund commenced operations on February 16, 2011.

⁽²⁾  The Fund commenced operations on February 2, 2011.

⁽³⁾  Includes realized gains 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.

84

STATEMENTS OF CHANGES IN NET ASSETS

	Global X FTSE Colombia 20 ETF				Global X FTSE Argentina 20 ETF
	Year Ended October 31, 2011		Year Ended October 31, 2010		Period Ended October 31, 2011(1)
Operations:
Net Investment Income	$	2,223,163	$	248,896	$	70,834
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(9,552,321)(2)		148,195		(435,681)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(26,025,026)		20,392,508		(997,101)
Net Increase (Decrease) in Net Assets Resulting from Operations		(33,354,184)		20,789,599		(1,361,948)
Dividends and Distributions:
Net Investment Income		(1,100,701)		(264,734)		—
Net Realized Gains		(643,516)		—		—
Total Dividends and Distributions		(1,744,217)		(264,734)		—
Capital Share Transactions:
Issued		108,003,500		168,870,000		5,219,000
Redeemed		(127,647,100)		—		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(19,643,600)		168,870,000		5,219,000
Total Increase (Decrease) in Net Assets		(54,742,001)		189,394,865		3,857,052
Net Assets:
Beginning of Period		196,354,919		6,960,054		—
End of Period	$	141,612,918	$	196,354,919	$	3,857,052
Undistributed Net Investment Income	$	300,006	$	87,541	$	71,114
Share Transactions:
Issued		5,130,000 (4)		8,040,000 (3)		350,000
Redeemed		(6,290,000)(4)		—		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(1,160,000)		8,040,000 (3)		350,000

⁽¹⁾  The Fund commenced operations on March 2, 2011.

⁽²⁾ Includes realized gains as a result of in-kind transactions (See Note 4 in Notes to Financial Statements).

⁽³⁾ Restated to reflect the effect of a 2 for 1 share split on April 12, 2011. (See Note 8 in Notes to Financial Statement)

⁽⁴⁾ Adjusted to reflect the effect of a 2 for 1 share split on April 12, 2011. (See Note 8 in the Notes to Financial Statement)

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

85

STATEMENTS OF CHANGES IN NET ASSETS

	Global X Brazil Mid Cap ETF				Global X Brazil Consumer ETF
	Year Ended October 31, 2011		Period Ended October 31, 2010(1)		Year Ended October 31, 2011		Period Ended October 31, 2010(2)
Operations:
Net Investment Income	$	784,859	$	60,548	$	450,464	$	3,140
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,230,665)(3)		31,759		(960,806)(3)		23,620
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(3,993,422)		2,594,314		(4,582,124)		2,311,009
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,439,228)		2,686,621		(5,092,466)		2,337,769
Dividends and Distributions:
Net Investment Income		(417,712)		—		(34,888)		—
Net Realized Gains		(35,267)		—		(23,091)		—
Total Dividends and Distributions		(452,979)		—		(57,979)		—
Capital Share Transactions:
Issued		6,216,500		26,555,500		18,461,000		22,596,500
Redeemed		(7,237,000)		—		(8,883,500)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,020,500)		26,555,500		9,577,500		22,596,500
Total Increase (Decrease) in Net Assets		(5,912,707)		29,242,121		4,427,055		24,934,269
Net Assets:
Beginning of Period		29,242,121		—		24,934,269		—
End of Period	$	23,329,414	$	29,242,121	$	29,361,324	$	24,934,269
Undistributed Net Investment Income	$	408,624	$	57,041	$	392,930	$	3,670
Share Transactions:
Issued		350,000		1,600,000		1,000,000		1,250,000
Redeemed		(450,000)		—		(500,000)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000)		1,600,000		500,000		1,250,000

⁽¹⁾  The Fund commenced operations on June 21, 2010.

⁽²⁾  The Fund commenced operations on July 7, 2010.

⁽³⁾  Includes realized gains 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.

86

STATEMENTS OF CHANGES IN NET ASSETS

	Global X Brazil Financials ETF				Global X Mexico Small- Cap ETF
	Year Ended October 31, 2011		Period Ended October 31, 2010(1)		Period Ended October 31, 2011(2)
Operations:
Net Investment Income	$	243,939	$	12,403	$	6,435
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(149,055)(3)		1,420		(10,586)(3)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(1,294,635)		495,514		(171,044)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,199,751)		509,337		(175,195)
Dividends and Distributions:
Net Investment Income		(49,172)		—		—
Total Dividends and Distributions		(49,172)		—		—
Capital Share Transactions:
Issued		1,676,000		7,320,000		1,453,000
Redeemed		(795,000)		—		(721,000)
Increase in Net Assets from Capital Share Transactions		881,000		7,320,000		732,000
Total Increase (Decrease) in Net Assets		(367,923)		7,829,337		556,805
Net Assets:
Beginning of Period		7,829,337		—		—
End of Period	$	7,461,414	$	7,829,337	$	556,805
Undistributed Net Investment Income	$	216,360	$	13,826	$	6,225
Share Transactions:
Issued		100,000		450,000		100,000
Redeemed		(50,000)		—		(50,000)
Net Increase in Shares Outstanding from Share Transactions		50,000		450,000		50,000

⁽¹⁾  The Fund commenced operations on July 28, 2010.

⁽²⁾  The Fund commenced operations on May 4, 2011.

⁽³⁾  Includes realized gains 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.

87

STATEMENTS OF CHANGES IN NET ASSETS

	Global X Russell Emerging Markets   Growth ETF		Global X Russell Emerging   Markets Value   ETF
	Period Ended October 31, 2011(1)		Period Ended October 31, 2011(1)
Operations:
Net Investment Income	$	42,243	$	29,951
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(40,249)		69,980
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(336,539)		(358,044)
Net Decrease in Net Assets Resulting from Operations		(334,545)		(258,113)
Capital Share Transactions:
Issued		2,511,000		2,498,000
Increase in Net Assets from Capital Share Transactions		2,511,000		2,498,000
Total Increase in Net Assets		2,176,455		2,239,887
Net Assets:
Beginning of Period		—		—
End of Period	$	2,176,455	$	2,239,887
Undistributed Net Investment Income	$	37,049	$	31,438
Share Transactions:
Issued		100,000		100,000
Net Increase in Shares Outstanding from Share Transactions		100,000		100,000

⁽¹⁾  The Fund commenced operations on January 24, 2011.

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

88

STATEMENTS OF CHANGES IN NET ASSETS

	Global X FTSE Nordic Region ETF				Global X FTSE Norway 30 ETF
	Year Ended     October 31,     2011		Year Ended     October 31,     2010		Period Ended     October 31, 2011(1)
Operations:
Net Investment Income	$	751,628	$	129,926	$	1,248,076
Net Realized Gain (Loss) on Investments and Foreign
Currency Transactions		158,319(2)		412,087(3)		(3,824,884)(2)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(5,267,093)		1,293,175		(5,776,232)
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,357,146)		1,835,188		(8,353,040)
Dividends and Distributions:
Net Investment Income		(150,580)		(2,158)		(6,983)
Total Dividends and Distributions		(150,580)		(2,158)		(6,983)
Capital Share Transactions:
Issued		23,507,000		9,938,400		95,823,000
Redeemed		(2,678,000)		(2,462,600)		(12,756,000)
Increase in Net Assets from Capital Share Transactions		20,829,000		7,475,800		83,067,000
Total Increase in Net Assets		16,321,274		9,308,830		74,706,977
Net Assets:
Beginning of Period		12,683,474		3,374,644		—
End of Period	$	29,004,748	$	12,683,474	$	74,706,977
Undistributed Net Investment Income	$	694,530	$	127,846	$	995,926
Share Transactions:
Issued		1,150,000		590,000		6,200,000
Redeemed		(150,000)		(140,000)		(850,000)
Net Increase in Shares Outstanding from Share Transactions		1,000,000		450,000		5,350,000

⁽¹⁾  The Fund commenced operations on November 9, 2010.

⁽²⁾  Includes realized gains as a result of in-kind transactions (See Note 4 in Notes to Financial Statements).

⁽³⁾  Includes realized gains as a result of in-kind transactions.

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

89

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)		Total from Operations ($)		Distribution from Net Investment Income ($)	Distribution from Capital Gains ($)	Total from Distributions ($)	Net Asset Value, End of Period ($)		Total Return (%)**		Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)		Ratio of Net Investment Income to Average Net Assets (%)		Portfolio Turnover (%)
Global X China Consumer ETF(1)
2011		20.33		0.17		(5.02)		(4.85)	(0.19)	—	(0.19)		15.29		(23.99)		136,858		0.65		0.98		12.37
2010		15.65		0.17		4.51		4.68	—	—	—		20.33		29.90		174,875		0.65†		1.03†		3.91††
Global X China Energy ETF(2)
2011		15.72		0.27		(2.07)		(1.80)	(0.14)	—	(0.14)		13.78		(11.57)		4,822		0.65		1.70		11.39
2010		15.02		0.23		0.47		0.70	—	—	—		15.72		4.66		4,717		0.65†		1.80†		20.55††
Global X China Financials ETF(3)
2011		14.77		0.03		(3.56)		(3.53)	(0.32)	—	(0.32)		10.92		(24.29)		10,924		0.65		0.25		41.54
2010		14.90		0.27		(0.40)		(0.13)	—	—	—		14.77		(0.87)		70,158		0.65†		2.26†		14.42††
Global X China Industrials ETF(1)
2011		17.13		0.13		(5.64)		(5.51)	(0.23)	—	(0.23)		11.39		(32.56)		4,558		0.65		0.88		20.13
2010		15.50		0.08		1.55		1.63	—	—	—		17.13		10.52		12,850		0.65†		0.61†		12.74††
Global X China Materials ETF(4)
2011		14.59		0.01		(4.88)		(4.87)	(0.14)	—	(0.14)		9.58		(33.69)		2,875		0.65		0.05		36.82
2010		14.95		0.02		(0.38)		(0.36)	—	—	—		14.59		(2.41)		57,642		0.65†		0.23†		6.13††
Global X NASDAQ China Technology ETF(5)
2011		17.21		0.38		(2.05)		(1.67)	(0.03)	(0.13)	(0.16)		15.38		(9.81)		4,614		0.65		2.26		16.79
2010		14.90		0.03		2.28		2.31	—	—	—		17.21		15.50		4,301		0.65†		0.24†		5.15††
Global X FTSE ASEAN 40 ETF(6)
2011		15.08		0.38		0.05		0.43	—	—	—		15.51		2.85		23,262		0.65†		3.46†		2.68††

⁽¹⁾  The Fund commenced operations on November 30, 2009.

⁽²⁾  The Fund commenced operations on December 15, 2009.

⁽³⁾  The Fund commenced operations on December 10, 2009.

⁽⁴⁾  The Fund commenced operations on January 12, 2010.

⁽⁵⁾  The Fund commenced operations on December 8, 2009.

⁽⁶⁾  The Fund commenced operations on February 16, 2011.

* Per share data calculated using average shares method.

** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

† Annualized.

†† Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

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

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

90

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout the Period

	Net Asset Value, Beginning of Period ($)		Net Investment Income ($)*		Net Realized and Unrealized Gain (Loss) on Investments ($)		Total from Operations ($)		Distribution from Net Investment Income ($)	Distribution from Capital Gains ($)	Total from Distributions ($)	Net Asset Value, End of Period ($)		Total Return (%)**		Net Assets End of Period ($)(000)		Ratio of Expenses to Average Net Assets (%)		Ratio of Net Investment Income to Average Net Assets (including waivers) (%)		Portfolio Turnover (%)
Global X FTSE Andean 40 ETF(1)
2011		14.88		0.19		(1.46)		(1.27)	—	—	—		13.61		(8.53)		6,806		0.72†		1.81†		15.83††
Global X FTSE Colombia 20 ETF(2)
2011(9)		22.99		0.29		(3.88)		(3.59)	(0.13)	(0.08)	(0.21)		19.19		(15.69)		141,613		0.83@		1.39		63.11
2010(8)		13.92		0.16		9.44		9 .60	(0.53)	—	(0.53)		22.99		71.28		196,355		0.86		0.77		40.95
2009(8)		7.50		0.25		6.17		6.42	—	—	—		13.92		85.60		6,960		0.86†		2.93†		1.94††
Global X FTSE Argentina 20 ETF(3)
2011		14.93		0.23		(4.14)		(3.91)	—	—	—		11.02		(26.19)		3,857		0.75†		2.53		40.86††
Global X Brazil Mid Cap ETF(4)
2011		18.28		0.46		(2.94)		(2.48)	(0.23)	(0.02)	(0.25)		15.55		(13.73)		23,329		0.69		2.68		16.90
2010		15.16		0.08		3.04		3.12	—	—	—		18.28		20.58		29,242		0.69†		1.24†		2.69††
Global X Brazil Consumer ETF(5)
2011		19.95		0.28		(3.42)		(3.14)	(0.02)	(0.01)	(0.03)		16.78		(15.74)		29,361		0.77		1.53		37.28
2010		15.48		—		4.47		4.47	—	—	—		19.95		28.88		24,934		0.77†		0.07†		4.72††
Global X Brazil Financials ETF(6)
2011		17.40		0.46		(2.85)		(2.39)	(0.09)	—	(0.09)		14.92		(13.80)		7,461		0.77		2.85		37.24
2010		15.08		0.05		2.27		2.32	—	—	—		17.40		15.38		7,829		0.77†		1.15†		—  ††
Global X Mexico Small-Cap ETF(7)
2011		14.53		0.10		(3.49)		(3.39)	—	—	—		11.14		(23.33)		557		0.69†		1.48†		8.31††

⁽¹⁾  The Fund commenced operations on February 2, 2011.

⁽²⁾  The Fund commenced operations on February 5, 2009.

⁽³⁾  The Fund commenced operations on March 2, 2011.

⁽⁴⁾  The Fund commenced operations on June 21, 2010.

⁽⁵⁾  The Fund commenced operations on July 7, 2010.

⁽⁶⁾  The Fund commenced operations on July 28, 2010.

⁽⁷⁾  The Fund commenced operations on May 4, 2011.

⁽⁸⁾  Per share amounts have been restated for a 2 for 1 share split on April 12, 2011. (See Note 8 in Notes to Financial Statements)

⁽⁹⁾  Per share amounts have been adjusted for a 2 for 1 share split on April 12, 2011. (See Note 8 in Notes to Financial Statements)

* Per share data calculated using average shares method.

** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

† Annualized.

†† Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

@ The Ratio of Expenses to Average Net Assets includes the effect of a waiver. If these expense offsets were excluded, the ratio would have been 0.81%, 0.86% and 0.86% for the periods ended 2011, 2010 and 2009, respectively.

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

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

91

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 Russell Emerging Markets Growth ETF(1)
2011		25.11		0.42			(3.77	)		(3.35	)		—			—		—			21.76		(13.34	)		2,176		0.69	†		2.33	†		15.71	††
Global X Russell Emerging Markets Value ETF(1)
2011		24.98		0.30			(2.88	)		(2.58	)		—			—		—			22.40		(10.33	)		2,240		0.69	†		1.61	†		33.15	††
Global X FTSE Nordic Region ETF(2)
2011		19.22		0.53			(2.11	)		(1.58	)		(0.17	)		—		(0.17	)		17.47		(8.34	)		29,005		0.50			2.74			3.59
2010		16.07		0.32			2.84			3.16			(0.01	)		—		(0.01	)		19.22		19.68			12,683		0.50			1.91			4.07
2009		14.50		(0.02	)		1.59			1.57			—			—		—			16.07		10.83			3,375		0.50	†		(0.50	)†		0.70	††
Global X FTSE Norway 30 ETF(3)
2011		14.80		0.44			(1.27	)		(0.83	)		(0.01	)		—		(0.01	)		13.96		(5.62	)		74,707		0.50	†		3.03	†		24.26	††

⁽¹⁾  The Fund commenced operations on January 24, 2011.

⁽²⁾  The Fund commenced operations on August 17, 2009.

⁽³⁾  The Fund commenced operations on November 9, 2010.

* Per share data calculated using average shares method.

** Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

† Annualized.

†† Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

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

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

92

NOTES TO FINANCIAL STATEMENTS

OCTOBER 31, 2011

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 with eighty-six portfolios as of October 31, 2011. 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 (formerly, Global X China Technology ETF), Global X FTSE ASEAN 40 ETF, Global X FTSE Andean 40 ETF, Global X FTSE Colombia 20 ETF (formerly, Global X/InterBolsa FTSE Colombia 20 ETF), Global X FTSE Argentina 20 ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X Brazil Financials ETF, Global X Mexico Small-Cap ETF, Global X Russell Emerging Markets Growth ETF, Global X Russell Emerging Markets Value ETF, Global X FTSE Nordic Region ETF (formerly, Global X Nordic 30 ETF), Global X FTSE Norway 30 ETF (each a “Fund”, collectively, the “Funds”). Each Fund is non-diversified.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Significant Accounting Policies followed by the Funds.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

93

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (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 a national 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. 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 October 31, 2011, there were securities valued using Fair Value Procedures of $3,848, $74,830, $140,750, and $134,905 in Global X China Industrials ETF, Global X China Materials ETF, Global X Brazil Mid Cap ETF and Global X Brazil Consumer ETF Funds, respectively. There were no other securities priced using the Fair Value Procedures.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Funds calculated their net asset value. The closing prices of such securities may no longer reflect their market value at the time the Funds calculated net asset value if an event that could materially affect the value of those securities (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. 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. In addition, the Funds’ Sub-administrator, SEI Investments Global Funds Services (“SEIGFS”), monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Funds calculate net asset value. If price movements in a monitored index or security exceed levels established by the Sub-administrator, the Sub-administrator notifies the Adviser that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

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

94

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

Level 2 – Other significant observable inputs (including 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)

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 October 31, 2011, there have been no significant changes to the Funds’ fair valuation methodologies.

FEDERAL INCOME TAXES — It is each Fund’s intention to qualify or continue to qualify as 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.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended October 31, 2011, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.

FOREIGN CURRENCY TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency

95

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

FOREIGN CURRENCY TRANSLATION (concluded)

are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend date.

CREATION UNITS — The Funds issue and redeem shares (“Shares”) at Net Asset Value (“NAV”) and only in large blocks of Shares, (each block of Shares for a Fund is called a “Creation Unit” or multiples thereof). Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an investor on the same day. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard Redemption Fee per transaction on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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

	Creation Unit Shares		Transaction Fee		Value		Redemption Fee
Global X China Consumer ETF		50,000	$	1,900	$	764,500	$	1,900
Global X China Energy ETF		50,000		1,900		689,000		1,900
Global X China Financials ETF		50,000		1,900		546,000		1,900
Global X China Industrials ETF		50,000		1,900		569,500		1,900
Global X China Materials ETF		50,000		1,900		479,000		1,900
Global X NASDAQ China Technology ETF		50,000		1,900		769,000		1,900
Global X FTSE ASEAN 40 ETF		50,000		2,300		775,500		2,300
Global X FTSE Andean 40 ETF		50,000		2,300		680,500		2,300
Global X FTSE Colombia 20 ETF		50,000		2,500		959,500		2,500
Global X FTSE Argentina 20 ETF		50,000		1,000		551,000		1,000
Global X Brazil Mid Cap ETF		50,000		1,900		777,500		1,900
Global X Brazil Consumer ETF		50,000		1,500		839,000		1,500
Global X Brazil Financials ETF		50,000		1,500		746,000		1,500
Global X Mexico Small-Cap ETF		50,000		1,200		557,000		1,200
Global X Russell Emerging Markets Growth ETF		50,000		4,500		1,088,000		4,500
Global X Russell Emerging Markets Value ETF		50,000		4,500		1,120,000		4,500
Global X FTSE Nordic Region ETF		50,000		1,400		873,500		1,400
Global X FTSE Norway 30 ETF		50,000		1,400		698,000		1,400

96

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

3. RELATED PARTY TRANSACTIONS

The Adviser serves as the investment adviser and the administrator for the Funds. Subject to the supervision of the Board of Trustees, the Adviser is responsible for managing the investment activities of the Funds and the Funds’ business affairs and other administrative matters and provides or causes to be furnished all supervisory, administrative and other services reasonably necessary for the operation of the Funds, including certain distribution services (provided pursuant to a separate Distribution Agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an “all-in” fee structure. For its service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses 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 and extraordinary expenses (such as litigation and indemnification expenses). In addition, the Global X FTSE Colombia 20 ETF and Global X FTSE Argentina 20 ETF pay custodial fees that are not covered by the Supervision and Administration Agreement.

	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 ASEAN 40 ETF	0.65%
Global X FTSE Andean 40 ETF	0.72%
Global X FTSE Colombia 20 ETF*	0.68%
Global X FTSE Argentina 20 ETF*	0.74%
Global X Brazil Mid Cap ETF	0.69%
Global X Brazil Financials ETF	0.77%
Global X Brazil Consumer ETF	0.77%
Global X Mexico Small-Cap ETF	0.69%
Global X Russell Emerging Markets Growth ETF	0.69%
Global X Russell Emerging Markets Value ETF	0.69%
Global X FTSE Nordic Region ETF	0.50%
Global X FTSE Norway 30 ETF	0.50%

*The Global X FTSE Colombia 20 ETF and the Global X FTSE Argentina 20 ETF paid 0.15% and 0.01%, respectively in Custody Fees (in addition to the Supervision and Administration Fee) during the period ended October 31, 2011.

The Adviser and InterBolsa S.A. (“InterBolsa”), one of the leading broker-dealers located in Colombia, entered into an agreement, pursuant to which InterBolsa has agreed to provide certain marketing, marketing-related and other services and allows the use of InterBolsa’s name and brand with respect to the Global X FTSE Colombia 20 ETF. Under this agreement, InterBolsa agreed to make an initial payment to the Adviser regarding certain start up expenses for the Fund and the Adviser has agreed to share with InterBolsa fifty percent (50%) of the Adviser’s legitimate profits and losses with respect to the Global X FTSE Colombia 20 ETF.

97

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

3. RELATED PARTY TRANSACTIONS (concluded)

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 Funds underwriter and distributor of Shares pursuant to a Distribution Agreement. Under the Distribution Agreement, SIDCO, as agent, receives orders to create and redeem Shares in Creation Unit Aggregations and transmits such orders to the Trust’s custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee for its distribution services under the Distribution Agreement

4. INVESTMENT TRANSACTIONS

For the period ended October 31, 2011, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

	Purchases		Sales
Global X China Consumer ETF	$	48,621,811	$	21,509,662
Global X China Energy ETF		1,705,610		821,246
Global X China Financials ETF		11,654,966		7,155,849
Global X China Industrials ETF		2,072,254		1,599,841
Global X China Materials ETF		6,080,434		5,755,174
Global X NASDAQ China Technology ETF		1,599,401		949,211
Global X FTSE ASEAN 40 ETF		7,937,837		294,906
Global X FTSE Andean 40 ETF		4,495,175		1,112,638
Global X FTSE Colombia 20 ETF		111,256,691		101,548,447
Global X FTSE Argentina 20 ETF		2,048,633		1,774,222
Global X Brazil Mid Cap ETF		4,948,019		9,060,964
Global X Brazil Consumer ETF		10,951,628		11,312,518
Global X Brazil Financials ETF		3,182,341		3,540,004
Global X Mexico Small-Cap ETF		79,496		72,813
Global X Russell Emerging Markets Growth ETF		819,001		375,317
Global X Russell Emerging Markets Value ETF		1,175,200		811,004
Global X FTSE Nordic Region ETF		2,165,477		978,321
Global X FTSE Norway 30 ETF		14,103,470		10,926,192

During the period ended October 31, 2011, there were no purchases or sales of long-term U.S. Government securities for the Funds.

98

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

4. INVESTMENT TRANSACTIONS (concluded)

For the period ended October 31, 2011, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales		Realized         Gain/(Loss)
Global X China Consumer ETF	$	61,752,198	$	72,188,988	$	(7,838,991)
Global X China Energy ETF		4,758,439		4,624,950		(283,274)
Global X China Financials ETF		2,978,779		61,103,223		(1,605,000)
Global X China Industrials ETF		-		6,126,046		244,654
Global X China Materials ETF		1,528,181		56,099,645		11,367,066
Global X NASDAQ China Technology ETF		2,677,853		1,956,019		(341,101)
Global X FTSE ASEAN 40 ETF		17,582,540		612,893		(8,915)
Global X FTSE Andean 40 ETF		4,006,971		-		-
Global X FTSE Colombia 20 ETF		30,855,838		62,252,269		2,690,734
Global X FTSE Argentina 20 ETF		5,004,623		-		-
Global X Brazil Mid Cap ETF		6,181,675		2,849,430		(190,659)
Global X Brazil Consumer ETF		13,287,750		3,118,341		(123,897)
Global X Brazil Financials ETF		1,675,018		196,619		(49,247)
Global X Mexico Small-Cap ETF		1,452,635		722,110		(12,386)
Global X Russell Emerging Markets Growth ETF		2,090,985		-		-
Global X Russell Emerging Markets Value ETF		2,136,553		-		-
Global X FTSE Nordic Region ETF		22,424,541		2,242,230		65,667
Global X FTSE Norway 30 ETF		90,533,529		9,560,947		(62,096)

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.

99

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

5. TAX INFORMATION (continued)

The following differences, primarily attributable to utilization of earnings and profits on shareholder redemptions and distributions reclassifications, foreign currency, redemptions in-kind, sales of passive foreign investment companies and net operating losses, have been reclassified to/from the following accounts during the fiscal period ended October 31, 2011.

Global X Funds	Paid-in Capital	Undistributed Net Investment Income/(Loss)	Accumulated Net Realized Gain/(Loss)
Global X China Consumer ETF	$(6,705,479)	$(1,139,478)	$7,844,957
Global X China Energy ETF	(272,140)	(43,861)	316,001
Global X China Financials ETF	(2,324,182)	(25,512)	2,349,694
Global X China Industrials ETF	311,332	(66,399)	(244,933)
Global X China Materials ETF	11,481,294	284,279	(11,765,573)
Global X NASDAQ China Technology ETF	(269,575)	(71,359)	340,934
Global X FTSE ASEAN 40 ETF	(7,443)	(2,104)	9,547
Global X FTSE Andean 40 ETF	–	15,377	(15,377)
Global X FTSE Colombia 20 ETF	3,674,928	(909,997)	(2,764,931)
Global X FTSE Argentina 20 ETF	–	280	(280)
Global X Brazil Mid Cap ETF	(190,659)	(15,564)	206,223
Global X Brazil Consumer ETF	(103,607)	(26,316)	129,923
Global X Brazil Financials ETF	(41,477)	7,767	33,710
Global X Mexico Small-Cap ETF	(12,386)	(210)	12,596
Global X Russell Emerging Markets Growth ETF	–	(5,194)	5,194
Global X Russell Emerging Markets Value ETF	–	1,487	(1,487)
Global X FTSE Nordic Region ETF	114,488	(34,364)	(80,124)
Global X FTSE Norway 30 ETF	141,985	(245,167)	103,182

These reclassifications have no impact on net assets or net asset value per share.

100

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

5. TAX INFORMATION (continued)

The tax character of dividends and distributions paid during the last period ended October 31, 2011 and 2010 were as follows:

Global X Funds	Ordinary Income		Long-Term Capital Gain		Totals
Global X China Consumer ETF
2011	$	1,734,529	$	–	$	1,734,529
2010		–		–		–
Global X China Energy ETF
2011	$	61,491	$	–	$	61,491
2010		–		–		–
Global X China Financials ETF
2011	$	1,177,311	$	–	$	1,177,311
2010		–		–		–
Global X China Industrials ETF
2011	$	149,711	$	–	$	149,711
2010		–		–		–
Global X China Materials ETF
2011	$	336,120	$	–	$	336,120
2010		–		–		–
Global X NASDAQ China Technology ETF
2011	$	45,880	$	–	$	45,880
2010		–		–		–
Global X FTSE Colombia 20 ETF
2011	$	1,288,147	$	456,070	$	1,744,217
2010		264,734		–		264,734
Global X Brazil Mid Cap ETF
2011	$	452,979	$	–	$	452,979
2010		–		–		–
Global X Brazil Consumer ETF
2011	$	57,979	$	–	$	57,979
2010		–		–		–
Global X Brazil Financials ETF
2011	$	49,172	$	–	$	49,172
2010		–		–		–
Global X FTSE Nordic Region ETF
2011	$	150,580	$	–	$	150,580
2010		2,158		–		2,158
Global X FTSE Norway 30 ETF
2011	$	6,983	$	–	$	6,983

101

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

5. TAX INFORMATION (continued)

As of October 31, 2011, the Components of Tax Basis Distributable Earnings (Accumulated Losses) were as follows:

	Global X Funds
	Global X China     Consumer ETF		Global X China     Energy ETF		Global X China     Financials ETF
Undistributed Ordinary Income	$	418,113	$	78,332	$	14,611
Capital Loss Carryforwards		(1,514,329)		(33,911)		(551,954)
Unrealized Depreciation on Investments and Foreign Currency		(24,503,355)		(415,457)		(909,626)
Other Temporary Differences		(1,064,463)		–		–
Total Accumulated Losses	$	(26,664,034)	$	(371,036)	$	(1,446,969)
	Global X Funds
	Global X China     Industrials  ETF		Global X China     Materials ETF		Global X     NASDAQ China     Technology  ETF
Undistributed Ordinary Income	$	3,261	$	–	$	57,614
Capital Loss Carryforwards		(94,810)		–		(236,466)
Unrealized Depreciation on Investments and Foreign Currency		(2,469,616)		(1,468,667)		(18,036)
Total Accumulated Losses	$	(2,561,165)	$	(1,468,667)	$	(196,888)
	Global X Funds
	Global X FTSE     ASEAN 40 ETF		Global X FTSE Andean 40 ETF		Global X FTSE     Colombia 20 ETF
Undistributed Ordinary Income	$	265,345	$	105,342	$	1,305,906
Capital Loss Carryforwards		–		(120,886)		(8,249,654)
Unrealized Depreciation on Investments and Foreign Currency		(1,353,670)		(476,415)		(9,649,162)
Total Accumulated Losses	$	(1,088,325)	$	(491,959)	$	(16,592,910)
	Global X Funds
	Global X FTSE     Argentina 20 ETF		Global X Brazil Mid     Cap ETF		Global X Brazil     Consumer ETF
Undistributed Ordinary Income	$	71,114	$	431,261	$	392,931
Capital Loss Carryforwards		(414,683)		(918,379)		(563,593)
Unrealized Depreciation on Investments and Foreign Currency		(1,018,379)		(1,527,809)		(2,538,407)
Total Accumulated Losses	$	(1,361,948)	$	(2,014,927)	$	(2,709,069)
	Global X Funds
	Global X Brazil     Financials ETF		Global X Mexico     Small-Cap ETF		Global X Russell     Emerging Markets     Growth ETF
Undistributed Ordinary Income	$	218,222	$	8,235	$	37,049
Capital Loss Carryforwards		–		–		(35,055)
Unrealized Depreciation on Investments and Foreign Currency		(916,331)		(171,044)		(336,539)
Total Accumulated Losses	$	(698,109)	$	(162,809)	$	(334,545)

102

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

5. TAX INFORMATION (continued)

	Global X Funds
	Global X Russell     Emerging Markets Value ETF		Global X FTSE     Nordic Region ETF		Global X FTSE     Norway 30 ETF
Undistributed Ordinary Income	$	99,931	$	788,538	$	995,925
Undistributed Long-Term Capital Gain		–		7,708		–
Capital Loss Carryforwards		–		–		(1,802,290)
Unrealized Depreciation on Investments and Foreign Currency		(358,044)		(3,745,630)		(7,695,643)
Total Accumulated Losses	$	(258,113)	$	(2,949,384)	$	(8,502,008)

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, 2011, the Funds that had capital loss carryforwards are listed below.

Expiration date	Global X China     Consumer     ETF		Global X     China Energy ETF		Global X China     Financials     ETF		Global X China     Industrials     ETF		Global X NASDAQ China     Technology     ETF
Oct. 2019	$	1,341,121	$	33,911	$	—	$	—	$	236,466
Oct. 2018		173,208		—		551,954		94,810		—
Total	$	1,514,329	$	33,911	$	551,954	$	94,810	$	236,466
Expiration date	Global X FTSE     Colombia     ETF		Global X     Brazil Mid     Cap ETF		Global X Brazil     Consumer     ETF		Global X     FTSE Norway     30 ETF
Oct. 2019	$	8,249,654	$	918,379	$	563,593	$	1,802,290
Oct. 2018		—		—		—		—
Total	$	8,249,654	$	918,379	$	563,593	$	1,802,290

For the year ended October 31, 2011, Global X China Financials ETF, Global X China Industrials ETF, Global X Brazil Financials ETF and Global X FTSE Nordic Region ETF utilized $74,505, $125,310, $3 and $7,319, respectively of capital loss carryforwards.

103

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

5. TAX INFORMATION (concluded)

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be used prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, preenactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

Global X Funds	Short-Term     Loss		Long-Term     Loss		Total
Global X FTSE Andean 40 ETF	$	120,886	$	-	$	120,886
Global X FTSE Argentina 20 ETF		414,683		-		414,683
Global X Russell Emerging Markets Growth ETF		35,055		-		35,055

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2011 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Depreciation
Global X China Consumer ETF		161,129,561		7,656,442		(32,160,620	)		(24,504,178	)
Global X China Energy ETF		5,228,366		350,849		(766,316	)		(415,467	)
Global X China Financials ETF		11,972,614		116,045		(1,026,239	)		(910,194	)
Global X China Industrials ETF		7,028,561		293,712		(2,763,303	)		(2,469,591	)
Global X China Materials ETF		4,313,734		84,694		(1,553,395	)		(1,468,701	)
Global X NASDAQ China Technology ETF		4,611,610		632,942		(651,037	)		(18,095	)
Global X FTSE ASEAN 40 ETF		24,609,173		167,016		(1,521,172	)		(1,354,156	)
Global X FTSE Andean 40 ETF		7,275,593		114,988		(591,433	)		(476,445	)
Global X FTSE Colombia 20 ETF		150,568,668		3,857,675		(13,510,716	)		(9,653,041	)
Global X FTSE Argentina 20 ETF		4,877,285		23,246		(1,041,596	)		(1,018,350	)
Global X Brazil Mid Cap ETF		24,845,228		1,817,428		(3,345,070	)		(1,527,642	)
Global X Brazil Consumer ETF		31,898,208		2,256,768		(4,792,634	)		(2,535,866	)
Global X Brazil Financials ETF		8,369,466		384,012		(1,300,969	)		(916,957	)
Global X Mexico Small-Cap ETF		727,921		149		(171,198	)		(171,049	)
Global X Russell Emerging Markets Growth ETF		2,499,613		51,771		(388,039	)		(336,268	)
Global X Russell Emerging Markets Value ETF		2,592,091		16,675		(374,540	)		(357,865	)
Global X FTSE Nordic Region ETF		32,731,855		444,539		(4,190,331	)		(3,745,792	)
Global X FTSE Norway 30 ETF		82,289,032		1,797,169		(9,494,419	)		(7,697,250	)

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

104

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

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 as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The Funds (other than the Global X Russell Emerging Markets Growth ETF and the Global X Russell Emerging Markets Value ETF) use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Index. The Funds may utilize a representative sampling strategy with respect to its Underlying Index when a replication strategy might be detrimental to its shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to follow its Underlying Index, or, in certain instances, when securities in the Underlying Index become temporarily illiquid, unavailable or less liquid, or due to legal restrictions (such as diversification requirements that apply to the Funds but not the Underlying Indexes).

Certain Funds may invest in commodity related securities, which are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have a great impact on those securities.

105

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

7. OTHER

At October 31, 2011, the total Shares outstanding that were held by Authorized Participants were as follows. The Authorized Participants have entered into an agreement with the Funds’ Distributor.

	Authorized Participants	Percentage of Shares Outstanding
Global X China Consumer ETF	5	100%
Global X China Energy ETF	2	100%
Global X China Financials ETF	3	100%
Global X China Industrials ETF	1	100%
Global X China Materials ETF	2	100%
Global X NASDAQ China Technology ETF	2	100%
Global X FTSE ASEAN 40 ETF	3	100%
Global X FTSE Andean 40 ETF	3	100%
Global X FTSE Colombia 20 ETF	5	100%
Global X FTSE Argentina 20 ETF	3	100%
Global X Brazil Mid Cap ETF	3	100%
Global X Brazil Consumer ETF	3	100%
Global X Brazil Financials ETF	2	100%
Global X Mexico Small-Cap ETF	1	100%
Global X Russell Emerging Markets Growth ETF	1	100%
Global X Russell Emerging Markets Value ETF	1	100%
Global X FTSE Nordic Region ETF	4	100%
Global X FTSE Norway 30 ETF	6	100%

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.

8. SHARE SPLIT

Effective April 12, 2011, the Global X FTSE Colombia 20 ETF Fund underwent a 2-for-1 share split. The effect of this transaction was to multiply the number of outstanding shares of the Fund by two, resulting in a corresponding decrease in the net asset value per share. The capital share activity presented in the statement of changes in net assets for each of the years in the period then ended, and per share data in the financial highlights for each of the years in the three-year period then ended have been given retroactive effect to reflect these share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.

9. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Global X Funds have selected Ernst & Young LLP (“E&Y”) to serve as the Funds’ independent registered public accounting firm for the Funds’ fiscal year ended October 31, 2011. The decision to select E&Y was recommended by the Funds’ Audit Committee on December 21, 2010 and was approved by the Funds’ Board of Trustees on January 28, 2011. During the Global X Funds’ fiscal years ended October 31, 2009 and October 31, 2010, neither the Funds, their portfolios, nor anyone on their behalf, consulted with E&Y 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

106

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

9. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (concluded)

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 E&Y 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, Sanville & Company (“Sanville”). The decision not to renew the engagement of Sanville, effective upon its completion of its audit for the fiscal year ended October 31, 2010, and to select E&Y was recommended by the Funds’ Audit Committee and approved by the Funds’ Board of Trustees. Sanville’s report on the Global X Funds’ financial statements for the fiscal years ended October 31, 2009 and October 31, 2010 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, 2009 and October 31, 2010 (i) there were no disagreements with Sanville 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 Sanville, 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.

10. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of October 31, 2011, there were no securities on loan for any of the Funds.

11. 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.

107

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

12. NEW ACCOUNTING PROUNCEMENTS

In May 2011, the Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS.ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.

13. SUBSEQUENT EVENT

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

Subsequent to fiscal year end, on November 11, 2011, the continuation of the Investment Advisory Agreement and Supervision and Administration Agreement for the Funds was considered and approved by the Board of Trustees of the Trust.

Subsequent to fiscal year end, on December, 19, 2011, the Board of Trustees of the Trust, based upon the recommendation of the Adviser, determined to liquidate and terminate the Global X Mexico Small-Cap ETF, Global X Russell Emerging Markets Growth ETF and Global X Russell Emerging Markets Value ETF (the “Liquidating Funds.”). Due to the Liquidating Funds’ low levels of assets, the Adviser does not believe that it can continue to conduct the Liquidating Funds’ business and operations in an economically efficient manner. As such, the Board concluded that it would be in the best interests of the Liquidating Funds and their shareholders to liquidate and terminate the Liquidating Funds. As of the close of regular trading on the NYSE Arca, Inc. (“NYSE”) on February 16, 2012 (“Closing Date”), the shares of the Liquidating Funds will cease trading on the NYSE and will close to purchases by investors.

Shareholders may sell their holdings in the Liquidating Funds prior to the Closing Date and customary brokerage charges may apply to these transactions. However, from February 17, 2012, through February 27, 2012 (“Liquidation Date”), shareholders only may be able to sell their shares to certain broker-dealers and there is no assurance that there will be a market for the Liquidating Funds during this time period. Between the Closing Date and the Liquidation Date, the Liquidating Funds will be in the process of winding up their operations and liquidating their portfolio. This process will result in the Liquidating Funds not tracking their underlying indexes and their cash holdings increasing, which may not be consistent with the Liquidating Funds’ investment objective and strategy.

108

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

OCTOBER 31, 2011

13. SUBSEQUENT EVENT (concluded)

On or about the Liquidation Date, the Liquidating Funds will liquidate their assets and distribute cash pro rata to all remaining shareholders who have not previously redeemed their shares. These distributions are taxable events. In addition, these payments to shareholders will include accrued capital gains and dividends, if any. Once the distributions are complete, the Liquidating Funds will terminate.

Subsequent to fiscal year end, on December 21, 2011, based on the recommendation of the Adviser, the Board of Trustees of the Trust approved the discontinuance of the Global X Philippines PSEi ETF and Global X Shipping ETF, each a separate investment portfolio of the Trust that had never commenced operations.

Subsequent to year end, the following investment portfolios were added to the Trust.

Fund Name

Global X NASDAQ 100 Global Technology Index ETF

Global X NASDAQ 500 ETF

Global X NASDAQ 400 Mid Cap ETF

Global X FTSE Permanent ETF

Subsequent to year end, the following investment portfolios of the Trust commenced operations.

Fund Name	Commenced Operations
Global X Social Media Index ETF	November 14, 2011
Global X NASDAQ 500 ETF	December 5, 2011
Global X NASDAQ 400 Mid Cap ETF	December 5, 2011
Global X FTSE Greece 20 ETF	December 7, 2011

109

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Global X Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Global X China Consumer ETF, Global X China Energy ETF, Global X China Financials ETF, Global X China Industrials ETF, Global X China Materials ETF, Global X NASDAQ China Technology ETF, Global X FTSE ASEAN 40 ETF, Global X FTSE Andean 40 ETF, Global X FTSE Colombia 20 ETF, Global X FTSE Argentina 20 ETF, Global X Brazil Mid Cap ETF, Global X Brazil Consumer ETF, Global X Brazil Financials ETF, Global X Mexico Small-Cap ETF, Global X Russell Emerging Markets Growth ETF, Global X Russell Emerging Markets Value ETF, Global X FTSE Nordic Region ETF and Global X FTSE Norway 30 ETF (eighteen of the series constituting the Global X Funds) (the “Funds”) as of October 31, 2011, and the related statements of operations, statements of changes in net assets, and financial highlights for the year or period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets and financial highlights of the Global X Brazil Mid Cap ETF, Global X Brazil Financials ETF, Global X Brazil Consumer ETF, Global X FTSE Colombia 20 ETF, Global X FTSE Nordic Region ETF, Global X China Consumer ETF, Global X China Energy ETF, Global X China Financials ETF, Global X China Industrials ETF, Global X NASDAQ China Technology ETF and Global X China Materials ETF for each of the periods presented through October 31, 2010 were audited by other auditors whose report dated December 23, 2010, expressed an unqualified opinion on those financial statements and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the 2011 financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds listed above at October 31, 2011, and the results of their operations, the changes in their net assets, and their financial highlights for the year or period then ended, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

December 22, 2011

110

DISCLOSURE OF FUND EXPENSES (unaudited)

All Exchange Traded Funds (“ETF”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, brokerage fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

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

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

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

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

111

DISCLOSURE OF FUND EXPENSES (unaudited)

	Beginning Account Value 5/1/2011		Ending Account Value 10/31/2011		Annualized Expense Ratios	Expenses Paid During Period(1)
Global X China Consumer ETF
Actual Fund Return		$1,000.00		$837.30	0.65%		$3.01
Hypothetical 5% Return		1,000.00		1,021.93	0.65		3.31
Global X China Energy ETF
Actual Fund Return		1,000.00		786.10	0.65		2.93
Hypothetical 5% Return		1,000.00		1,021.93	0.65		3.31
Global X China Financials ETF
Actual Fund Return		1,000.00		785.60	0.65		2.93
Hypothetical 5% Return		1,000.00		1,021.93	0.65		3.31
Global X China Industrials ETF
Actual Fund Return		1,000.00		678.80	0.65		2.75
Hypothetical 5% Return		1,000.00		1,021.93	0.65		3.31
Global X China Materials ETF
Actual Fund Return		1,000.00		672.30	0.65		2.74
Hypothetical 5% Return		1,000.00		1,021.93	0.65		3.31
Global X NASDAQ China Technology ETF
Actual Fund Return		1,000.00		787.10	0.65		2.93
Hypothetical 5% Return		1,000.00		1,021.93	0.65		3.31
Global X FTSE ASEAN 40 ETF
Actual Fund Return		1,000.00		935.50	0.65		3.17
Hypothetical 5% Return		1,000.00		1,021.93	0.65		3.31
Global X FTSE Andean 40 ETF
Actual Fund Return		1,000.00		881.50	0.72		3.41
Hypothetical 5% Return		1,000.00		1,021.58	0.72		3.67
Global X FTSE Colombia 20 ETF
Actual Fund Return		1,000.00		900.90	0.78		3.74
Hypothetical 5% Return		1,000.00		1,021.27	0.78		3.97
Global X FTSE Argentina 20 ETF
Actual Fund Return		1,000.00		719.30	0.75		3.25
Hypothetical 5% Return		1,000.00		1,021.42	0.75		3.82
Global X Brazil Mid Cap ETF
Actual Fund Return		1,000.00		825.80	0.69		3.18
Hypothetical 5% Return		1,000.00		1,021.73	0.69		3.52
Global X Brazil Consumer ETF
Actual Fund Return		1,000.00		826.60	0.77		3.55
Hypothetical 5% Return		1,000.00		1,021.32	0.77		3.92
Global X Brazil Financials ETF
Actual Fund Return		1,000.00		852.60	0.77		3.60
Hypothetical 5% Return		1,000.00		1,021.32	0.77		3.92

112

DISCLOSURE OF FUND EXPENSES (unaudited)

	Beginning Account Value 5/1/2011		Ending Account Value 10/31/2011		Annualized Expense Ratios	Expenses Paid During Period(1)
Global X Mexico Small-Cap ETF
Actual Fund Return(2)		$1,000.00		$766.70	0.69%		$3.02
Hypothetical 5% Return		1,000.00		1,021.73	0.69		3.52
Global X Russell Emerging Markets Growth ETF
Actual Fund Return		1,000.00		828.60	0.69		3.18
Hypothetical 5% Return		1,000.00		1,021.73	0.69		3.52
Global X Russell Emerging Markets Value ETF
Actual Fund Return		1,000.00		831.50	0.69		3.19
Hypothetical 5% Return		1,000.00		1,021.73	0.69		3.52
Global X FTSE Nordic Region ETF
Actual Fund Return		1,000.00		766.20	0.50		2.23
Hypothetical 5% Return		1,000.00		1,022.68	0.50		2.55
Global X FTSE Norway 30 ETF
Actual Fund Return		1,000.00		785.20	0.50		2.25
Hypothetical 5% Return		1,000.00		1,022.68	0.50		2.55

⁽¹⁾  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/365 (to reflect the one-half year period.)

⁽²⁾  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 181/365 (to reflect the period from inception to date.)

113

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)

The discussion below is with respect to the Global X Mexico Small-Cap ETF and other portfolios of Global X Funds that had not launched as of October 31, 2011.

Section 15(c) of the Investment Company Act of 1940, as amended (“1940 Act”), requires that each mutual fund’s board of trustees, including a majority of those trustees who are not “interested persons” of the mutual fund, as defined in the 1940 Act (“Independent Trustees”), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of each fund’s investment advisory agreement and approve each agreement with such changes as the Independent Trustees deem appropriate.

At a quarterly Board meeting held on February 25, 2011, the Board of Trustees (“Board”) (including the Independent Trustees) of the Global X Funds (“Trust”) initially considered and unanimously approved (i) the initial Investment Advisory Agreement for the Global X Mexico Small-Cap ETF ( a “New Fund”) and (ii) the Supervision and Administration Agreement between the Trust, on behalf the New Fund, and Global X Management Company (“Global X Management”).¹

At a special Board meeting held on August 19, 2011, the Board of Trustees (“Board”) (including the Independent Trustees) initially considered and unanimously approved (i) the initial Investment Advisory Agreement for the Global X FTSE Portugal 20 ETF, Global X FTSE Ukraine ETF, Global X FTSE Greece 20 ETF, Global X Hungary ETF, Global X Luxembourg ETF, Global X FTSE Morocco 20 ETF, Global X Czech Republic ETF, Global X Slovakia ETF, Global X Qatar ETF, Global X Kuwait ETF, Global X Nigeria ETF, Global X FTSE Bangladesh ETF, Global X FTSE Sri Lanka ETF, Global X Kazakhstan ETF, Global X FTSE Frontier Markets ETF, Global X Central America ETF, Global X Central and Northern Europe ETF, Global X Southern Europe ETF, Global X Eastern Europe ETF, Global X Central Asia ETF, Global X Sub-Saharan Africa ETF, Global X S&P Pan Arab & Saudi Arabia ETF, Global X FTSE Toll Roads & Ports ETF, Global X FTSE Railroads ETF, Global X Farmland & Timberland ETF, Global X Cement ETF, Global X Advanced Materials ETF and Global X Social Media Index ETF (each a “New Fund”) and (ii) the Supervision and Administration Agreement between the Trust, on behalf each of each New Fund, and Global X Management.

The Investment Advisory Agreements and Supervision and Administration Agreements for each of the New Funds are referred to herein as the “Agreements.”

In advance of each of the Board meetings noted above, the Board (including the Independent Trustees) requested (in writing) detailed information from Global X Management in connection with their consideration of the Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information.

In determining to approve the Agreements for each New Fund, the Board concluded that the Agreements are fair and reasonable and in the best interests of each New Fund and its shareholders, respectively. In approving Agreements for each New Fund, the Board considered among other things the following categories of material factors.

¹ At the February 25, 2011 quarterly Board meeting, the Board also approved the (i) initial Investment Advisory Agreement for the Global X UK Small-Cap ETF, Global X Germany Small-Cap ETF, Global X Hong Kong Small-Cap ETF, Global X Singapore Small-Cap ETF, Global X South Korea Small-Cap ETF, Global X Taiwan Small-Cap ETF, Global X Rare Earths ETF, Global X Strategic Metals ETF, Global X Fertilizers/Potash ETF, Global X SuperDividend ETF and Global X Canada Preferred ETF (the “Funds”) and (ii) the Supervision and Administration Agreement between the Trust, on behalf of each of these Funds, and Global X Management.

114

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)(continued)

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.

Nature, extent and quality of services

With respect to this factor, the Board considered:

• the terms of the Agreements and the range of services to be provided to the New Funds in accordance with the Agreements;

• Global X Management’s key personnel and the portfolio managers who would provide investment advisory services to the New Funds;

• Global X Management’s responsibilities under the Agreements to, among other things, (i) manage the investment operations of each New Fund and the composition of each New Fund’s assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights appertaining to securities and assets held by each of the New Funds, (iv) select broker-dealers to execute portfolio transactions for each of the New Funds when necessary, (v) provide or arrange for the provision of various third-party services required by the New Funds, (vi) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of each of the New Funds, draft and periodically update the registration statement and other reports and documents for each of the New Funds that are required to be filed by the Trust with the Securities and Exchange Commission (“SEC”) and other regulatory or governmental bodies, and (vii) monitor anticipated purchases and redemptions of the shares (including creation units) of each of the New Funds by shareholders and new investors;

• the nature, extent and quality of Global X Management’s services (including advisory, administrative and compliance services) that would be made available to each of the New Funds; and

• the quality of Global X Management’s resources and personnel that would be made available to each of the New Funds, including Global X Management’s experience and the qualifications of Global X Management’s key personnel and the portfolio managers who would provide investment advisory services to the New Funds.

In evaluating the Agreements for certain of the New Funds (Global X Slovakia ETF, Global X FTSE Bangladesh ETF, Global X FTSE Sri Lanka ETF, and Global X Kazakhstan ETF), the Board took into account that (i) at the time the such Agreements were considered, the securities to be held by such New Funds and/or the markets in which the New Funds would operate were not believed to be sufficiently liquid, (ii) that such New Funds will not commence operations until Global X Management is able to adequately assure the Board that the securities to be held by such New Funds and/or the markets in which the New Funds operate are sufficient liquidity and (iii) Global X Management will obtain prior Board approval with respect to the decision to commence operation of any such New Funds.

In addition, the Board considered the fact that any New Funds that is not launched within a reasonable period of time following approval of the Agreements for such New Funds, would be subject to further Board consideration and approval prior to launch of any such New Funds. Finally,

115

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)(continued)

the Board considered that Global X Management conducts extensive due diligence of all New Funds to confirm that various local and regional issues will not adversely impact the operation of any New Fund.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each of the New Funds.

Performance

The Board determined that because each of the New Funds had not commenced operations, meaningful data relating to investment performance of each New Fund was not available and, therefore, could not be a factor in approving the Agreements.

Cost of Services and Profitability

With respect to this factor, the Board considered:

• Global X Management’s expected cost to provide investment management, supervision and administrative and related services to each of the New Funds;

• the unitary Management Fee (including the proposed investment advisory fee) that was proposed to be borne by each New Fund under the Agreements for the investment advisory, supervisory and administrative services that each New 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 New Fund); and

• the expected profitability to Global X Management, if any, from all services to be provided to each of the New Funds and all aspects of the relationship between Global X Management and each of the New Funds. In connection with these considerations, the Board noted that Global X Management advised the Board that it was expected that it would not generate profits from its services to any of the New Funds during the first 12 months of each New Fund’s operations, but expected to do so after that initial start up period.

Based on these considerations, the Board concluded that the profits anticipated to be realized by Global X Management from its relationship with each of the New Funds would not be excessive.

Comparison of Fees and Services

With respect to this factor, the Board considered:

• comparative information with respect to the Management Fee proposed to be paid to Global X Management by each of the New Funds. In connection with this consideration, Global X Management provided the Board with detailed comparative expense data for each of the New Funds, including fees and expenses paid by comparable affiliated and unaffiliated exchange-traded funds and other registered funds and the reasons for any differences in the proposed expense ratios for the New Funds and those presented for comparison;

• the proposed unified Management Fee structure (which includes as one component the proposed investment advisory fee for each New Fund), the expected total expense ratios for each of the New Funds and that Global X Management would be responsible for paying all of designated expenses of the New Funds (discussed in more detail below). In this regard, the Board took into consideration that the purpose of having a unitary Management Fee structure was to create a simple, all-inclusive fee that would provide a level of predictability

116

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)(concluded)

with respect to the overall expense ratio (i.e., the total fees) of each of the New Funds and that the proposed Management Fee for each New Fund was set at a competitive rate to make each New Fund viable in the marketplace;

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

• that, pursuant to Expense Limitation Agreements applicable to the Global X FTSE Greece 20 ETF, Global X Management has agreed, until at least April 1, 2013, to assume, waive and/or limit the fees and expenses payable by Global X FTSE Greece 20 ETF to a specific total expense ratio (excluding certain fees and expenses) for the Global X FTSE Greece 20 ETF in order to keep the total expense ratio for each the Global X FTSE Greece 20 ETF below a designated level.

Based on these considerations, the Board concluded that the proposed Management Fee and expected total expense ratio of each New Fund should not preclude approval of the Agreements.

Economies of Scale

With respect to this factor, the Board considered:

• the extent to which economies of scale would be realized as each of the New Funds grows and whether the proposed unitary Management Fee for each New Fund reflected these economies of scale;

• the significant investment of time, personnel and other resources that Global X Management intends to made in each of the New Funds in order to seek to assure that the New Funds are attractive to investors;

• that the proposed unitary Management Fee would provide a significant amount of certainty regarding the total fees and expenses of each of the New Funds and its shareholders; and

• with respect to the Global X FTSE Greece 20 ETF that is subject to an Expense Limitation Agreement, the total fees and expenses of the Global X FTSE Greece 20 ETF would be further reduced until at least April 1, 2013.

Based on these considerations, the Board concluded that approval of the proposed Management Fee for each New Fund was reasonable.

Other Benefits

In considering the Agreement, in addition to the categories discussed above, the Board considered other benefits that may be realized by Global X Management as a result of its relationships with each of the New Funds.

117

SUPPLEMENTAL INFORMATION (unaudited)

Net asset value, or “NAV”, is the price per Share at which the Funds issue and redeems Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Funds generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds are listed for trading, as of the time that the Funds’ NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of their Funds holdings. The Market Price of the Funds will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency distributions of premiums and discounts for the Funds. The information shown is for the full calendar quarter completed after the inception date through the date of the most recent calendar quarter end.

Each line in the table shows the number of trading days in which the Funds traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

118

SUPPLEMENTAL INFORMATION (unaudited) (continued)

	Percentage of Total Days
Premium/Discount Range	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF			Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X FTSE ASEAN 40 ETF(1)
Greater than 7.0% and Less than 7.5%		0.41	%		-			0.41	%		-			0.41	%		-			-
Greater than 6.5% and Less than 7.0%		-			-			0.41	%		-			0.41	%		-			-
Greater than 6.0% and Less than 6.5%		-			-			-			0.41	%		-			-			-
Greater than 5.5% and Less than 6.0%		-			0.41	%		-			-			-			-			-
Greater than 5.0% and Less than 5.5%		0.41	%		-			-			-			-			-			-
Greater than 4.5% and Less than 5.0%		-			-			0.82	%		-			-			-			-
Greater than 4.0% and Less than 4.5%		-			0.41	%		-			-			-			-			-
Greater than 3.5% and Less than 4.0%		-			-			0.41	%		1.24	%		1.65	%		0.41	%		0.59	%
Greater than 3.0% and Less than 3.5%		0.83	%		0.83	%		1.24	%		0.41	%		2.89	%		-			-
Greater than 2.5% and Less than 3.0%		2.07	%		0.41	%		2.07	%		2.07	%		-			0.41	%		0.59	%
Greater than 2.0% and Less than 2.5%		2.48	%		3.72	%		1.65	%		1.65	%		3.32	%		0.41	%		8.82	%
Greater than 1.5% and Less than 2.0%		10.74	%		5.37	%		3.72	%		3.72	%		4.14	%		2.07	%		10.59	%
Greater than 1.0% and Less than 1.5%		20.25	%		15.71	%		12.81	%		11.57	%		8.68	%		7.02	%		28.24	%
Greater than 0.5% and Less than 1.0%		28.11	%		23.98	%		19.01	%		21.90	%		21.07	%		25.62	%		21.76	%
Between 0.5% and -0.5%		13.64	%		19.42	%		19.01	%		26.03	%		19.83	%		29.34	%		11.76	%
Less than -0.5% and Greater than -1.0%		10.74	%		12.40	%		18.60	%		14.88	%		19.83	%		15.29	%		10.00	%
Less than -1.0% and Greater than -1.5%		4.55	%		9.09	%		11.57	%		8.68	%		9.09	%		12.40	%		2.94	%
Less than -1.5% and Greater than -2.0%		1.65	%		4.13	%		4.55	%		2.89	%		4.13	%		2.49	%		0.59	%
Less than -2.0% and Greater than -2.5%		0.41	%		0.41	%		0.41	%		1.24	%		2.07	%		2.89	%		2.35	%
Less than -2.5% and Greater than -3.0%		1.24	%		0.41	%		0.83	%		0.83	%		0.83	%		1.24	%		1.18	%
Less than -3.0% and Greater than -3.5%		0.41	%		1.65	%		0.83	%		0.83	%		0.41	%		-			0.59	%
Less than -3.5% and Greater than -4.0%		1.24	%		0.41	%		1.24	%		-			0.83	%		-			-
Less than -4.0% and Greater than -4.5%		0.41	%		0.41	%		0.41	%		1.24	%		-			0.41	%		-
Less than -4.5% and Greater than -5.0%		-			0.83	%		-			-			-			-			-
Less than -5.0% and Greater than -5.5%		0.41	%		-			-			-			0.41	%		-			-
Less than -5.5% and Greater than -6.0%		-			-			-			0.41	%		-			-			-
Less than -6.0% and Greater than -6.5%		-			-			-			-			-			-			-
Less than -6.5% and Greater than -7.0%		-			-			-			-			-			-			-
Less than -7.0% and Greater than -7.5%		-			-			-			-			-			-			-
Total		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%
	Number of Business Days
Premium/Discount Range	Global X China Consumer ETF			Global X China Energy ETF			Global X China Financials ETF			Global X China Industrials ETF			Global X China Materials ETF			Global X NASDAQ China Technology ETF			Global X FTSE ASEAN 40 ETF(1)
Greater than 7.0% and Less than 7.5%		1			-			1			-			1			-			-
Greater than 6.5% and Less than 7.0%		-			-			1			-			1			-			-
Greater than 6.0% and Less than 6.5%		-			-			-			1			-			-			-
Greater than 5.5% and Less than 6.0%		-			1			-			-			-			-			-
Greater than 5.0% and Less than 5.5%		1			-			-			-			-			-			-
Greater than 4.5% and Less than 5.0%		-			-			2			-			-			-			-
Greater than 4.0% and Less than 4.5%		-			1			-			-			-			-			-
Greater than 3.5% and Less than 4.0%		-			-			1			3			4			1			1
Greater than 3.0% and Less than 3.5%		2			2			3			1			7			-			-
Greater than 2.5% and Less than 3.0%		5			1			5			5			-			1			1
Greater than 2.0% and Less than 2.5%		6			9			4			4			8			1			15
Greater than 1.5% and Less than 2.0%		26			13			9			9			10			5			18
Greater than 1.0% and Less than 1.5%		49			38			31			28			21			17			48
Greater than 0.5% and Less than 1.0%		68			58			46			53			51			62			37
Between 0.5% and -0.5%		33			47			46			63			48			71			20
Less than -0.5% and Greater than -1.0%		26			30			45			36			48			37			17
Less than -1.0% and Greater than -1.5%		11			22			28			21			22			30			5
Less than -1.5% and Greater than -2.0%		4			10			11			7			10			6			1
Less than -2.0% and Greater than -2.5%		1			1			1			3			5			7			4
Less than -2.5% and Greater than -3.0%		3			1			2			2			2			3			2
Less than -3.0% and Greater than -3.5%		1			4			2			2			1			-			1
Less than -3.5% and Greater than -4.0%		3			1			3			-			2			-			-
Less than -4.0% and Greater than -4.5%		-			1			1			3			-			1			-
Less than -4.5% and Greater than -5.0%		1			2			-			-			-			-			-
Less than -5.0% and Greater than -5.5%		1			-			-			-			1			-			-
Less than -5.5% and Greater than -6.0%		-			-			-			1			-			-			-
Less than -6.0% and Greater than -6.5%		-			-			-			-			-			-			-
Less than -6.5% and Greater than -7.0%		-			-			-			-			-			-			-
Less than -7.0% and Greater than -7.5%		-			-			-			-			-			-			-
Total		242			242			242			242			242			242			170

119

SUPPLEMENTAL INFORMATION (unaudited) (continued)

	Percentage of Total Days
Premium/Discount Range	Global X FTSE Andean 40 (2)		Global X FTSE Colombia 20 ETF		Global X FTSE Argentina 20 ETF(3)		Global X Brazil Mid Cap ETF		Global X Brazil Consumer ETF		Global X Brazil Financials ETF		Global X Mexico Small- Cap ETF(4)
Greater than 7.0% and Less than 7.5%		-		0.41%		-		-		-		-		-
Greater than 6.5% and Less than 7.0%		-		-		-		-		-		-		-
Greater than 6.0% and Less than 6.5%		-		-		-		-		-		-		-
Greater than 5.5% and Less than 6.0%		-		-		-		-		-		-		-
Greater than 5.0% and Less than 5.5%		-		-		-		-		-		-		-
Greater than 4.5% and Less than 5.0%		-		-		-		-		-		-		-
Greater than 4.0% and Less than 4.5%		-		-		-		-		-		-		-
Greater than 3.5% and Less than 4.0%		-		-		-		-		0.41%		-		-
Greater than 3.0% and Less than 3.5%		-		-		-		-		0.41%		0.41%		-
Greater than 2.5% and Less than 3.0%		-		-		-		2.07%		2.89%		1.66%		-
Greater than 2.0% and Less than 2.5%		-		-		-		13.22%		15.70%		14.89%		-
Greater than 1.5% and Less than 2.0%		1.11%		1.24%		-		16.12%		12.81%		22.32%		0.85%
Greater than 1.0% and Less than 1.5%		10.56%		11.16%		0.62%		4.13%		5.79%		9.50%		0.85%
Greater than 0.5% and Less than 1.0%		70.56%		26.86%		48.45%		13.22%		7.44%		9.50%		5.13%
Between 0.5% and -0.5%		17.22%		34.30%		37.27%		40.50%		45.87%		31.40%		52.99%
Less than -0.5% and Greater than -1.0%		0.55%		23.13%		13.66%		9.92%		7.85%		9.50%		36.76%
Less than -1.0% and Greater than -1.5%		-		2.07%		-		0.41%		0.83%		0.41%		1.71%
Less than -1.5% and Greater than -2.0%		-		0.83%		-		0.41%		-		0.41%		1.71%
Less than -2.0% and Greater than -2.5%		-		-		-		-		-		-		-
Less than -2.5% and Greater than -3.0%		-		-		-		-		-		-		-
Less than -3.0% and Greater than -3.5%		-		-		-		-		-		-		-
Less than -3.5% and Greater than -4.0%		-		-		-		-		-		-		-
Less than -4.0% and Greater than -4.5%		-		-		-		-		-		-		-
Less than -4.5% and Greater than -5.0%		-		-		-		-		-		-		-
Less than -5.0% and Greater than -5.5%		-		-		-		-		-		-		-
Less than -5.5% and Greater than -6.0%		-		-		-		-		-		-		-
Less than -6.0% and Greater than -6.5%		-		-		-		-		-		-		-
Less than -6.5% and Greater than -7.0%		-		-		-		-		-		-		-
Less than -7.0% and Greater than -7.5%		-		-		-		-		-		-		-
Total		100.00%		100.00%		100.00%		100.00%		100.00%		100.00%		100.00%
	Number of Business Days
Premium/Discount Range	Global X FTSE Andean 40 (1)		Global X FTSE Colombia 20 ETF		Global X FTSE Argentina 20 ETF(3)		Global X Brazil Mid Cap ETF		Global X Brazil Consumer ETF		Global X Brazil Financials ETF		Global X Mexico Small- Cap ETF(4)
Greater than 7.0% and Less than 7.5%		-		1		-		-		-		-		-
Greater than 6.5% and Less than 7.0%		-		-		-		-		-		-		-
Greater than 6.0% and Less than 6.5%		-		-		-		-		-		-		-
Greater than 5.5% and Less than 6.0%		-		-		-		-		-		-		-
Greater than 5.0% and Less than 5.5%		-		-		-		-		-		-		-
Greater than 4.5% and Less than 5.0%		-		-		-		-		-		-		-
Greater than 4.0% and Less than 4.5%		-		-		-		-		-		-		-
Greater than 3.5% and Less than 4.0%		-		-		-		-		1		-		-
Greater than 3.0% and Less than 3.5%		-		-		-		-		1		1		-
Greater than 2.5% and Less than 3.0%		-		-		-		5		7		4		-
Greater than 2.0% and Less than 2.5%		-		-		-		32		38		36		-
Greater than 1.5% and Less than 2.0%		2		3		-		39		31		54		1
Greater than 1.0% and Less than 1.5%		19		27		1		10		14		23		1
Greater than 0.5% and Less than 1.0%		127		65		78		32		18		23		6
Between 0.5% and -0.5%		31		83		60		98		111		76		62
Less than -0.5% and Greater than -1.0%		1		56		22		24		19		23		43
Less than -1.0% and Greater than -1.5%		-		5		-		1		2		1		2
Less than -1.5% and Greater than -2.0%		-		2		-		1		-		1		2
Less than -2.0% and Greater than -2.5%		-		-		-		-		-		-		-
Less than -2.5% and Greater than -3.0%		-		-		-		-		-		-		-
Less than -3.0% and Greater than -3.5%		-		-		-		-		-		-		-
Less than -3.5% and Greater than -4.0%		-		-		-		-		-		-		-
Less than -4.0% and Greater than -4.5%		-		-		-		-		-		-		-
Less than -4.5% and Greater than -5.0%		-		-		-		-		-		-		-
Less than -5.0% and Greater than -5.5%		-		-		-		-		-		-		-
Less than -5.5% and Greater than -6.0%		-		-		-		-		-		-		-
Less than -6.0% and Greater than -6.5%		-		-		-		-		-		-		-
Less than -6.5% and Greater than -7.0%		-		-		-		-		-		-		-
Less than -7.0% and Greater than -7.5%		-		-		-		-		-		-		-
Total		180		242		161		242		242		242		117

120

SUPPLEMENTAL INFORMATION (unaudited) (continued)

	Percentage of Total Days
Premium/Discount Range	Russell Emerging Markets Growth ETF(5)		Russell Emerging Markets Value ETF(5)		Global X FTSE Nordic Region ETF		Global X FTSE Norway 30 ETF
Greater than 7.0% and Less than 7.5%		–		–		–		–
Greater than 6.5% and Less than 7.0%		–		–		–		–
Greater than 6.0% and Less than 6.5%		–		–		–		–
Greater than 5.5% and Less than 6.0%		–		–		–		–
Greater than 5.0% and Less than 5.5%		–		–		–		–
Greater than 4.5% and Less than 5.0%		–		–		–		–
Greater than 4.0% and Less than 4.5%		–		–		–		–
Greater than 3.5% and Less than 4.0%		–		–		–		–
Greater than 3.0% and Less than 3.5%		–		–		–		–
Greater than 2.5% and Less than 3.0%		–		–		–		1.28%
Greater than 2.0% and Less than 2.5%		0.53%		–		–		0.43%
Greater than 1.5% and Less than 2.0%		2.67%		0.53%		0.83%		7.23%
Greater than 1.0% and Less than 1.5%		18.73%		28.88%		15.70%		18.30%
Greater than 0.5% and Less than 1.0%		47.60%		52.41%		48.76%		40.00%
Between 0.5% and -0.5%		23.53%		15.51%		22.31%		17.86%
Less than -0.5% and Greater than -1 .0%		2.67%		2.14%		7.45%		9.79%
Less than -1.0% and Greater than -1 .5%		2.67%		0.53%		2.89%		3.83%
Less than -1.5% and Greater than -2 .0%		1.07%		–		1.24%		0.85%
Less than -2.0% and Greater than -2 .5%		0.53%		–		0.41%		0.43%
Less than -2.5% and Greater than -3 .0%		–		–		0.41%		–
Less than -3.0% and Greater than -3 .5%		–		–		–		–
Less than -3.5% and Greater than -4 .0%		–		–		–		–
Less than -4.0% and Greater than -4 .5%		–		–		–		–
Less than -4.5% and Greater than -5 .0%		–		–		–		–
Less than -5.0% and Greater than -5 .5%		–		–		–		–
Less than -5.5% and Greater than -6 .0%		–		–		–		–
Less than -6.0% and Greater than -6 .5%		–		–		–		–
Less than -6.5% and Greater than -7 .0%		–		–		–		–
Less than -7.0% and Greater than -7 .5%		–		–		–		–
Total		100.00%		100.00%		100.00%		100.00%

	Number of Business Days
Premium/Discount Range	Russell Emerging Markets Growth ETF(5)		Russell Emerging Markets Value ETF(5)		Global X FTSE Nordic Region ETF		Global X FTSE Norway 30 ETF
Greater than 7.0% and Less than 7.5%		–		–		–		–
Greater than 6.5% and Less than 7.0%		–		–		–		–
Greater than 6.0% and Less than 6.5%		–		–		–		–
Greater than 5.5% and Less than 6.0%		–		–		–		–
Greater than 5.0% and Less than 5.5%		–		–		–		–
Greater than 4.5% and Less than 5.0%		–		–		–		–
Greater than 4.0% and Less than 4.5%		–		–		–		–
Greater than 3.5% and Less than 4.0%		–		–		–		–
Greater than 3.0% and Less than 3.5%		–		–		–		–
Greater than 2.5% and Less than 3.0%		–		–		–		3
Greater than 2.0% and Less than 2.5%		1		–		–		1
Greater than 1.5% and Less than 2.0%		5		1		2		17
Greater than 1.0% and Less than 1.5%		35		54		38		43
Greater than 0.5% and Less than 1.0%		89		98		118		94
Between 0.5% and -0.5%		44		29		54		42
Less than -0.5% and Greater than -1 .0%		5		4		18		23
Less than -1.0% and Greater than -1 .5%		5		1		7		9
Less than -1.5% and Greater than -2 .0%		2		–		3		2
Less than -2.0% and Greater than -2 .5%		1		–		1		1
Less than -2.5% and Greater than -3 .0%		–		–		1		–
Less than -3.0% and Greater than -3 .5%		–		–		–		–
Less than -3.5% and Greater than -4 .0%		–		–		–		–
Less than -4.0% and Greater than -4 .5%		–		–		–		–
Less than -4.5% and Greater than -5 .0%		–		–		–		–
Less than -5.0% and Greater than -5 .5%		–		–		–		–
Less than -5.5% and Greater than -6 .0%		–		–		–		–
Less than -6.0% and Greater than -6 .5%		–		–		–		–
Less than -6.5% and Greater than -7 .0%		–		–		–		–
Less than -7.0% and Greater than -7 .5%		–		–		–		–
Total		187		187		242		235

121

SUPPLEMENTAL INFORMATION (unaudited) (concluded)

⁽¹⁾  The Fund commenced operations on February 16, 2011.

⁽²⁾  The Fund commenced operations on February 2, 2011.

⁽³⁾  The Fund commenced operations on March 2, 2011.

⁽⁴⁾  The Fund commenced operations on May 4, 2011.

⁽⁵⁾  The Fund commenced operations on January 24, 2011.

122

TRUSTEES AND OFFICERS OF THE TRUST (unaudited)

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Director	Other Directorships Held by Trustees
Independent Trustees2
Sanjay Ram Bharwani 399 Park Ave, 32nd floor New York, NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm); Chief Information Officer, M. Safra & Co (2004-2006) (hedge fund).	353	None.
Scott R. Chichester1 399 Park Ave, 32nd floor New York, NY 10022 (1970)	Trustee (since 2008)	President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (since 2009) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Chief Financial Officer, Ong Corporation (2002-2010) (technology company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	353	None.
Kartik Kiran Shah 399 Park Ave, 32nd floor New York, NY 10022 (1977)	Trustee (since 2008)	Director, Wireless Generation (since 2008) (software); Manager, Amgen (2003-2006) (biotechnology firm).	353	None.

123

TRUSTEES AND OFFICERS OF THE TRUST (unaudited) (continued)

The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2011.

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Director	Other Directorships Held by Trustees
Interested Trustee / Officers2
Bruno del Ama 399 Park Ave, 32nd floor New York, NY 10022 (1976)	Trustee (since 2008), President, Chief Executive Officer (since 2008)	Chief Executive Officer and Chief Compliance Officer, Global X Management Company LLC (since 2008); Head of Global Structured Products Operations at Radian Asset Assurance (2004-2008) (financial services firm).	353	None.
Jose C. Gonzalez 399 Park Ave, 32nd floor New York, NY 10022 (1976)	Chief Operating Officer, Chief Compliance Officer and Chief Financial Officer, Secretary (since 2008)	Chief Operating Officer, Global X Management Company (since 2008); Founder and President of GWM Group, Inc. (since 2006) (broker-dealer firm).	N/A	N/A
Dianne Sulzbach4 One Freedom Valley Drive Oaks, PA 19456 (1977)	Assistant Secretary (since 2011)	Corporate Counsel, SEI Investments (since 2010); Associate, Morgan, Lewis & Bockius LLP (2006-2010).	N/A	N/A

124

TRUSTEES AND OFFICERS OF THE TRUST (unaudited) (concluded)

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustees
Peter Rodriguez4 One Freedom Valley Drive Oaks, PA 19456 (1962)	Assistant Treasurer (since 2011)	Fund Accounting Director of the Administrator (since 2011); Mutual Fund Trading Director, SEI Global Trust Company (2009- 2011); Asset Data Services Director at the Administrator (2006-2009).	N/A

¹  Mr. Chichester is currently married to a sister of Mr. del Ama’s wife. While an “immediate family member” (as defined in Section 2(a)(19) of the 1940 Act) of Mr. del Ama would be considered an Interested Person, Mr. Chichester is not considered an immediate family member for this purpose. Although this fact was taken into consideration in determining whether Mr. Chichester should be considered to be an Independent Trustee for purposes of the Section 2(a)(19) of the 1940 Act, it was determined that this relationship was not one that should disqualify Mr. Chichester from serving as an Independent Trustee of the Trust.

²  Each Trustee serves until his or her successor is duly elected or appointed and qualified.

³  As of October 31, 2011, the Trust had eighty-six investment portfolios, thirty-five of which were operational.

⁴  These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

125

NOTICE TO SHAREHOLDERS

For shareholders that do not have an October 31, 2011 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2011 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2011, the Funds are designating the following items with regard to distributions paid during the year.

	Long-Term Capital Gain Distributions			Ordinary Income Distributions			Total Distributions			Qualifying for Corporate Dividends Received Deduction(1)			Qualifying Dividend Income(2)			Interest Related Dividends(3 )			Short Term Capital Gain Dividends(4)
Global X China Consumer ETF		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X China Energy ETF		0.00	%		100.00	%		100.00	%		0.00	%		86.42	%		0.00	%		100.00	%
Global X China Financials ETF		0.00	%		100.00	%		100.00	%		0.12	%		100.00	%		0.00	%		0.00	%
Global X China Industrials ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%
Global X China Materials ETF		0.00	%		100.00	%		100.00	%		0.00	%		22.51	%		0.00	%		100.00	%
Global X NASDAQ China Technology ETF		0.00	%		100.00	%		100.00	%		0.00	%		78.51	%		0.00	%		100.00	%
Global X FTSE ASEAN 40 ETF		0.00	%		100.00	%		100.00	%		0.00	%		53.59	%		0.00	%		0.00	%
Global X FTSE Andean 40 ETF		0.00	%		100.00	%		100.00	%		19.26	%		100.00	%		0.00	%		0.00	%
Global X FTSE Colombia 20 ETF		15.85	%		84.15	%		100.00	%		1.72	%		72.63	%		0.00	%		100.00	%
Global X FTSE Argentina 20 ETF		0.00	%		100.00	%		100.00	%		5.97	%		100.00	%		0.00	%		0.00	%
Global X Brazil Mid Cap ETF		0.00	%		100.00	%		100.00	%		0.00	%		34.29	%		0.00	%		100.00	%
Global X Brazil Consumer ETF		0.00	%		100.00	%		100.00	%		11.04	%		52.59	%		0.00	%		100.00	%
Global X Brazil Financials ETF		0.00	%		100.00	%		100.00	%		0.00	%		28.85	%		0.01	%		100.00	%
Global X Mexico Small-Cap ETF		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Global X Russell Emerging Markets Growth ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%
Global X Russell Emerging Markets Value ETF		0.00	%		100.00	%		100.00	%		0.00	%		43.62	%		0.00	%		0.00	%
Global X FTSE Nordic Region ETF		0.13	%		99.87	%		100.00	%		0.00	%		99.20	%		0.01	%		100.00	%
Global X FTSE Norway 30 ETF		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%

(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

(2) The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

(3) The percentage in this column represents the amount of “Interest Related Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid for foreign investors.

(4) The percentage in this column represents the amount of “Short-Term Capital Gain Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

126

NOTICE TO SHAREHOLDERS (concluded)

The Fund intends to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2011, the total amount of foreign source income and foreign tax credit are as follows:

Global X Funds	Foreign Source Income		Foreign Tax Credit Pass through
Global X China Consumer ETF	$	2,932,932	$	79,553
Global X China Energy ETF		189,726		16,122
Global X China Financials ETF		158,297		11,879
Global X China Industrials ETF		129,440		8,222
Global X China Materials ETF		103,822		7,015
Global X NASDAQ China Technology ETF		170,079		4,068
Global X FTSE ASEAN 40 ETF		323,019		10,567
Global X FTSE Andean 40 ETF		125,084		17,730
Global X FTSE Colombia 20 ETF		3,552,535		36,114
Global X FTSE Argentina 20 ETF		93,210		1,871
Global X Brazil Mid Cap ETF		-		-
Global X Brazil Consumer ETF		-		-
Global X Brazil Financials ETF		-		-
Global X Mexico Small-Cap ETF		-		-
Global X Russell Emerging Markets Growth ETF		61,226		4,540
Global X Russell Emerging Markets Value ETF		49,878		5,092
Global X FTSE Nordic Region ETF		1,081,825		193,224
Global X FTSE Norway 30 ETF		1,844,746		391,291

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2011. Complete information will be computed and reported in conjunction with your 2011 Form 1099-DIV.

127

399 Park Ave, 32^nd floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser:

Global X Management Company LLC

399 Park Ave, 32^nd floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for the Independent Trustees:

Dechert LLP

1175 I Street N.W.

Washington, DC 20007

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

GLX-AR-002-0100

Global X Waste Management ETF (ticker: WSTE)

Global X Food ETF (ticker: EATX)

Global X Fishing Industry ETF (ticker: FISN)

Global X Farming ETF (ticker: BARN)

Global X Auto ETF (ticker: VROM)

Global X Canada Preferred ETF (ticker: CNPF)

Global X SuperDividend ETF (ticker: SDIV)

Annual Report

October 31, 2011

TABLE OF CONTENTS

Management Discussion of Fund Performance	1
Schedules of Investments
Global X Waste Management ETF	8
Global X Food ETF	11
Global X Fishing Industry ETF	15
Global X Farming ETF	17
Global X Auto ETF	22
Global X Canada Preferred ETF	26
Global X SuperDividend ETF	28
Statements of Assets and Liabilities	34
Statements of Operations	36
Statements of Changes in Net Assets	38
Financial Highlights	40
Notes to Financial Statements	41
Report of Independent Registered Public Accounting Firm	54
Disclosure of Fund Expenses	55
Approval of Investment Advisory Agreement	57
Supplemental Information	61
Trustees and Officers of the Trust	63
Notice to Shareholders	66

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Global X Funds uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-888-GXFund-1; and (ii) on the Commission’s website at http://www.sec.gov.

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X WASTE MANAGEMENT ETF

Global X Waste Management ETF

The Global X Waste Management ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Waste Management Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Waste Management Index is designed to reflect the performance of the waste management industry. It is comprised of selected companies globally that are actively engaged in the waste management, recovery and recycling industry.

For the period from the Fund’s commencement date on April 12, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 15.27% while the Index decreased 15.36%. The Fund commenced operations with a net asset value of $14.87 per share on April 12, 2011 and ended the period with a net asset value of $12.60 on October 31, 2011.

Six of the Fund’s twenty-seven holdings as of October 31, 2011 increased in value for the reporting period, led by Clean Harbors and Waste Connections, which returned 14.67% and 14.65% respectively. The worst performers were Seche Environment and Veolia Environment, which returned -49.99% and -52.94% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR
	THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X Waste Management ETF	(15.27%)	(16.48%)
Solactive Global Waste Management Index	(15.36%)	(15.36%)

*Fund commenced operations on April 12, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

1

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X FOOD ETF

Global X Food ETF

The Global X Food ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Food Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Food Index is designed to reflect the performance of the food industry. It is comprised of selected companies globally that are primarily engaged in the agriproduct or livestock operations or in the manufacture, sale, or distribution of food products, agriproducts, and products related to the development of new food technologies.

For the period from the Fund’s commencement date on May 2, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 2.11% while the Index decreased 1.99%. The Fund commenced operations with a net asset value of $15.17 per share on May 2, 2011 and ended the period with a net asset value of $14.85 on October 31, 2011.

Twenty-five of the Fund’s forty-nine holdings as of October 31, 2011 increased in value for the reporting period, led by CJ CheilJedang and Tingyi Holding, which returned 19.38% and 9.78% respectively. The worst performers were China Yurun Food Group and Marfrig Alimentos, which returned -50.43% and -53.88% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR
	THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X Food ETF	(2.11%)	(1.91%)
Solactive Global Food Index	(1.99%)	(1.99%)

*Fund commenced operations on May 2, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

2

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X FISHING INDUSTRY ETF

Global X Fishing Industry ETF

The Global X Fishing Industry ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Fishing Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Fishing Index is designed to reflect the performance of the fishing industry. It is comprised of selected companies globally that are engaged in commercial fishing, fish farming, fish processing or the marketing and sale of fish and fish products. The Fund is the nation’s first ETF focused exclusively on the fishing industry.

For the period from the Fund’s commencement date on May 3, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 25.47% while the Index decreased 25.76%. The Fund commenced operations with a net asset value of $14.92 per share on May 3, 2011 and ended the period with a net asset value of $11.12 on October 31, 2011.

Four of the Fund’s twenty holdings as of October 31, 2011 increased in value for the reporting period, led by Maruha Nichiro Holdings and Nippon Suisan Kaisha, which returned 22.87% and 22.83% respectively. The worst performers were China Marine Food Group and Marine Harvest, which returned -54.83% and -61.47% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR
	THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X Fishing Industry ETF	(25.47%)	(26.14%)
Solactive Global Fishing Index	(25.76%)	(25.76%)

*Fund commenced operations on May 3, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

3

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X FARMING ETF

Global X Farming ETF

The Global X Farming ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Farming Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global Farming Index is designed to reflect the performance of the farming industry. It is comprised of common stocks, ADRs, and GDRs of selected companies globally that are primarily engaged in agriproduct or livestock operations or in the manufacture, sale, or distribution of farming products.

For the period from the Fund’s commencement date on June 1, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 10.01% while the Index decreased 12.49%. The Fund commenced operations with a net asset value of $14.89 per share on June 1, 2011 and ended the period with a net asset value of $13.40 on October 31, 2011.

Five of the Fund’s fifty holdings as of October 31, 2011 increased in value for the reporting period, led by Cosan S.A. Industria e Comercio and Tate & Lyle, which returned 5.99% and 5.95% respectively. The worst performers were Asian Bamboo and Chaoda Modern Agriculture., which returned -64.66% and 65.40% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR
	THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X Farming ETF	(10.01%)	(10.88%)
Solactive Global Farming Index	(12.49%)	(12.49%)

*Fund commenced operations on June 1, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

4

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X AUTO ETF

Global X Auto ETF

The Global X Auto ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S-Network Global Automotive Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The S-Network Global Automotive Index is a modified capitalization weighted, float adjusted index comprising publicly traded companies engaged in the production of automobiles, automobile parts, tires, and related activities. It strives to include the fifty largest and most actively traded companies worldwide that are principally engaged (derive greater than 50% of revenues from sources listed above) in the automobile industry.

For the period from the Fund’s commencement date on May 18, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 14.93% while the Index decreased 14.74%. The Fund commenced operations with a net asset value of $15.20 per share on May 18, 2011 and ended the period with a net asset value of $12.93 on October 31, 2011.

Ten of the Fund’s fifty holdings as of October 31, 2011 increased in value for the reporting period, led by Astra International and Daihatsu Motor, which returned 16.32% and 16.18% respectively. The worst performers were Fiat SpA and Peugeot, which returned -36.46% and -45.49% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR
	THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X Auto ETF	(14.93%)	(15.72%)
S-Network Global Automotive Index	(14.74%)	(14.74%)

*Fund commenced operations on May 18, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

5

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X CANADA PREFERRED ETF

Global X Canada Preferred ETF

The Global X Canada Preferred ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Canada Preferred Stock Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Canada Preferred Stock Index tracks the performance of a select group of preferred stocks from Canadian issues that trade on the Toronto Stock Exchange. It is comprised of preferred shares that meet certain criteria relating to size, liquidity, issuer rating, maturity, and other requirements as determined by Structured Solutions AG. Only securities which are tradable for foreign investors without restrictions are eligible. The Fund is the nation’s first ETF focused exclusively on preferred stock of Canadian companies.

For the period from the Fund’s commencement date on May 24, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 1.94%, while the Index decreased 2.17%. The Fund commenced operations with a net asset value of $14.97 per share on May 24, 2011 and ended the period with a net asset value of $14.48 on October 31, 2011.

Thirty-one of the Fund’s twenty-four holdings as of October 31, 2011 increased in value for the reporting period, led by Weston George and Power Corp Canada, which returned 8.18% and 4.67% respectively. The worst performers were BCE and Yellow Media, which returned -10.51% and -79.70% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR
	THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X Canada Preferred ETF	(1.94%)	(3.61%)
Solactive Canada Preferred Stock Index	(2.17%)	(2.17%)

*Fund commenced operations on May 24, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

6

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

GLOBAL X SUPERDIVIDEND ETF

Global X SuperDividend ETF

The Global X SuperDividend ETF (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global SuperDividend Index (the “Index”). The Fund generally seeks to replicate the Index but may at times invest in a representative sample of securities that collectively has an investment profile similar to the Index and as a result may or may not hold all the securities that are included in the Index.

The Solactive Global SuperDividend™ Index tracks the performance of 100 equally weighted companies that rank among the highest dividend yielding equity securities in the world. The index provider applies certain dividend stability filters.

For the period from the Fund’s commencement date on June 8, 2011 through October 31, 2011 (the “reporting period”), the Fund decreased 9.56% while the Index decreased 10.30%. The Fund commenced operations with a net asset value of $24.70 per share on June 8, 2011 and ended the period with a net asset value of $21.76 on October 31, 2011.

Thirty of the Fund’s one hundred holdings as of October 31, 2011 increased in value for the reporting period, led by Fleetwood and Foster’s Group, which returned 22.01% and 19.07% respectively. The worst performers were Thomas Cook Group and Yellow Media, which returned -61.13% and -89.35% respectively.

Growth of a $10,000 Investment

	AVERAGE ANNUAL TOTAL RETURN FOR
	THE PERIOD ENDED OCTOBER 31, 2011*
	Cumulative Inception to Date
	Net Asset Value	Market Price
Global X SuperDividend ETF	(9.56%)	(12.31%)
Solactive Global SuperDividend Index	(10.30%)	(10.30%)

*Fund commenced operations on June 8, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index above.

7

Schedule of Investments October 31, 2011            

Global X Waste Management ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 99.1%
AUSTRALIA— 4.6%
Industrials — 4.6%
Tox Free Solutions		15,334	$	35,065
Transpacific Industries Group *		65,605		51,505
TOTAL AUSTRALIA				86,570
CANADA— 5.6%
Industrials — 5.6%
Newalta		3,697		43,806
Progressive Waste Solutions		2,925		61,628
TOTAL CANADA				105,434
CHINA— 2.1%
Industrials — 2.1%
Chiho-Tiande Group		71,554		39,791
FRANCE— 10.6%
Industrials — 10.6%
Seche Environnement		725		32,891
Veolia Environnement		11,818		168,060
TOTAL FRANCE				200,951
GERMANY— 2.2%
Industrials — 2.2%
Interseroh		596		41,903
HONG KONG— 8.1%
Industrials — 8.1%
China Everbright International		151,100		44,541
China Metal Recycling Holdings		45,761		49,952
China Water Affairs Group		102,300		29,630
Fook Woo Group Holdings *		152,700		29,288
TOTAL HONG KONG				153,411
JAPAN— 2.0%
Basic Materials — 2.0%
Asahi Holdings		1,877		37,473

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

8

Schedule of Investments October 31, 2011            

Global X Waste Management ETF

	Shares/Number of Rights/Face Amount		Value
COMMON STOCK — continued
NORWAY— 3.1%
Industrials — 3.1%
Tomra Systems		7,800	$	57,635
UNITED KINGDOM— 2.1%
Industrials — 2.1%
Shanks Group		22,200		39,380
UNITED STATES— 58.7%
Basic Materials — 2.4%
Calgon Carbon *		2,946		46,989
Consumer Goods — 3.0%
Darling International *		3,990		55,940
Industrials — 53.3%
Casella Waste Systems, Cl A *		5,143		32,298
Clean Harbors *		1,854		108,033
EnergySolutions *		11,153		42,047
Metalico *		6,574		29,714
Republic Services, Cl A		6,314		179,696
Sims Metal Management		7,237		105,701
Stericycle *		2,235		186,801
US Ecology		2,370		42,802
Waste Connections		2,552		86,896
Waste Management		5,842		192,377
				1,006,365
TOTAL UNITED STATES				1,109,294
TOTAL COMMON STOCK (Cost $2,225,230)				1,871,842
RIGHTS — 0.6%
Transpacific Industries Group *, expires 11/18/11 (Cost $—)		42,175		10,888
TIME DEPOSIT — 0.0%
Brown Brothers Harriman, 0.030% (Cost $639)	$	639		639
TOTAL INVESTMENTS — 99.7% (Cost $2,225,869)			$	1,883,369

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

9

Schedule of Investments October 31, 2011            

Global X Waste Management ETF

Percentages are based on Net Assets of $1,889,590.

* Non-income producing security.

Cl — Class

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

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

		$1,871,842		$1,871,842		$1,871,842		$1,871,842
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,871,842	$	—	$	—	$	1,871,842
Rights		10,888		—		—		10,888
Time Deposit		—		639		—		639
Total Investments in Securities	$	1,882,730	$	639	$	—	$	1,883,369

For the period ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

10

Schedule of Investments October 31, 2011            

Global X Food ETF

Sector Weightings (unaudited)†:

 

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 97.8%
BRAZIL— 6.0%
Consumer Goods — 6.0%
BRF - Brasil Foods ADR		8,313	$	174,989
JBS *		8,585		25,808
M Dias Branco		550		14,255
Marfrig Alimentos		1,550		6,691
TOTAL BRAZIL				221,743
CANADA— 5.1%
Consumer Goods — 5.1%
George Weston		1,686		116,871
Saputo		1,719		71,023
TOTAL CANADA				187,894
CHINA— 4.6%
Consumer Goods — 4.6%
China Yurun Food Group		17,500		31,132
Tingyi Cayman Islands Holding		25,045		71,893
Want Want China Holdings		71,000		66,536
TOTAL CHINA				169,561
DENMARK— 1.1%
Consumer Goods — 1.1%
Christian Hansen Holding		1,856		40,574
FRANCE— 4.7%
Consumer Goods — 4.7%
Danone		2,484		172,925
INDONESIA— 1.1%
Consumer Goods — 1.1%
Indofood CBP Sukses Makmur TBK		15,200		9,103
Indofood Sukses Makmur		56,800		33,695
TOTAL INDONESIA				42,798
JAPAN— 7.1%
Consumer Goods — 7.1%
Ajinomoto		8,750		98,877
MEIJI Holdings		900		39,909

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

11

Schedule of Investments October 31, 2011            

Global X Food ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Nippon Meat Packers		2,750	$	34,806
Nisshin Seifun Group		2,550		31,753
Nissin Foods Holdings		850		32,797
Yamazaki Baking		1,800		24,003
TOTAL JAPAN				262,145
MEXICO— 3.5%
Consumer Goods — 3.5%
Grupo Bimbo, Ser A		63,195		130,233
NETHERLANDS— 0.7%
Consumer Goods — 0.7%
Nutreco		411		27,417
NORWAY— 2.1%
Consumer Goods — 2.1%
Orkla		8,750		76,296
SOUTH AFRICA— 1.4%
Consumer Goods — 1.4%
Tiger Brands		1,850		53,650
SOUTH KOREA— 0.6%
Consumer Goods — 0.6%
CJ CheilJedang		85		23,546
SPAIN— 0.5%
Consumer Goods — 0.5%
Ebro Foods		900		18,286
SWITZERLAND— 6.5%
Consumer Goods — 6.5%
Aryzta		1,000		48,393
Barry Callebaut		20		19,026
Nestle		3,010		174,657
TOTAL SWITZERLAND				242,076
TAIWAN— 1.7%
Consumer Goods — 1.7%
Uni-President Enterprises		46,112		64,451
THAILAND— 1.2%
Consumer Goods — 1.2%
Charoen Pokphand Foods		44,100		43,425

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

12

Schedule of Investments October 31, 2011            

Global X Food ETF

	Shares		Value
COMMON STOCK — continued
UNITED KINGDOM— 5.6%
Consumer Goods — 5.6%
Associated British Foods		4,512	$	80,254
Kerry Group, Cl A		1,736		64,391
Tate & Lyle		6,195		65,007
TOTAL UNITED KINGDOM				209,652
UNITED STATES— 44.3%
Consumer Goods — 44.3%
Campbell Soup		2,247		74,713
ConAgra Foods		5,550		140,582
Corn Products International		974		47,239
Flowers Foods		1,598		32,264
General Mills		4,550		175,311
Hershey		2,235		127,909
HJ Heinz		3,301		176,405
Hormel Foods		1,770		52,162
JM Smucker		1,453		111,910
Kellogg		2,635		142,843
Kraft Foods, Cl A		5,030		176,955
McCormick		1,544		74,977
Ralcorp Holdings *		695		56,184
Sara Lee		7,660		136,348
Smithfield Foods *		1,859		42,497
Tyson Foods, Cl A		3,856		74,421
TOTAL UNITED STATES				1,642,720
TOTAL COMMON STOCK (Cost $3,643,457)				3,629,392
TOTAL INVESTMENTS — 97.8% (Cost $3,643,457)			$	3,629,392

Percentages are based on Net Assets of $3,711,382.

*       Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ser — Series

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

13

Schedule of Investments October 31, 2011            

Global X Food ETF

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

		$3,629,392zz		$3,629,392zz		$3,629,392zz		$3,629,392zz
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	3,629,392	$	—	$	—	$	3,629,392
Total Investments in Securities	$	3,629,392	$	—	$	—	$	3,629,392

For the period ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

14

Schedule of Investments October 31, 2011            

Global X Fishing Industry ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 101.2%
CHILE— 11.1%
Consumer Goods — 11.1%
Cia Pesquera Camanchaca *		1,064,500	$	119,546
Multiexport Foods		211,200		65,764
TOTAL CHILE				185,310
CHINA— 0.7%
Consumer Goods — 0.7%
China Marine Food Group *		7,137		11,348
HONG KONG— 4.8%
Consumer Goods — 4.8%
China Ocean Resources		14,123		80,532
JAPAN— 34.8%
Consumer Goods — 34.8%
Kyokuyo		34,583		78,336
Maruha Nichiro Holdings		90,118		164,920
Nippon Suisan Kaisha		49,949		170,673
Toyo Suisan Kaisha		6,522		167,599
TOTAL JAPAN				581,528
MALAYSIA— 4.9%
Consumer Goods — 4.9%
QL Resources		87,398		81,499
NORWAY— 31.1%
Consumer Goods — 31.1%
Austevoll Seafood		20,375		80,955
Cermaq		6,532		72,810
Copeinca *		10,900		70,743
Leroey Seafood Group		5,285		81,714
Marine Harvest		349,558		156,485
Morpol *		27,800		55,478
TOTAL NORWAY				518,185
SOUTH KOREA— 9.0%
Consumer Goods — 9.0%
Dongwon Industries		490		73,157
Sajo Industries		900		43,711

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

15

Schedule of Investments October 31, 2011            

Global X Fishing Industry ETF

	Shares		Value
COMMON STOCK — continued
Consumer Goods — continued
Sajodaerim *		300	$	4,668
Silla		2,700		28,534
TOTAL SOUTH KOREA				150,070
SPAIN— 4.8%
Consumer Goods — 4.8%
Pescanova		2,306		79,565
TOTAL COMMON STOCK (Cost $2,183,908)				1,688,037
TOTAL INVESTMENTS — 101.2% (Cost $2,183,908)			$	1,688,037

Percentages are based on Net Assets of $1,668,441.

*      Non-income producing security.

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

		$1,688,037 A		$1,688,037 A		$1,688,037 A		$1,688,037 A
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,688,037	$	—	$	—	$	1,688,037
Total Investments in Securities	$	1,688,037	$	—	$	—	$	1,688,037

For the period ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

16

Schedule of Investments October 31, 2011            

Global X Farming ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK —99.8%
AUSTRALIA— 2.3%
Consumer Goods — 2.3%
GrainCorp		7,372	$	61,450
BELGIUM— 1.0%
Consumer Goods — 1.0%
Sipef		327		25,851
BOSNIA AND HERZEGOVINA— 4.4%
Consumer Goods — 4.4%
Bunge		1,929		119,154
BRAZIL— 3.6%
Consumer Goods — 3.6%
Cosan Industria e Comercio		4,000		62,383
Sao Martinho		1,000		11,943
SLC Agricola		1,720		17,085
Tereos Internacional		3,200		4,586
TOTAL BRAZIL				95,997
CANADA— 4.4%
Consumer Goods — 4.4%
Viterra, Common Subscription Receipt		11,372		117,063
CHINA— 0.5%
Consumer Goods — 0.5%
China Modern Dairy Holdings *		50,000		12,100
FRANCE— 0.4%
Consumer Goods — 0.4%
Vilmorin & Cie		108		11,889
GERMANY— 0.8%
Basic Materials — 0.2%
Asian Bamboo		320		4,776
Consumer Goods — 0.6%
KWS Saat		80		16,387
TOTAL GERMANY				21,163

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

17

Schedule of Investments October 31, 2011            

Global X Farming ETF

	Shares		Value
COMMON STOCK — continued
HONG KONG— 3.8%
Consumer Goods — 3.8%
Asian Citrus Holdings		26,800	$	19,179
China Agri-Industries Holdings		57,100		46,306
CP Pokphand		336,300		37,230
TOTAL HONG KONG				102,715
INDONESIA— 2.8%
Consumer Goods — 2.8%
Astra Agro Lestari		11,600		28,115
Bakrie Sumatera Plantations		400,000		13,334
Perusahaan Perkebunan London Sumatra Indonesia		101,100		25,132
Sampoerna Agro		22,600		7,725
TOTAL INDONESIA				74,306
JAPAN— 5.7%
Consumer Goods — 0.7%
Hokuto		840		17,533
Industrials — 5.0%
Kubota		16,000		134,323
TOTAL JAPAN				151,856
LUXEMBOURG— 0.3%
Consumer Goods — 0.3%
Adecoagro *		889		8,641
MALAYSIA— 12.8%
Basic Materials — 0.6%
HAP Seng Consolidated		35,030		17,475
Consumer Goods — 12.2%
Genting Plantations		8,400		20,130
IOI		40,000		68,471
Kuala Lumpur Kepong		16,000		109,866
Kulim Malaysia		16,800		19,720
PPB Group		17,300		96,230
Tradewinds Malaysia		4,000		11,608
				326,025
TOTAL MALAYSIA				343,500
NETHERLANDS— 4.3%
Consumer Goods — 3.0%
Nutreco		1,206		80,451
Industrials — 1.3%
CNH Global *		976		36,288
TOTAL NETHERLANDS				116,739

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

18

Schedule of Investments October 31, 2011            

Global X Farming ETF

	Shares		Value
COMMON STOCK — continued
SINGAPORE— 15.7%
Consumer Goods — 15.7%
First Resources		14,400	$	16,292
GMG Global		43,200		8,089
Golden Agri-Resources		224,900		116,473
Indofood Agri Resources *		11,200		12,359
Olam International		61,200		124,341
Wilmar International		32,800		142,949
TOTAL SINGAPORE				420,503
SOUTH AFRICA— 0.6%
Consumer Goods — 0.6%
Astral Foods		1,000		14,962
UKRAINE— 1.4%
Consumer Goods — 1.4%
Kernel Holding *		1,800		38,771
UNITED KINGDOM— 7.0%
Consumer Goods — 7.0%
Genus		2,000		36,300
Tate & Lyle		14,393		151,034
TOTAL UNITED KINGDOM				187,334
UNITED STATES— 28.0%
Consumer Goods — 17.6%
Andersons		628		23,186
Archer-Daniels-Midland		4,486		129,825
Chaoda Modern Agriculture Holdings 1,2		99,300		14,060
Corn Products International		2,496		121,056
Fresh Del Monte Produce		1,421		36,179
Monsanto		2,040		148,410
				472,716
Industrials — 10.4%
AGCO *		2,882		126,318
Deere		1,663		126,221
Lindsay		448		26,029
				278,568
TOTAL UNITED STATES				751,284
TOTAL COMMON STOCK (Cost $2,893,495)				2,675,278
TOTAL INVESTMENTS — 99.8% (Cost $2,893,495)			$	2,675,278

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

19

Schedule of Investments October 31, 2011            

Global X Farming ETF

Percentages are based on Net Assets of $2,680,421.

* Non-income producing security.

¹  Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such security as of October 31, 2011, was $14,060 and represented 0.5% of Net Assets.

²  Security considered illiquid. The total value of such security as of October 31, 2011, was $14,060 and represented 0.5% of Net Assets.

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	61,450	$	-	$	-	$	61,450
Belgium		25,851		-		-		25,851
Bosnia and Herzegovina		119,154		-		-		119,154
Brazil		95,997		-		-		95,997
Canada		117,063		-		-		117,063
China		12,100		-		-		12,100
France		11,889		-		-		11,889
Germany		21,163		-		-		21,163
Hong Kong		102,715		-		-		102,715
Indonesia		74,306		-		-		74,306
Japan		151,856		-		-		151,856
Luxembourg		8,641		-		-		8,641
Malaysia		343,500		-		-		343,500
Netherlands		116,739		-		-		116,739
Singapore		420,503		-		-		420,503
South Africa		14,962		-		-		14,962
Ukraine		38,771		-		-		38,771
United Kingdom		187,334		-		-		187,334
United States		737,224		-		14,060		751,284
Total Investments in Securities	$	2,661,218	$	-	$	14,060	$	2,675,278

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	United States
	Investments in   Common Stock
Beginning balance as of June 1, 2011	$	-
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		-
Net purchases		-
Net sales		-
Transfers into Level 3		14,060
Transfers out of Level 3		-
Ending balance as of October 31, 2011	$	14,060

Net change in unrealized appreciation/(depreciation) from investments (Level 3) still held as of October 31, 2011 is $—.

For the period ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

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

20

Schedule of Investments October 31, 2011            

Global X Farming ETF

For the period ended October 31, 2011, transfers between Level 1 and Level 3 investments totaled $14,060.

The Level 3 investment presented above was considered a Level 1 investment at the beginning of the reporting period. The reason for the transfer was a temporary trading suspension of the investment’s shares, which necessitated a fair value determination by the Fair Value Committee at the end of the reporting period. The Fund’s policy is to transfer investments into/out of Level 3 at the end of the reporting period.

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

21

Schedule of Investments October 31, 2011            

Global X Auto ETF

Sector Weightings (unaudited)†:

†Percentages based on total investments.

	Shares		Value
COMMON STOCK —96.6%
CANADA— 1.6%
Consumer Goods — 1.6%
Magna International		2,157	$	82,291
CHINA— 4.6%
Consumer Goods — 3.9%
Dongfeng Motor Group, Cl H		84,000		139,703
Guangzhou Automobile Group, Cl H		59,800		60,581
				200,284
Industrials — 0.7%
Byd, Cl H		14,400		35,405
TOTAL CHINA				235,689
FRANCE— 5.1%
Consumer Goods — 5.1%
Cie Generale des Etablissements Michelin, Cl B		1,713		124,894
Peugeot		1,538		33,792
Renault		1,744		73,485
Valeo		662		33,478
TOTAL FRANCE				265,649
GERMANY— 19.4%
Consumer Goods — 19.4%
Bayerische Motoren Werke		3,467		283,391
Continental		971		72,824
Daimler		8,460		433,222
Volkswagen		1,373		216,247
TOTAL GERMANY				1,005,684
HONG KONG— 0.6%
Consumer Goods — 0.6%
Brilliance China Automotive Holdings *		21,000		23,004
Geely Automobile Holdings		35,600		9,303
TOTAL HONG KONG				32,307

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

22

Schedule of Investments October 31, 2011            

Global X Auto ETF

	Shares		Value
COMMON STOCK — continued
INDIA— 2.0%
Industrials — 2.0%
Tata Motors ADR		5,245	$	105,162
INDONESIA— 2.7%
Consumer Goods — 2.7%
Astra International		17,800		138,780
ITALY— 1.5%
Consumer Goods — 1.5%
Fiat		8,000		49,160
Pirelli & C		3,200		28,344
TOTAL ITALY				77,504
JAPAN— 24.4%
Consumer Goods — 23.9%
Aisin Seiki		860		27,922
Bridgestone		2,975		70,853
Daihatsu Motor		800		14,385
Denso		2,118		66,733
Fuji Heavy Industries		3,000		19,580
GS Yuasa		1,600		8,559
Honda Motor ADR		8,386		250,741
JTEKT		825		9,270
Mazda Motor		7,800		16,870
Mitsubishi Motors *		18,000		24,187
Nissan Motor		11,800		110,993
NSK		2,400		18,582
Suzuki Motor		1,815		39,348
Toyota Industries		778		22,432
Toyota Motor ADR		8,054		537,282
				1,237,737
Industrials — 0.5%
Isuzu Motors		5,600		24,367
TOTAL JAPAN				1,262,104
SOUTH KOREA— 12.1%
Consumer Goods — 12.1%
Hankook Tire		668		26,916
Hyundai Mobis		598		173,723
Hyundai Motor		1,350		275,622
Kia Motors		2,284		148,521
TOTAL SOUTH KOREA				624,782

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

23

Schedule of Investments October 31, 2011            

Global X Auto ETF

	Shares/Face     Amount		Value
COMMON STOCK — continued
SWEDEN— 1.0%
Consumer Goods — 1.0%
Autoliv		866	$	50,029
UNITED STATES— 21.6%
Consumer Goods — 21.6%
BorgWarner *		1,040		79,550
Ford Motor *		36,309		424,089
General Motors *		5,951		153,833
Gentex		1,340		40,361
Genuine Parts		1,496		85,915
Goodyear Tire & Rubber *		2,342		33,631
Johnson Controls		6,506		214,242
Tesla Motors *		342		10,045
TRW Automotive Holdings *		1,000		42,100
WABCO Holdings *		652		32,737
TOTAL UNITED STATES				1,116,503
TOTAL COMMON STOCK (Cost $5,909,398)				4,996,484
PREFERRED STOCK — 3.3%
GERMANY— 3.3%
Consumer Goods — 3.3%
Porsche Automobil Holding (Cost $211,265)		2,866		168,123
TIME DEPOSIT — 0.1%
Brown Brothers Harriman, 0.030% (Cost $4,160)	$	4,160		4,160
TOTAL INVESTMENTS — 100.0% (Cost $6,124,823)			$	5,168,767

Percentages are based on Net Assets of $5,170,395.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

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

24

Schedule of Investments October 31, 2011            

Global X Auto ETF

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	4,996,484	$	—	$	—	$	4,996,484
Preferred Stock		168,123		—		—		168,123
Time Deposit		—		4,160		—		4,160
Total Investments in Securities	$	5,164,607	$	4,160	$	—	$	5,168,767

For the period ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

25

Schedule of Investments October 31, 2011            

Global X Canada Preferred ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
PREFERRED STOCK — 99.9%
CANADA— 99.9%
Consumer Goods — 3.3%
George Weston		5,361	$	125,755
RONA		4,687		111,497
Yellow Media		5,617		23,106
				260,358
Financials — 79.4%
Bank of Montreal		21,795		566,453
Bank of Nova Scotia		21,938		571,837
Brookfield Asset Management		15,162		381,389
Brookfield Office Properties		14,799		378,715
Canadian Imperial Bank of Commerce		24,840		643,598
Fairfax Financial Holdings		15,209		371,939
Great-West Lifeco		16,190		391,627
HSBC Bank Canada		9,388		247,003
Husky Energy		8,035		205,974
IGM Financial		4,064		106,422
Manulife Financial		15,137		377,626
National Bank of Canada		5,361		136,351
Power Corp of Canada		6,761		165,515
Power Financial		14,317		356,115
Royal Bank of Canada		24,193		648,334
Sun Life Financial		16,854		383,372
Toronto-Dominion Bank		14,690		387,776
				6,320,046
Oil & Gas — 10.3%
AltaGas		5,373		138,543
TransCanada		26,367		678,144
				816,687
Telecommunications — 4.4%
BCE		15,829		353,857
Utilities — 2.5%
TransAlta		8,030		203,026

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

26

Schedule of Investments October 31, 2011            

Global X Canada Preferred ETF

	Value
PREFERRED STOCK — continued
TOTAL CANADA	$	7,953,974
TOTAL PREFERRED STOCK (Cost $8,292,540)		7,953,974
TOTAL INVESTMENTS — 99.9% (Cost $8,292,540)	$	7,953,974

Percentages are based on Net Assets of $7,962,246.

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

		$7,953,974		$7,953,974		$7,953,974		$7,953,974
Investments in Securities	Level 1		Level 2		Level 3		Total
Preferred Stock	$	7,953,974	$	—	$	—	$	7,953,974
Total Investments in Securities	$	7,953,974	$	—	$	—	$	7,953,974

For the period ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

27

Schedule of Investments October 31, 2011            

Global X SuperDividend ETF

Sector Weightings (unaudited)†:

† Percentages based on total investments.

	Shares		Value
COMMON STOCK — 97.4%
AUSTRALIA— 25.0%
Banks — 5.9%
Bank of Queensland		37,800	$	335,796
Bendigo and Adelaide Bank		38,150		380,314
Commonwealth Bank of Australia		6,325		328,397
National Australia Bank		12,980		351,532
Westpac Banking		14,600		343,403
				1,739,442
Consumer Goods — 3.7%
Fleetwood		29,400		379,835
Foster’s Group		70,750		397,384
GUD Holdings		35,050		288,467
				1,065,686
Consumer Services — 7.2%
APN News & Media		235,000		216,687
David Jones		79,200		282,932
Metcash		82,300		361,653
Myer Holdings		115,900		318,772
Seven West Media		78,100		296,285
TABCORP Holdings		96,600		299,282
Tatts Group		140,000		342,273
				2,117,884

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

28

Schedule of Investments October 31, 2011            

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
Financial Services — 1.0%
Perpetual		11,860	$	284,330
Industrials — 1.7%
GWA Group		107,800		261,278
Salmat		83,700		246,086
				507,364
Oil & Gas — 1.1%
APA Group		73,100		335,092
Real Estate Investment Trusts — 1.1%
Commonwealth Property Office Fund		335,100		328,408
Telecommunications — 1.1%
Telstra		102,200		333,864
Utilities — 2.2%
DUET Group		181,700		319,763
Spark Infrastructure Group		248,700		318,426
				638,189
TOTAL AUSTRALIA				7,350,259
AUSTRIA— 1.0%
Telecommunications — 1.0%
Telekom Austria		26,375		300,421
BELGIUM— 1.0%
Telecommunications — 1.0%
Belgacom		9,450		286,688
BERMUDA— 0.9%
Industrials — 0.9%
Ship Finance International		18,783		268,785
BRAZIL— 1.0%
Utilities — 1.0%
Light		18,900		297,952
CANADA— 4.9%
Basic Materials — 0.5%
Canfor Pulp Products		11,989		161,185
Consumer Services — 1.6%
Parkland Fuel		26,518		276,166
Superior Plus		28,732		198,907
				475,073
Health Care — 1.2%
CML HealthCare		35,051		340,769

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

29

Schedule of Investments October 31, 2011            

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
Oil & Gas — 0.8%
Zargon Oil & Gas		15,414	$	217,593
Utilities — 0.8%
Just Energy Group		22,926		247,504
TOTAL CANADA				1,442,124
CZECH REPUBLIC— 2.3%
Consumer Goods — 1.3%
Philip Morris CR		596		391,559
Telecommunications — 1.0%
Telefonica Czech Republic		13,170		277,244
TOTAL CZECH REPUBLIC				668,803
FINLAND— 0.8%
Consumer Services — 0.8%
Sanoma		17,840		240,240
FRANCE— 0.9%
Telecommunications — 0.9%
France Telecom		15,320		276,487
GERMANY— 1.1%
Telecommunications — 1.1%
Freenet		24,050		311,052
HUNGARY— 0.9%
Telecommunications — 0.9%
Magyar Telekom Telecommunications		111,100		258,783
ITALY— 0.8%
Consumer Services — 0.8%
Mediaset		64,800		240,173
NEW ZEALAND— 2.4%
Financials — 1.2%
Goodman Property Trust		432,900		342,958
Telecommunications — 1.2%
Telecom Corp of New Zealand		177,600		363,955
TOTAL NEW ZEALAND				706,913
NORWAY— 1.1%
Oil & Gas — 1.1%
Seadrill		9,720		321,716
POLAND— 0.9%
Telecommunications — 0.9%
Telekomunikacja Polska		51,100		271,552

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

30

Schedule of Investments October 31, 2011            

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
SINGAPORE— 4.3%
Real Estate Investment Trusts — 3.2%
Ascendas Real Estate Investment Trust		208,100	$	339,897
Mapletree Logistics Trust		451,200		307,367
Suntec Real Estate Investment Trust		279,500		276,137
				923,401
Telecommunications — 1.1%
StarHub		148,300		333,206
TOTAL SINGAPORE				1,256,607
SPAIN— 1.9%
Consumer Services — 0.9%
Antena 3 de Television		40,500		243,827
Telecommunications — 1.0%
Telefonica		14,080		299,707
TOTAL SPAIN				543,534
TAIWAN— 0.7%
Technology — 0.7%
Macronix International		530,600		204,036
TURKEY— 0.9%
Consumer Goods — 0.9%
Ford Otomotiv Sanayi		36,550		266,864
UNITED KINGDOM— 8.6%
Consumer Services — 2.0%
Firstgroup		61,900		332,490
Home Retail Group		98,600		158,728
Thomas Cook Group		142,500		119,168
				610,386
Financial Services — 1.3%
Provident Financial		20,925		373,198
Financials — 1.2%
Standard Life		99,900		346,704
Industrials — 1.3%
Interserve		70,200		373,348
Insurance — 1.8%
Aviva		49,050		268,832
RSA Insurance Group		147,900		265,683
				534,515

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

31

Schedule of Investments October 31, 2011            

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
Telecommunications — 1.0%
Cable & Wireless Communications		492,300	$	286,920
TOTAL UNITED KINGDOM				2,525,071
UNITED STATES— 36.0%
Consumer Goods — 1.2%
Vector Group		19,536		343,248
Consumer Services — 0.7%
Halfords Group		39,932		210,060
Financial Services — 1.1%
BGC Partners, Cl A		44,719		306,325
Financials — 9.1%
Apollo Investment *		31,707		262,534
Ares Capital		20,262		313,453
BlackRock Kelso Capital		35,384		302,180
Capstead Mortgage		25,693		311,399
CYS Investments		26,130		331,328
Fifth Street Finance		28,075		276,820
PennantPark Investment		28,206		302,368
Prospect Capital		29,816		285,339
Solar Capital		13,765		305,583
				2,691,004
Health Care — 1.2%
PDL BioPharma		55,305		335,701
Insurance — 0.7%
QBE Insurance Group		13,896		215,992
Real Estate Investment Trusts — 16.0%
American Capital Agency		11,074		304,646
Annaly Capital Management		18,484		311,455
Anworth Mortgage Asset		46,485		299,828
Chimera Investment		92,210		277,552
CommonWealth REIT		13,452		260,296
CreXus Investment		20,934		200,129
Extendicare Real Estate Investment Trust, Cl Trust Unit		24,824		185,800
Getty Realty		13,670		217,900
Hatteras Financial		11,666		299,816
Hospitality Properties Trust		14,723		353,794
Invesco Mortgage Capital		15,220		240,172
Investors Real Estate Trust		36,238		268,524
Medical Properties Trust		28,731		290,183
MFA Financial		41,624		280,962
Omega Healthcare Investors		16,887		299,913

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

32

Schedule of Investments October 31, 2011            

Global X SuperDividend ETF

	Shares		Value
COMMON STOCK — continued
Real Estate Investment Trusts — continued
Starwood Property Trust		16,646	$	312,778
Two Harbors Investment		31,907		298,331
				4,702,079
Technology — 1.2%
United Online		59,983		354,500
Telecommunications — 3.8%
CenturyLink		5,518		194,565
Consolidated Communications Holdings		17,994		339,727
Frontier Communications		41,844		261,943
Windstream		26,064		317,199
				1,113,434
Utilities — 1.0%
Atlantic Power		21,990		296,303
TOTAL UNITED STATES				10,568,646
TOTAL COMMON STOCK (Cost $31,094,328)				28,606,706
PREFERRED STOCK — 2.0%
Brazil — 1.1%
Utilities — 1.1%
AES Tiete		21,600		309,309
Russia — 0.9%
Oil & Gas — 0.9%
Surgutneftega		660,443		285,311
TOTAL PREFERRED STOCK (Cost $651,569)				594,620
TOTAL INVESTMENTS — 99.4% (Cost $31,745,897)			$	29,201,326

Percentages are based on Net Assets of $29,372,161.

*      Non-income producing security.

Cl — Class

REIT — Real Estate Investment Trust

The following is a summary of the inputs used as of October 31, 2011, in valuing the Fund’s investments carried at value:

		$28,606,706 a		$28,606,706 a		$28,606,706 a		$28,606,706 a
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	28,606,706	$	—	$	—	$	28,606,706
Preferred Stock		594,620		—		—		594,620
Total Investments in Securities	$	29,201,326	$		$	—	$	29,201,326

For the period ended October 31, 2011, there have been no significant transfers between Level 1 and Level 2 investments.

For the period ended October 31, 2011, there were no Level 3 investments.

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

33

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2011

	Global X Waste   Management ETF		Global X Food ETF		Global X Fishing   Industry ETF		Global X Farming   ETF
Assets:
Cost of Investments	$	2,225,869	$	3,643,457	$	2,183,908	$	2,893,495
Cost of Foreign Currency		4,785		8,834		5,061		9,119
Investments at Value	$	1,883,369	$	3,629,392	$	1,688,037	$	2,675,278
Foreign Currency at Value		4,795		8,748		4,908		9,100
Reclaim Receivable		1,533		61		—		103
Dividend and Interest Receivable		900		4,405		4,555		3,210
Receivable for Investment Securities Sold		—		183,643		186,053		—
Total Assets		1,890,597		3,826,249		1,883,553		2,687,691
Liabilities:
Payable for Investment Securities Purchased		—		93,068		213,299		—
Payable due to Investment Adviser		1,007		1,915		957		1,451
Due to Custodian		—		19,884		856		5,819
Total Liabilities		1,007		114,867		215,112		7,270
Net Assets	$	1,889,590	$	3,711,382	$	1,668,441	$	2,680,421
Net Assets Consist of:
Paid-in Capital	$	2,218,026	$	3,709,500	$	2,211,128	$	2,896,738
Undistributed Net Investment Income		23,299		20,450		38,692		12,106
Accumulated Net Realized Loss on Investments     and Foreign Currency Translations		(9,169)		(4,409)		(84,877)		(10,159)
Net Unrealized Depreciation on Investments		(342,500)		(14,065)		(495,871)		(218,217)
Net Unrealized Depreciation on Foreign     Currency Translations		(66)		(94)		(631)		(47)
Net Assets	$	1,889,590	$	3,711,382	$	1,668,441	$	2,680,421
Outstanding Shares of Beneficial Interest     (unlimited authorization — no par value)		150,000		250,000		150,000		200,000
Net Asset Value, Offering and Redemption     Price Per Share		$12.60		$14.85		$11.12		$13.40

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

34

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2011

	Global X Auto ETF		Global X Canada   Preferred ETF		Global X   SuperDividend   ETF
Assets:
Cost of Investments	$	6,124,823	$	8,292,540	$	31,745,897
Cost of Foreign Currency		85		27,578		57,750
Investments at Value	$	5,168,767	$	7,953,974	$	29,201,326
Foreign Currency at Value		84		27,547		58,661
Cash		—		—		8,336
Dividend and Interest Receivable		4,209		21,787		118,020
Reclaim Receivable		41		—		—
Total Assets		5,173,101		8,003,308		29,386,343
Liabilities:
Payable due to Investment Adviser		2,706		3,834		14,182
Due to Custodian		—		37,228		—
Total Liabilities		2,706		41,062		14,182
Net Assets	$	5,170,395	$	7,962,246	$	29,372,161
Net Assets Consist of:
Paid-in Capital	$	6,115,500	$	8,279,536	$	32,642,128
Undistributed Net Investment Income		12,500		24,691		131,585
Accumulated Net Realized Loss on Investments and Foreign Currency Translations		(1,478)		(3,513)		(859,829)
Net Unrealized Depreciation on Investments		(956,056)		(338,566)		(2,544,571)
Net Unrealized Appreciation (Depreciation) on Foreign Currency Translations		(71)		98		2,848
Net Assets	$	5,170,395	$	7,962,246	$	29,372,161
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		400,000		550,000		1,350,000
Net Asset Value, Offering and Redemption
Price Per Share		$12.93		$14.48		$21.76

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

35

STATEMENTS OF OPERATIONS

For the period ended October 31, 2011

	Global X Waste Management ETF(1)		Global X  Food ETF(2)		Global X Fishing  Industry ETF(3)		Global X  Farming  ETF(4)
Investment Income:
Dividend Income	$	34,785	$	30,311	$	45,228	$	28,360
Interest Income		2		6		1		8
Less: Foreign Taxes Withheld		(3,146)		(1,794)		(8,192)		(1,549)
Total Investment Income		31,641		28,523		37,037		26,819
Supervision and Administration Fees(5)		7,864		8,612		6,882		8,351
Total Expenses		7,864		8,612		6,882		8,351
Net Expenses		7,864		8,612		6,882		8,351
Net Investment Income		23,777		19,911		30,155		18,468
Net Realized Gain (Loss) on:
Investments		(34,143)(6)		(4,409)		(147,749)(6)		(90,899)(6)
Foreign Currency Transactions		(478)		539		8,537		(3,384)
Net Realized Loss on Investments		(34,621)		(3,870)		(139,212)		(94,283)
Net Change in Unrealized Depreciation on:
Investments		(342,500)		(14,065)		(495,871)		(218,217)
Foreign Currency Transactions		(66)		(94)		(631)		(47)
Net Change in Unrealized Depreciation on     Investments		(342,566)		(14,159)		(496,502)		(218,264)
Net Realized and Unrealized Loss on     Investments		(377,187)		(18,029)		(635,714)		(312,547)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(353,410)	$	1,882	$	(605,559)	$	(294,079)

⁽¹⁾ The Fund commenced operations on April 12, 2011.

⁽²⁾ The Fund commenced operations on May 2, 2011.

⁽³⁾ The Fund commenced operations on May 3, 2011.

⁽⁴⁾ The Fund commenced operations on June 1, 2011.

⁽⁵⁾ The Supervision and Administration fees include fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

⁽⁶⁾ Includes realized loss 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.

36

STATEMENTS OF OPERATIONS

For the period ended October 31, 2011

	Global X   Auto ETF(1)		Global X Canada   Preferred ETF(2)		Global X   SuperDividend ETF(3)
Investment Income:
Dividend Income	$	13,736	$	167,959	$	1,041,679
Interest Income		—		35		—
Less: Foreign Taxes Withheld		(1,373)		(25,263)		(65,154)
Total Investment Income		12,363		142,731		976,525
Supervision and Administration Fees(4)		11,112		16,953		72,139
Total Expenses		11,112		16,953		72,139
Net Expenses		11,112		16,953		72,139
Net Investment Income		1,251		125,778		904,386
Net Realized Gain (Loss) on:
Investments		(1,478)		(84,477)(5)		(2,750,306)(5)
Foreign Currency Transactions		11,249		(8,592)		(19,368)
Net Realized Gain (Loss) on Investments		9,771		(93,069)		(2,769,674)
Net Change in Unrealized     Appreciation (Depreciation) on:
Investments		(956,056)		(338,566)		(2,544,571)
Foreign Currency Transactions		(71)		98		2,848
Net Change in Unrealized Depreciation on Investments		(956,127)		(338,468)		(2,541,723)
Net Realized and Unrealized Loss on Investments		(946,356)		(431,537)		(5,311,397)
Net Decrease in Net Assets Resulting from Operations	$	(945,105)	$	(305,759)	$	(4,407,011)

⁽¹⁾ The Fund commenced operations on May 18, 2011.

⁽²⁾ The Fund commenced operations on May 24, 2011.

⁽³⁾ The Fund commenced operations on June 8, 2011.

⁽⁴⁾ The Supervision and Administration fees include fees paid by the Funds for the investment advisory services provided by the Adviser. (See Note 3 in Notes to Financial Statements.)

⁽⁵⁾ Includes realized loss 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.

37

STATEMENTS OF CHANGES IN NET ASSETS

	Global X Waste Management ETF			Global X Food ETF			Global X Fishing Industry ETF			Global X Farming ETF
	Period Ended October 31, 2011 (1)			Period Ended October 31, 2011 (2)			Period Ended October 31, 2011 (3)			Period Ended October 31, 2011 (4)
Operations:
Net Investment Income	$	23,777		$	19,911		$	30,155		$	18,468
Net Realized Loss on Investments and Foreign Currency Transactions		(34,621	)(5)		(3,870	)		(139,212	)(5)		(94,283	)(5)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(342,566	)		(14,159	)		(496,502	)		(218,264	)
Net Increase (Decrease) in Net Assets Resultingfrom Operations		(353,410	)		1,882			(605,559	)		(294,079	)
Capital Share Transactions:
Issued		3,600,500			3,709,500			2,942,000			3,634,000
Redeemed		(1,357,500	)		—			(668,000	)		(659,500	)
Increase in Net Assets from Capital Share Transactions		2,243,000			3,709,500			2,274,000			2,974,500
Total Increase in Net Assets		1,889,590			3,711,382			1,668,441			2,680,421
Net Assets:
Beginning of Period		—			—			—			—
End of Period	$	1,889,590		$	3,711,382		$	1,668,441		$	2,680,421
Undistributed Net Investment Income	$	23,299		$	20,450		$	38,692		$	12,106
Share Transactions:
Issued		250,000			250,000			200,000			250,000
Redeemed		(100,000	)		—			(50,000	)		(50,000	)
Net Increase in Shares Outstanding from Share Transactions		150,000			250,000			150,000			200,000

⁽¹⁾ The Fund commenced operations on April 12, 2011.

⁽²⁾  The Fund commenced operations on May 2, 2011.

⁽³⁾ The Fund commenced operations on May 3, 2011.

⁽⁴⁾  The Fund commenced operations on June 1, 2011.

⁽⁵⁾  Includes realized loss 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.

38

STATEMENTS OF CHANGES IN NET ASSETS

	Global X Auto ETF		Global X Canada Preferred ETF			Global X SuperDividend ETF
	Period Ended October 31, 2011 (1)		Period Ended October 31, 2011 (2)			Period Ended October 31, 2011 (3)
Operations:
Net Investment Income	$	1,251	$	125,778		$	904,386
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		9,771		(93,069)	(4)		(2,769,674)	(4)
Net Change in Unrealized Depreciation on Investments and Foreign Currency Transactions		(956,127)		(338,468)			(2,541,723)
Net Decrease in Net Assets Resulting from Operations		(945,105)		(305,759)			(4,407,011)
Dividends and Distributions:
Net Investment Income		—		(92,495)			(831,828)
Total Dividends and Distributions		—		(92,495)			(831,828)
Capital Share Transactions:
Issued		6,115,500		9,047,500			46,445,500
Redeemed		—		(687,000)			(11,834,500)
Increase in Net Assets from Capital Share Transactions		6,115,500		8,360,500			34,611,000
Total Increase in Net Assets		5,170,395		7,962,246			29,372,161
Net Assets:
Beginning of Period		—		—			—
End of Period		$5,170,395		$7,962,246			$29,372,161
Undistributed Net Investment Income	$	12,500	$	24,691		$	131,585
Share Transactions:
Issued		400,000		600,000			1,900,000
Redeemed		—		(50,000)			(550,000)
Net Increase in Shares Outstanding from Share Transactions		400,000		550,000			1,350,000

⁽¹⁾  The Fund commenced operations on May 18, 2011.

⁽²⁾  The Fund commenced operations on May 24, 2011.

⁽³⁾  The Fund commenced operations on June 8, 2011.

⁽⁴⁾  Includes realized loss 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.

39

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 Loss on Investments ($)	Total from Operations ($)	Distribution from Net Investment Income ($)	Distribution from Capital Gains ($)	Total from Distributions ($)	Net Asset Value, End of Period ($)	Total Return (%)**	Net Assets End of Period ($)(000)	Ratio of Expenses to Average Net Assets (%)	Ratio of Net Investment Income to Average Net Assets (%)	Portfolio Turnover (%)
Global X Waste Management ETF (1)
2011	14.87	0.15	(2.42)	(2.27)	—	—	—	12 .60	(15 .27)	1,890	0.65 †	1 .96†	4.27 ††
Global X Food ETF (2)
2011	15.17	0 .11	(0.43)	(0.32)	—	—	—	14 .85	(2 .11)	3,711	0.65 †	1 .49†	6.71 ††
Global X Fishing Industry ETF (3)
2011	14.92	0 .19	(3.99)	(3.80)	—	—	—	11 .12	(25 .47)	1,668	0.69 †	3 .01†	19.45 ††
Global X Farming ETF (4)
2011	14.89	0 .08	(1.57)	(1.49)	—	—	—	13 .40	(10 .01)	2,680	0.68 †	1 .49†	3.40 ††
Global X Auto ETF (5)
2011	15.20	—	(2.27)	(2.27)	—	—	—	12 .93	(14 .93)	5,170	0.65 †	0 .07†	0.34 ††
Global X Canada Preferred ETF (6)
2011	14.97	0 .27	(0.56)	(0.29)	(0.20)	—	(0.20)	14 .48	(1 .94)	7,962	0.58 †	4 .28†	3.02 ††
Global X SuperDividend ETF (7)
2011	24.70	0 .64	(3.02)	(2.38)	(0.56)	—	(0.56)	21 .76	(9 .56)	29,372	0.58 †	7 .22†	4.58 ††

⁽¹⁾  The Fund commenced operations on April 12, 2011.

⁽²⁾  The Fund commenced operations on May 2, 2011.

⁽³⁾  The Fund commenced operations on May 3, 2011.

⁽⁴⁾  The Fund commenced operations on June 1, 2011.

⁽⁵⁾  The Fund commenced operations on May 18, 2011.

⁽⁶⁾  The Fund commenced operations on May 24, 2011.

⁽⁷⁾  The Fund commenced operations on June 8, 2011.

^*  Per share data calculated using average shares method.

^**  Total Return is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^†  Annualized.

^††  Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

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

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

40

NOTES TO FINANCIAL STATEMENTS

OCTOBER 31, 2011

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 with eighty-six portfolios as of October 31, 2011. The financial statements herein and the related notes pertain to the Global X Waste Management ETF, Global X Food ETF, Global X Fishing Industry ETF, Global X Farming ETF, Global X Auto ETF, Global X Canada Preferred ETF and the Global X SuperDividend ETF (each a “Fund”, collectively, the “Funds”). Each Fund is non-diversified.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Significant Accounting Policies followed by the Funds.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.

SECURITY VALUATION — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent mean between the quoted bid and asked prices (absent both bid and asked prices on such exchange, the bid price may be used).

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

41

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (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 a national 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. 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 October 31, 2011, there was $14,060 of a fair valued security in the Global X Farming ETF Fund. There were no other securities priced using the Fair Value Procedures.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Funds calculated their net asset value. The closing prices of such securities may no longer reflect their market value at the time the Funds calculated net asset value if an event that could materially affect the value of those securities (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. 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. In addition, the Funds’ Sub-administrator, SEI Investments Global Funds Services (“SEIGFS”), monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Funds calculate net asset value. If price movements in a monitored index or security exceed levels established by the Sub-administrator, the Sub-administrator notifies the Adviser that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

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

42

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

SECURITY VALUATION (concluded)

Level 2 – Other significant observable inputs (including 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)

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 October 31, 2011 there have been no significant changes to the Funds’ fair valuation methodologies.

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.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provisions 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.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from the settlement date.

FOREIGN CURRENCY TRANSLATION — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net

43

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

2. SIGNIFICANT ACCOUNTING POLICIES (concluded)

FOREIGN CURRENCY TRANSLATION (concluded)

realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Funds distribute their net investment income on a pro rata basis. Any net realized capital gains are distributed annually. All distributions are recorded on the 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 on the date of such redemption, regardless of the number of Creation Units redeemed that day.

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

	Creation   Unit Shares		Transaction Fee		Value		Redemption Fee
Global X Waste Management ETF		50,000	$	1,000	$	630,000	$	1,000
Global X Food ETF		50,000		1,000		742,500		1,000
Global X Fishing Industry ETF		50,000		1,000		556,000		1,000
Global X Farming ETF		50,000		1,000		670,000		1,000
Global X Auto ETF		50,000		1,000		646,500		1,000
Global X Canada Preferred ETF		50,000		1,000		724,000		1,000
Global X SuperDividend ETF		50,000		3,800		1,088,000		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 Agreement), certain shareholder and distribution-related services (provided pursuant to a separate Rule 12b-1 Plan and related agreements) and investment advisory services (provided pursuant to a separate Investment Advisory Agreement), under what is essentially an “all-in” fee structure. For its service to the Funds, under the Supervision and Administration Agreement, each Fund pays a monthly fee to the Adviser at the annual rate (stated as a percentage of the average daily net assets of the Fund). In addition, the Funds bear other expenses that are not covered by the

44

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

3. RELATED PARTY TRANSACTIONS (concluded)

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 and extraordinary expenses (such as litigation and indemnification expenses).

	Supervision and Administration Fee
Global X Waste Management ETF	0.65%
Global X Food ETF	0.65%
Global X Fishing Industry ETF	0.69%
Global X Farming ETF	0.68%
Global X Auto ETF	0.65%
Global X Canada Preferred ETF	0.58%
Global X SuperDividend ETF	0.58%

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 Funds underwriter and distributor of Shares pursuant to a Distribution Agreement. Under the Distribution Agreement, SIDCO, as agent, receives orders to create and redeem Shares in Creation Unit Aggregations and transmits such orders to the Trust’s custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund Shares. SIDCO bears the following costs and expenses relating to the distribution of Shares: (i) the costs of processing and maintaining records of creations of Creation Units; (ii) all costs of maintaining the records required of a registered broker/dealer; (iii) the expenses of maintaining its registration or qualification as a dealer or broker under Federal or state laws; (iv) filing fees; and (v) all other expenses incurred in connection with the distribution services as contemplated in the Distribution Agreement. SIDCO receives no fee for its distribution services under the Distribution Agreement.

45

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

4. INVESTMENT TRANSACTIONS

For the period ended October 31, 2011, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

	Purchases		Sales
Global X Waste Management ETF	$	223,155	$	97,252
Global X Food ETF		261,070		189,673
Global X Fishing Industry ETF		1,183,931		385,452
Global X Farming ETF		658,568		107,009
Global X Auto ETF		742,930		13,439
Global X Canada Preferred ETF		236,843		198,651
Global X SuperDividend ETF		2,681,452		1,544,244

During the period ended October 31, 2011, there were no purchases or sales of long-term U.S. Government securities for the Funds.

For the period ended October 31, 2011, in-kind transactions associated with creations and redemptions were:

	Purchases		Sales		Realized       Loss
Global X Waste Management ETF	$	2,923,494	$	790,025	$	(24,975	)
Global X Food ETF		3,576,469		-		-
Global X Fishing Industry ETF		2,002,175		468,988		(62,872	)
Global X Farming ETF		2,986,081		553,246		(80,740	)
Global X Auto ETF		5,392,622		-		-
Global X Canada Preferred ETF		9,024,193		685,410		(80,963	)
Global X SuperDividend ETF		44,934,699		11,497,261		(1,968,872	)

46

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

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 following differences, primarily attributable to foreign currency, redemptions in-kind, sales of passive foreign investment companies, net operating losses and the utilization of earnings and profits on shareholder redemptions, have been reclassified to/from the following accounts during the fiscal period ended October 31, 2011.

Global X Funds	Paid-in Capital	Undistributed Net Investment Income/(Loss)	Accumulated Net Realized Gain/(Loss)
Global X Waste Management ETF	$(24,974)	$(478)	$25,452
Global X Food ETF	–	539	(539)
Global X Fishing Industry ETF	(62,872)	8,537	54,335
Global X Farming ETF	(77,762)	(6,362)	84,124
Global X Auto ETF	–	11,249	(11,249)
Global X Canada Preferred ETF	(80,964)	(8,592)	89,556
Global X SuperDividend ETF	(1,968,872)	59,027	1,909,845

These reclassifications have no impact on net assets or net asset value per share.

The tax character of dividends and distributions paid during the last period ended October 31, 2011 were as follows:

Global X Funds	Ordinary   Income		Long-Term   Capital Gain		Totals
Global X Canada Preferred ETF
2011	$	92,495	$	–	$	92,495
Global X SuperDividend ETF
2011	$	831,828	$	–	$	831,828

47

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

5. TAX INFORMATION (continued)

As of October 31, 2011, the Components of Tax Basis Distributable Earnings (Accumulated Losses) were as follows:

	Global X Funds
	Global X Waste Management ETF		Global X Food ETF		Global X Fishing Industry ETF
Undistributed Ordinary Income	$	23,299	$	20,459	$	38,692
Capital Loss Carryforwards		(9,169)		–		(84,877)
Unrealized Depreciation on Investments and         Foreign Currency		(342,566)		(18,577)		(496,502)
Total Distributable Earnings (Accumulated Losses)	$	(328,436)	$	1,882	$	(542,687)
	Global X Funds
	Global X  Farming ETF		Global X Auto ETF		Global X Canada Preferred ETF
Undistributed Ordinary Income	$	12,106	$	12,529	$	24,691
Capital Loss Carryforwards		(9,385)		(18)		(3,513)
Unrealized Depreciation on Investments and         Foreign Currency		(219,038)		(957,616)		(338,468)
Total Accumulated Losses	$	(216,317)	$	(945,105)	$	(317,290)
	Global X Funds
	Global X SuperDividend ETF
Undistributed Ordinary Income	$	184,525
Capital Loss Carryforwards		(851,369)
Unrealized Depreciation on Investments and         Foreign Currency		(2,603,123)
Total Accumulated Losses	$	(3,269,967)

48

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

5. TAX INFORMATION (concluded)

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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be used prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, preenactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

	Short-Term		Long-Term
Global X Funds	Loss		Loss		Total
Global X Waste Management ETF	$	9,169	$	-	$	9,169
Global X Fishing Industry ETF		84,877		-		84,877
Global X Farming ETF		9,385		-		9,385
Global X Auto ETF		18		-		18
Global X Canada Preferred ETF		3,513		-		3,513
Global X SuperDividend ETF		851,369		-		851,369

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at October 31, 2011 were as follows:

Global X Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Depreciation
Global X Waste Management ETF	$	2,225,869	$	45,670	$	(388,170	)	$	(342,500	)
Global X Food ETF		3,647,875		81,414		(99,897	)		(18,483	)
Global X Fishing Industry ETF		2,183,908		67,875		(563,746	)		(495,871	)
Global X Farming ETF		2,894,269		14,179		(233,170	)		(218,991	)
Global X Auto ETF		6,126,312		9,819		(967,364	)		(957,545	)
Global X Canada Preferred ETF		8,292,540		3,494		(342,060	)		(338,566	)
Global X SuperDividend ETF		31,807,297		520,256		(3,126,227	)		(2,605,971	)

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

49

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

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 issuers 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 as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

The Funds use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Indices. The Funds may utilize a representative sampling strategy with respect to their Underlying Indices when a replication strategy might be detrimental to their 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 Indices 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 Indices).

7. OTHER

At October 31, 2011, the total Shares outstanding that were held by Authorized Participants were as follows. The Authorized Participants have entered into an agreement with the Funds’ Distributor.

	Authorized Participants	Percentage of Shares Outstanding
Global X Waste Management ETF	2	100%
Global X Food ETF	2	100%
Global X Fishing Industry ETF	1	100%
Global X Farming ETF	2	100%
Global X Auto ETF	2	100%
Global X Canada Preferred ETF	3	100%
Global X SuperDividend ETF	3	100%

50

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

7. OTHER (concluded)

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.

8. CHANGE OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Global X Funds have selected Ernst & Young LLP (“E&Y”) to serve as the Funds’ independent registered public accounting firm for the Funds’ fiscal year ended October 31, 2011. The decision to select E&Y was recommended by the Funds’ Audit Committee on December 21, 2010 and was approved by the Funds’ Board of Trustees on January 28, 2011. During the Global X Funds’ fiscal years ended October 31, 2009 and October 31, 2010, neither the Funds, their portfolios, nor anyone on their behalf, consulted with E&Y 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 E&Y 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, Sanville & Company (“Sanville”). The decision not to renew the engagement of Sanville, effective upon its completion of its audit for the fiscal year ended October 31, 2010, and to select E&Y was recommended by the Funds’ Audit Committee and approved by the Funds’ Board of Trustees. Sanville’s report on the Global X Funds’ financial statements for the fiscal years ended October 31, 2009 and October 31, 2010 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, 2009 and October 31, 2010 (i) there were no disagreements with Sanville 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 Sanville, 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.

9. LOANS OF PORTFOLIO SECURITIES

The Funds may lend portfolio securities having a market value up to one-third of the Funds’ total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments. 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

51

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

OCTOBER 31, 2011

9. LOANS OF PORTFOLIO SECURITIES (concluded)

not increase the collateral accordingly, and the borrower fails to return the securities. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of October 31, 2011, there were no securities on loan for any of the Funds.

10. CONTRACTUAL OBLIGATIONS

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds maximum exposure under these arrangements is unknown. However the Funds have not had prior gains or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

11. NEW ACCOUNTING PROUNCEMENTS

In May 2011, the Financial Accounting Standards Board issued Accounting Standards Updates (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS.ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.

12. SUBSEQUENT EVENT

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

Subsequent to fiscal year end, on November 11, 2011, the continuation of the Investment Advisory Agreement and Supervision and Administration Agreement for the Funds was considered and approved by the Board of Trustees of the Trust.

Subsequent to year end, on December, 19, 2011, the Board of Trustees of the Trust, based upon the recommendation of the Adviser, determined to liquidate and terminate the Global X Fishing Industry ETF, Global X Food ETF, Global X Waste Management ETF, and Global X Farming ETF (the “Liquidating Funds.”). Due to the Liquidating Funds’ low levels of assets, the Adviser does not believe that it can continue to conduct the Liquidating Funds’ business and operations in an economically efficient manner. As such, the Board concluded that it would be in the best interests of the Liquidating Funds and their shareholders to liquidate and terminate the Liquidating Funds. As of

52

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

OCTOBER 31, 2011

12. SUBSEQUENT EVENT (concluded)

the close of regular trading on the NYSE Arca, Inc. (“NYSE”) on February 16, 2012 (“Closing Date”), the shares of the Liquidating Funds will cease trading on the NYSE and will close to purchases by investors.

Shareholders may sell their holdings in the Liquidating Funds prior to the Closing Date and customary brokerage charges may apply to these transactions. However, from February 17, 2012, through February 27, 2012 (“Liquidation Date”), shareholders only may be able to sell their shares to certain broker-dealers and there is no assurance that there will be a market for the Liquidating Funds during this time period. Between the Closing Date and the Liquidation Date, the Liquidating Funds will be in the process of winding up their operations and liquidating their portfolio. This process will result in the Liquidating Funds not tracking their underlying indexes and their cash holdings increasing, which may not be consistent with the Liquidating Funds’ investment objective and strategy.

On or about the Liquidation Date, the Liquidating Funds will liquidate their assets and distribute cash pro rata to all remaining shareholders who have not previously redeemed their shares. These distributions are taxable events. In addition, these payments to shareholders will include accrued capital gains and dividends, if any. Once the distributions are complete, the Liquidating Funds will terminate.

Subsequent to fiscal year end, on December 21, 2011, based on the recommendation of the Adviser, the Board of Trustees of the Trust approved the discontinuance of the Global X Philippines PSEi ETF and Global X Shipping ETF, each a separate investment portfolio of the Trust that had never commenced operations.

Subsequent to year end, the following investment portfolios were added to the Trust.

Fund Name

Global X NASDAQ 100 Global Technology Index ETF

Global X NASDAQ 500 ETF

Global X NASDAQ 400 Mid Cap ETF

Global X FTSE Permanent ETF

Subsequent to year end, the following investment portfolios of the Trust commenced operations.

Fund Name	Commenced Operations
Global X Social Media Index ETF	November 14, 2011
Global X NASDAQ 500 ETF	December 5, 2011
Global X NASDAQ 400 Mid Cap ETF	December 5, 2011
Global X FTSE Greece 20 ETF	December 7, 2011

53

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Global X Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Global X Waste Management ETF, Global X Food ETF, Global X Fishing Industry ETF, Global X Farming ETF, Global X Auto ETF, Global X Canada Preferred ETF and Global X SuperDividend ETF (seven of the series constituting the Global X Funds) (the “Funds”) as of October 31, 2011, and the related statements of operations, statements of changes in net assets, and financial highlights for the year or period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds listed above at October 31, 2011, and the results of their operations, the changes in their net assets, and their financial highlights for the year or period then ended, in conformity with U.S. generally accepted accounting principles.

        

Philadelphia, Pennsylvania

December 22, 2011

54

DISCLOSURE OF FUND EXPENSES (unaudited)

All Exchange Traded Funds (“ETF”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, brokerage fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

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

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

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

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

55

DISCLOSURE OF FUND EXPENSES (unaudited) (concluded)

	Beginning		Ending					Expenses
	Account		Account		Annualized			Paid
	Value		Value		Expense			During
	5/1/2011		10/31/2011		Ratios			Period(1)
Global X Waste Management ETF
Actual Fund Return		$1,000.00		$826.20		0.65	%		$2.99
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3 .31
Global X Food ETF
Actual Fund Return(2)		$1,000.00		978.00		0.65			3 .24
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3 .31
Global X Fishing Industry ETF
Actual Fund Return(3)		$1,000.00		745.30		0.69			3 .00
Hypothetical 5% Return		1,000.00		1,021.73		0.69			3 .52
Global X Farming ETF
Actual Fund Return(4)		$1,000.00		899.90		0.68			2 .71
Hypothetical 5% Return		1,000.00		1,021.78		0.68			3 .47
Global X Auto ETF
Actual Fund Return(5)		$1,000.00		850.70		0.65			2 .75
Hypothetical 5% Return		1,000.00		1,021.93		0.65			3 .31
Global X Canada Preferred ETF
Actual Fund Return(6)		$1,000.00		980.60		0.58			2 .53
Hypothetical 5% Return		1,000.00		1,022.28		0.58			2 .96
Global X SuperDividend ETF
Actual Fund Return(7)		$1,000.00		904.40		0.58			2 .21
Hypothetical 5% Return		1,000.00		1,022.28		0.58			2 .96

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 184/365 (to reflect the one-half year period.)

⁽²⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 183/365 (to reflect the period from inception to date.)

⁽³⁾  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 182/365 (to reflect the period from inception to date.)

⁽⁴⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 153/365 (to reflect the period from inception to date.)

⁽⁵⁾ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 167/365 (to reflect the period from inception to date.)

⁽⁶⁾  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 161/365 (to reflect the period from inception to date.)

⁽⁷⁾  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied 146/365 (to reflect the period from inception to date.)

56

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (“1940 Act”), requires that the mutual fund’s board of trustees, including a majority of those trustees who are not “interested persons” of the mutual fund, as defined in the 1940 Act (“Independent Trustees”), consider on an initial basis and periodically thereafter (as required by the 1940 Act), at an in person meeting called for such purpose, the terms of the fund’s investment advisory agreement and approve the agreement with such changes as the Independent Trustees deem appropriate.

At a quarterly Board meeting held on February 25, 2011, the Board of Trustees (“Board”) (including the Independent Trustees) of the Global X Funds (“Trust”) initially considered and unanimously approved (i) the initial Investment Advisory Agreement for the, Global X SuperDividend ETF and Global X Canada Preferred ETF (each a “New Fund”) and (ii) the Supervision and Administration Agreement between the Trust, on behalf each of each New Fund, and Global X Management Company (“Global X Management”).¹

At a special Board meeting held on May 12, 2011, the Board (including the Independent Trustees) initially considered and unanimously approved (i) the initial Investment Advisory Agreement for the Global X Farming ETF (a “New Fund”) and (ii) the Supervision and Administration Agreement between the Trust, on behalf the New Fund, and Global X Management. At the same Board meeting, the Board (including the Independent Trustees) also considered and unanimously approved an increase in the unitary fee (including the investment advisory fee) (“Management Fee”) for the Global X Auto ETF (“Auto Fund”) and other changes to the Investment Advisory Agreement and Supervision and Administration Agreement (“Auto Fund Agreements”), which were originally approved by the Board in November 2010.2 Because the Auto Fund had not yet commenced operations, the Auto Fund was considered to be and referred to herein as a New Fund. In considering revisions to the Auto Fund Agreements, the Board took into account the same factors and considerations as it did with respect to the Agreements (as defined below) for the other New Funds considered at the meeting.

The Investment Advisory Agreement and Supervision and Administration Agreement for each New Funds are referred to herein as the “Agreements.”

In advance of the Board meetings noted above, the Board (including the Independent Trustees) requested (in writing) detailed information from Global X Management in connection with their consideration of the Agreements and received and reviewed written responses from Global X Management and supporting materials relating to those requests for information.

In determining to approve the Agreements for each New Fund, the Board concluded that the Agreements are fair and reasonable and in the best interests of each New Fund and its shareholders, respectively. In approving Agreements for each New Fund, the Board considered among other

¹   At the Feburary 25, 2011 quarterly Board meeting, the Board also approved the (i) initial Investment Advisory Agreement for the Global X UK Small-Cap ETF, Global X Germany Small-Cap ETF, Global X Mexico Small-Cap ETF, Global X Hong Kong Small-Cap ETF, Global X Singapore Small-Cap ETF, Global X South Korea Small-Cap ETF, Global X Taiwan Small-Cap ETF, Global X Rare Earths ETF, Global X Strategic Metals ETF and Global X Fertilizers/Potash ETF and (ii) the Supervision and Administration Agreement between the Trust, on behalf of each of these funds, and Global X Management.

²   At the same Board meeting, the Board (including the Independent Trustees), initially considered and unanimously approved (i) the initial Investment Advisory Agreement for the Global X MLP ETF and Global X MLP Natural Gas ETF and (ii) the Supervision and Administration Agreement between the Trust, on behalf each fund, and Global X Management.

57

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited) (continued)

things the following categories of material factors.

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.

Nature, extent and quality of services

With respect to this factor, the Board considered:

• the terms of the Agreements and the range of services to be provided to each New Fund in accordance with the Agreements;

• Global X Management’s key personnel and the portfolio managers who would provide investment advisory services to each New Fund;

• Global X Management’s responsibilities under the Agreements to, among other things, (i) manage the investment operations of each New Fund and the composition of each New Fund’s assets, including the purchase, retention and disposition of its holdings, (ii) provide quarterly reports to the Trust’s officers and Board and other reports as the Board deems necessary or appropriate, (iii) vote proxies, exercise consents, and exercise all other rights appertaining to securities and assets held by each New Fund, (iv) select broker-dealers to execute portfolio transactions for each New Fund when necessary, (v) provide or arrange for the provision of various third-party services required by each New Fund, (vi) assist in the preparation and filing of reports and proxy statements (if any) to the shareholders of each New Fund, draft and periodically update the registration statement and other reports and documents for each New Fund that are required to be filed by the Trust with the Securities and Exchange Commission (“SEC”) and other regulatory or governmental bodies, and (vii) monitor anticipated purchases and redemptions of the shares (including creation units) of each New Fund by shareholders and new investors;

• the nature, extent and quality of Global X Management’s services (including advisory, administrative and compliance services) that would be made available to each New Fund; and

• the quality of Global X Management’s resources and personnel that would be made available to each New Fund, including Global X Management’s experience and the qualifications of Global X Management’s key personnel and the portfolio managers who would provide investment advisory services to each New Fund.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each New Fund.

Performance

The Board determined that because each New Fund had not commenced operations, meaningful data relating to investment performance of each New Fund was not available and, therefore, could not be a factor in approving the Agreements.

58

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited) (continued)

Cost of Services and Profitability

With respect to this factor, the Board considered:

• Global X Management’s expected cost to provide investment management, supervision and administrative and related services to each New Fund;

• the unitary Management Fee (including the proposed investment advisory fee) that was proposed to be borne by each New Fund under the Agreements for the investment advisory, supervisory and administrative services that each New 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 New Fund); and

• the expected profitability to Global X Management, if any, from all services to be provided to each New Fund and all aspects of the relationship between Global X Management and each New Fund. In connection with these considerations, the Board noted that Global X Management advised the Board that it was expected that it would not generate profits from its services to any of each New Fund during the first 12 months of each New Fund’s operations, but expected to do so after that initial start up period.

Based on these considerations, the Board concluded that the profits anticipated to be realized by Global X Management from its relationship with each New Fund would not be excessive.

Comparison of Fees and Services

With respect to this factor, the Board considered:

• comparative information with respect to the Management Fee proposed to be paid to Global X Management by each New Fund. In connection with this consideration, Global X Management provided the Board with detailed comparative expense data for each New Fund, including fees and expenses paid by comparable affiliated and unaffiliated exchange- traded funds and other registered funds and the reasons for any differences in the proposed expense ratios for each New Fund and those presented for comparison;

• the proposed unified Management Fee structure (which includes as one component the proposed investment advisory fee for each New Fund), the expected total expense ratios for each New Fund and that Global X Management would be responsible for paying all of designated expenses of each New Fund (discussed in more detail below). In this regard, the Board took into consideration that the purpose of having a unitary Management Fee structure 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 New Fund and that the proposed Management Fee for each New Fund was set at a competitive rate to make each New Fund viable in the marketplace; and

• that Global X Management would be responsible for most ordinary expenses of each New Fund, including the costs of various third-party services required by each New Fund, including investment advisory, administrative, audit, certain custody, portfolio accounting, legal, transfer agency services, printing costs and other services for each New Fund, but that each New 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.

59

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited) (concluded)

Based on these considerations, the Board concluded that the proposed Management Fee and expected total expense ratio of each New Fund should not preclude approval of the Agreements.

Economies of Scale

With respect to this factor, the Board considered:

• the extent to which economies of scale would be realized as each New Fund grows and whether the proposed unitary Management Fee for each New Fund reflected these economies of scale;

• the significant investment of time, personnel and other resources that Global X Management intends to made in each New Fund in order to seek to assure that each New Fund is attractive to investors; and

• that the proposed unitary Management Fee would provide a significant amount of certainty regarding the total fees and expenses of each New Fund and its shareholders.

Based on these considerations, the Board concluded that approval of the proposed Management Fee for each New Fund was reasonable.

Other Benefits

In considering the Agreement, in addition to the categories discussed above, the Board considered other benefits that may be realized by Global X Management as a result of its relationships with each New Fund.

60

SUPPLEMENTAL INFORMATION (unaudited)

Net asset value, or “NAV”, is the price per Share at which the Funds issue and redeem Shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Funds generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the Shares of the Funds are listed for trading, as of the time that the Funds’ NAV is calculated. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of their Funds’ holdings. The Market Price of the Funds will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency distributions of premiums and discounts for the Funds. The information shown is for the full calendar quarter completed after the inception date through the date of the most recent calendar quarter end.

Each line in the table shows the number of trading days in which the Funds traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

61

SUPPLEMENTAL INFORMATION (unaudited) (concluded)

	Percentage of Total Days
Premium/Discount Range	Global X Waste Management ETF(1)		Global X Food ETF (2)		Global X Fishing Industry ETF(3)		Global X Farming ETF(4)		Global X Auto ETF(5)		Global X Canada Preferred ETF(6)		Global X SuperDividend ETF(7)
Greater than 3.0% and Less than 3.5%		-		-		0.85%		-		-		-		-
Greater than 2.5% and Less than 3.0%		-		-		-		-		-		-		-
Greater than 2.0% and Less than 2.5%		-		-		-		-		-		-		-
Greater than 1.5% and Less than 2.0%		-		6.72%		9.40%		-		0.93%		5.83%		-
Greater than 1.0% and Less than 1.5%		3.79%		31.09%		13.69%		17.35%		19.63%		25.24%		21.51%
Greater than 0.5% and Less than 1.0%		22.73%		52.94%		21.38%		34.69%		39.25%		41.75%		39.78%
Between 0.5% and -0.5%		50.76%		8.40%		24.79%		23.47%		20.56%		21.36%		19.35%
Less than -0.5% and Greater than -1.0%		15.91%		0.85%		20.51%		14.29%		11.21%		3.88%		9.68%
Less than -1.0% and Greater than -1.5%		5.30%		-		4.27%		5.10%		3.74%		1.94%		6.45%
Less than -1.5% and Greater than -2.0%		1.51%		-		2.56%		2.04%		2.80%		-		1.08%
Less than -2.0% and Greater than -2.5%		-		-		0.85%		2.04%		1.88%		-		2.15%
Less than -2.5% and Greater than -3.0%		-		-		0.85%		-		-		-		-
Less than -3.0% and Greater than -3.5%		-		-		0.85%		1.02%		-		-		-
Total		100.00%		100.00%		100.00%		100.00%		100.00%		100.00%		100.00%
	Number of Business Days
Premium/Discount Range	Global X Waste Management ETF(1)		Global X Food ETF (2)		Global X Fishing Industry ETF(3)		Global X Farming ETF(4)		Global X Auto ETF(5)		Global X Canada Preferred ETF(6)		Global X SuperDividend ETF(7)
Greater than 3.0% and Less than 3.5%		-		-		1		-		-		-		-
Greater than 2.5% and Less than 3.0%		-		-		-		-		-		-		-
Greater than 2.0% and Less than 2.5%		-		-		-		-		-		-		-
Greater than 1.5% and Less than 2.0%		-		8		11		-		1		6		20
Greater than 1.0% and Less than 1.5%		5		37		16		17		21		26		37
Greater than 0.5% and Less than 1.0%		30		63		25		34		42		43		18
Between 0.5% and -0.5%		67		10		29		23		22		22		9
Less than -0.5% and Greater than -1.0%		21		1		24		14		12		4		6
Less than -1.0% and Greater than -1.5%		7		-		5		5		4		2		1
Less than -1.5% and Greater than -2.0%		2		-		3		2		3		-		2
Less than -2.0% and Greater than -2.5%		-		-		1		2		2		-		-
Less than -2.5% and Greater than -3.0%		-		-		1		-		-		-		-
Less than -3.0% and Greater than -3.5%		-		-		1		1		-		-		-
Total		132		119		117		98		107		103		93

⁽¹⁾ The Fund commenced operations on April 12, 2011.

⁽²⁾ The Fund commenced operations on May 2, 2011.

⁽³⁾ The Fund commenced operations on May 3, 2011.

⁽⁴⁾ The Fund commenced operations on June 1, 2011.

⁽⁵⁾ The Fund commenced operations on May 18, 2011.

⁽⁶⁾ The Fund commenced operations on May 24, 2011.

⁽⁷⁾ The Fund commenced operations on June 8, 2011.

62

TRUSTEES AND OFFICERS OF THE TRUST (unaudited)

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of Funds in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust.

Name, Address (Year of Birth)	Position(s)   Held   with Funds	Principal Occupation(s) During the Past 5 Years	Number of   Funds in   Trust   Overseen by   Director	Other   Directorships   Held   by Trustees
Independent Trustees2
Sanjay Ram Bharwani 399 Park Ave, 32nd floor New York,   NY 10022 (1974)	Trustee (since 2008)	CEO of Risk Advisors Inc. (since 2007) (consulting firm); Chief Information Officer, M. Safra & Co (2004-2006) (hedge fund).	353	None.
Scott R. Chichester1 399 Park Ave, 32nd floor New York, NY 10022 (1970)	Trustee (since 2008)	President & Treasurer, Bayview Acquisition Corp (since 2010), CPA, Penda Aiken Inc. (since 2009) (consultant); Founder and President, DirectPay USA LLC (since 2006) (payroll company); Chief Financial Officer, Ong Corporation (2002-2010) (technology company); Proprietor, Scott R. Chichester CPA (since 2001) (CPA firm).	353	None.
Kartik Kiran Shah 399 Park Ave, 32nd floor New York, NY 10022 (1977)	Trustee (since 2008)	Director, Wireless Generation (since 2008) (software); Manager, Amgen (2003-2006) (biotechnology firm).	353	None.

63

TRUSTEES AND OFFICERS OF THE TRUST (unaudited) (continued)

The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-493-8631. The following chart lists Trustees and Officers as of October 31, 2011.

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Director	Other Directorships  Held by Trustees
Interested Trustee / Officers2
Bruno del Ama 399 Park Ave, 32nd floor New York, NY 10022 (1976)	Trustee (since 2008), President, Chief Executive Officer (since 2008)	Chief Executive Officer and Chief Compliance Officer, Global X Management Company LLC (since 2008); Head of Global Structured Products Operations at Radian Asset Assurance (2004-2008) (financial services firm).	353	None.
Jose C. Gonzalez 399 Park Ave, 32nd floor New York, NY 10022 (1976)	Chief Operating Officer, Chief Compliance Officer and Chief Financial Officer, Secretary (since 2008)	Chief Executive Officer and Chief Compliance Officer, Global X Management Company LLC (since 2008); Head of Global Structured Products Operations at Radian Asset Assurance (2004-2008) (financial services firm).	N/A	N/A
Dianne Sulzbach4 One Freedom Valley Drive Oaks, PA 19456 (1977)	Assistant Secretary (since 2011)	Corporate Counsel, SEI Investments (since 2010); Associate, Morgan, Lewis & Bockius LLP (2006-2010).	N/A	N/A

64

TRUSTEES AND OFFICERS OF THE TRUST (unaudited) (concluded)

Name, Address (Year of Birth)	Position(s) Held with Funds	Principal Occupation(s) During the Past 5 Years	Other Directorships     Held by Trustees
Peter Rodriguez4 One Freedom Valley Drive Oaks, PA 19456 (1962)	Assistant Treasurer (since 2011)	Fund Accounting Director of the Administrator (since 2011); Mutual Fund Trading Director, SEI Global Trust Company (2009-2011); Asset Data Services Director at the Administrator (2006-2009).	N/A

¹  Mr. Chichester is currently married to a sister of Mr. del Ama’s wife. While an “immediate family member” (as defined in Section 2(a)(19) of the 1940 Act) of Mr. del Ama would be considered an Interested Person, Mr. Chichester is not considered an immediate family member for this purpose. Although this fact was taken into consideration in determining whether Mr. Chichester should be considered to be an Independent Trustee for purposes of the Section 2(a)(19) of the 1940 Act, it was determined that this relationship was not one that should disqualify Mr. Chichester from serving as an Independent Trustee of the Trust.

²  Each Trustee serves until his or her successor is duly elected or appointed and qualified.

³  As of October 31, 2011, the Trust had eighty-six investment portfolios, thirty-five of which were operational.

⁴  These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

65

NOTICE TO SHAREHOLDERS

For shareholders that do not have an October 31, 2011 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2011 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2011, the Funds are designating the following items with regard to distributions paid during the year.

	Long-Term Capital Gain Distributions		Ordinary Income Distributions		Total Distributions		Qualifying for Corporate Dividends Received Deduction (1)		Qualifying Dividend Income (2)		Interest Related Dividends (3)		Short Term Capital Gain Dividends (4)
Global X Waste Management ETF		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%
Global X Food ETF		0.00%		100.00%		100.00%		21.97%		100.00%		0.02%		0.00%
Global X Fishing Industry ETF		0.00%		100.00%		100.00%		0.00%		59.08%		0.00%		0.00%
Global X Farming ETF		0.00%		100.00%		100.00%		5.87%		100.00%		0.03%		0.00%
Global X Auto ETF		0.00%		100.00%		100.00%		33.56%		95.50%		0.00%		0.00%
Global X Canada Preferred ETF		0.00%		100.00%		100.00%		0.00%		95.57%		0.00%		0.00%
Global X SuperDividend ETF		0.00%		100.00%		100.00%		8.03%		64.05%		0.00%		0.00%

(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

(2) The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

(3) The percentage in this column represents the amount of “Interest Related Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid for foreign investors.

(4) The percentage in this column represents the amount of “Short-Term Capital Gain Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

The Fund intends to pass through a foreign tax credit to shareholders. For the fiscal year ended October 31, 2011, the total amount of foreign source income and foreign tax credit are as follows:

Global X Funds	Foreign Source Income		Foreign Tax Credit Pass through
Global X Waste Management ETF	$	-	$	-
Global X Food ETF		12,264		1,241
Global X Fishing ETF		45,228		8,192
Global X Farming ETF		22,719		920
Global X Auto ETF		10,482		1,373
Global X Canada Preferred ETF		167,993		25,263
Global X SuperDividend ETF		678,162		56,103

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2011. Complete information will be computed and reported in conjunction with your 2011 Form 1099-DIV.

66

NOTES

399 Park Ave, 32^nd floor

New York, NY 10022

1-888-GXFund-1

(1-888-493-8631)

www.globalxfunds.com

Investment Adviser:

Global X Management Company LLC

399 Park Avenue, 32^nd floor

New York, NY 10022

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Sub-Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Counsel for the Independent Trustees:

Dechert LLP

1175 I Street N.W.

Washington, DC 20007

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

GLX-AR-003-0100

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

Item 3. Audit Committee Financial Expert.

(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert is Scott Chichester and is independent as defined in Form N-CSR Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Fees billed by Ernst & Young LLP in 2011and by Sanville & Company in 2010 related to the Trust.

In 2011, Ernst & Young, LLP and in 2010 Sanville & Company billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years was as follows:

		2011			2010
		All fees and services to the Trust that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval	All fees and services to the Trust that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval
(a)	Audit Fees	$353,500	$0	$0	$112,000	$0	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees	$142,500	$0	$0	$0	$0	$0
(d)	All Other Fees	$0	$0	$0	$0	$0	$0

(e)(1) Not applicable.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows for Ernst & Young LLP in 2011 and Sanville & Company in 2010:

	2011	2010
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by Ernst & Young, LLP in 2011 and Sanville & Company in 2010 for the last two fiscal years were $142,500 and $0, respectively.

(h) During the past fiscal year, all non-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant were pre-approved by the audit committee of Registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes.

Item 11. Controls and Procedures.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.

Items 12. Exhibits.

(a)(1) Code of Ethics attached hereto.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Global X Funds
By (Signature and Title)*	/s/ Bruno del Ama
	Bruno del Ama
	President
Date: January 3, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*	/s/ Bruno del Ama
	Bruno del Ama
	President
Date: January 3, 2012
By (Signature and Title)*	/s/ Jose C. Gonzalez
	Jose C. Gonzalez
	CFO
Date: January 3, 2012

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

EX-99.CODE

APPENDIX J

CODE OF ETHICS

I. Introduction.

The Board of Trustees (the “Board”) of Global X Funds (the “Company”), in accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), has approved and adopted this Code of Ethics (the “Code”) and has determined that this Code is reasonably designed to prevent Access Persons, as defined herein, from engaging in conduct prohibited by Rule 17j-1. This Code also sets forth the general fiduciary principles to which all of the Company’s Access Persons are subject and establishes reporting requirements for Access Persons. Certain capitalized terms used in this Code and not defined in the text herein, such as “Access Persons,” are defined in Appendix A.

A. About the Company and the Advisor

The Company is a registered investment company that consists of multiple investment portfolios of exchange-traded funds, each of which is hereinafter referred to as a “Fund.” Global X Management Company LLC (the “Advisor”) is the investment adviser for the Funds. In managing the Funds, the Advisor employs a passive, or indexing, strategy which seeks to replicate, for each Fund’s investment portfolio, the composition of each Fund’s benchmark index (the “Underlying Index”). The composition of each Underlying Index is maintained by a third party (the “Index Provider”) that is unaffiliated with the Advisor or the Company. The Index Provider alone decides the component securities in each Underlying Index. SEI Investments Distribution Co. (the “Distributor”) serves as the distributor of creation units for each Fund on an agency basis. In adopting this Code, the Board took into consideration all of these facts.

B. Who is covered by the Code

This Code applies to all Access Persons of the Company, which includes all Trustees of the Company (both Interested Trustees and Independent Trustees), and all officers of the Company

II. Statement of General Fiduciary Principles.

The Company requires that its Trustees, officers and Access Persons conduct their personal investment activities in accordance with the following general fiduciary principles:

• the duty at all times to place the interests of the Company’s shareholders first;

• the requirement that all personal securities transactions must be conducted consistent with this Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual’s position of trust and responsibility; and

• the fundamental standard that Company personnel should not take inappropriate advantage of their positions.

In view of the foregoing, the Company has determined to adopt this Code to specify a code of conduct for certain types of personal securities transactions which might involve conflicts of interest or an appearance of impropriety and to establish reporting requirements and enforcement procedures.

III. Restrictions on Personal Investing Activities.

A. General Policy

No Access Person shall, in connection with the direct or indirect purchase or sale of a Security “held or to be acquired” by a Fund:

• employ any device, scheme or artifice to defraud the Funds;

• make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements, in light of the circumstances under which they are made, not misleading;

• engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Funds; or

• engage in any manipulative practice with respect to the Funds.

B. Prohibition Against Insider Trading

Access Persons and the members of their Family/Household are prohibited from engaging in, or helping others engage in, insider trading. Generally, the “insider trading” doctrine under U.S. federal securities laws prohibits any person (including investment advisers) from knowingly or recklessly breaching a duty owed by that person by:

(1) trading while in possession of material, nonpublic information;

(2) communicating (“tipping”) such information to others;

(3) recommending the purchase or sale of securities on the basis of such information; or

(4) providing substantial assistance to someone who is engaged in any of the above activities.

This means that Access Persons and members of their Family/Household may not trade with respect to a particular security or issuer at a time when that person knows or should know that he or she is in possession of material nonpublic information about the issuer or security. Information is considered “material” if there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or if it could reasonably be expected to affect the price of a company’s securities, such as information about a

drug trial or clinical testing results. Material information can also relate to events or circumstances affecting the market for a company’s securities such as information about an expected government ruling or regulation that can affect the business of a company in which a Fund invests. Information is considered nonpublic until such time as it has been disseminated in a manner making it available to investors generally (e.g., through national business and financial news wire services).

C. Pre-clearance of Investments in IPOs or Limited Offerings.

Access Persons who also meet the definition of Investment Personnel may not directly or indirectly acquire Beneficial Ownership in any Securities in an IPO or Limited Offering without obtaining, in advance of the transaction, clearance from the Advisor’s Chief Compliance Officer (“CCO”). In order to obtain pre-clearance, a person meeting the definition of Investment Personnel must complete and submit to the CCO a Personal Trade Request Form (a “PTR”) which is included as Appendix B. The CCO must review each request for approval and record the decision regarding the request. The general standards for granting or denying pre-clearance are discussed below, although the CCO retains authority to grant pre-clearance in exceptional circumstances for good cause. If pre-clearance is obtained, the approval is valid for the day on which it is granted and the immediately following business day. The CCO may revoke a pre-clearance any time after it is granted and before the transaction is executed.

Pre-clearance will typically not be given to an Access Person to purchase or sell any IPO or Limited Offering of an issuer (i) if such Security is a component Security in an Underlying Index, on a day when the Security is “being considered for purchase or sale” by a Fund or (ii) if such Security is not a component Security in an Underlying Index but public notice has been given that such Security will be added to, or removed from, an Underlying Index, until such time as the applicable Fund completes the reconstitution of its portfolio to replicate the Security’s weighting in the Underlying Index.

D. Restrictions on Personal Securities Transactions For Access Persons Other than Independent Trustees and Distributor Access Persons

Each Access Person shall direct his or her broker to supply to the CCO, on a timely basis, duplicate copies of confirmations of all Securities transactions, other than for Exempt Securities, in which the person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership and copies of periodic statements for all securities accounts

(1) Pre-clearance

Access Persons may not buy or sell Securities, other than Exempt Securities, for any account in which he or she has any direct or indirect Beneficial Ownership, unless such person obtains, in advance of the transaction, clearance for that transaction from the Company’s CCO or his designee. The CCO has designated the Advisor’s CCO as the person responsible for reviewing and granting pre-clearance requests under the Code. The general standards for granting or denying pre-clearance are discussed below, although the CCO retains authority to grant pre-clearance in exceptional circumstances for good cause.

Pre-clearance must be obtained for all Securities, except Exempt Securities, that either (i) are included as a component Security in an Underlying Index or (ii) for which public notice has been given that such Security will be added to, or deleted from, an Underlying Index.

In order to obtain pre-clearance, an Access Person must complete and submit to the CCO a PTR. If the transaction is approved by the CCO, that approval is valid for the day on which it is granted and the immediately following business day. The CCO may revoke a pre-clearance any time after it is granted and before the transaction is executed. Pre-clearance will typically not be given to purchase or sell any Security of an issuer (i) if such Security is a component Security in an Underlying Index, on a day when the Security is being considered for purchase or sale by a Fund or (ii) if such Security is not a component Security in an Underlying Index but public notice has been given that such Security will be added to, or deleted from, an Underlying Index, until such time as the applicable Fund completes the reconstitution of its portfolio to replicate the Security’s weighting in the Underlying Index.

(2) Prohibition on Short-Term Trading

Access Persons may not purchase or sell, or sell and purchase, within any period of 30 calendar days, a Security, other than an Exempt Security, held by a Fund. If any such transactions occur, the Company will require any profits from the transactions to be disgorged for donation by the Company to charity. In applying the 30 calendar day holding period, the Company will apply the “last-in, first-out” methodology.

(3) Prohibition on Short Sales and Similar Transactions.

Access Persons may not purchase a put option or sell a call option, sell short or otherwise take a short position, either directly or through any Beneficial Ownership, in any Security held by any Fund.

E. Restrictions on Personal Securities Transactions by Access Persons who are Independent Trustees.

The Company recognizes that Independent Trustees do not have on-going, day-to-day involvement with the operations of the Company and are not involved in decisions regarding Fund portfolio transactions. In addition, it is the practice of the Company to give information about Securities purchased or sold by each Fund, or considered for purchase and sale by each Fund, to Independent Trustees in materials circulated more than 15 days after such Securities are purchased or sold by a Fund or are considered for purchase or sale by a Fund.

Accordingly, the Company believes that less stringent controls are appropriate for Independent Trustees, as follows:

1. The Securities pre-clearance requirement contained in paragraph III.D.l. and the short-term trading and short sale restrictions in paragraphs III.D.2 and III.D.3 above shall only apply to an Independent Trustee if he or she knew or, in the ordinary course of fulfilling his or her official duties as a director, should have known, that at the time of his or her transaction in a Security (other than an Exempt Security) or during the 15-day period before that transaction, that the Security was also purchased or sold by a Fund or considered for the purchase or sale by a Fund.

2. If the pre-clearance provisions of the preceding paragraph apply, no pre-clearance will be given to an Independent Trustee to purchase or sell any Security of an issuer (i) if such Security is a component Security in an Underlying Index, on a day when the Security is being considered for purchase or sale by a Fund; (ii) if such Security is not a component Security in an Underlying Index but public notice has been given that such Security will be added to, or deleted from, an Underlying Index, until such time as the applicable Fund completes the reconstitution of its portfolio to replicate the Security’s weighting in the Underlying Index; or (iii) when the CCO has been advised by the Advisor that the same Security is being considered for purchase or sale for a Fund.

IV. Reporting Requirements and Procedures.

In order to provide the Company with information to enable it to determine with reasonable assurance whether the provisions of this Code are being observed by its Access Persons, the following reporting requirements regarding personal securities transactions apply.

A. Reporting Requirements for Access Persons Other than Independent Trustees and Distributor Access Persons

(1) Initial and Annual Holdings Reports: Within ten days after a person becomes an Access Person, and annually thereafter, such person shall submit to the CCO a completed Initial/Annual Holdings Report substantially in the form attached hereto as Appendix C. Each holdings report must contain, at a minimum, (a) the title and type of Security, and, as applicable, the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Security (other than an Exempt Security) in which the person has any direct or indirect beneficial ownership; (b) the name of any broker, dealer or bank with whom the person maintains an account in which any Securities other than Exempt Securities are held for the person’s direct or indirect benefit; and (c) the date the person submits the report. The Initial Holdings Report must be current as of a date no more than 45 days prior to the date the person became an Access Person and the Annual Holdings Report shall be submitted no later than January 31 and must be current as of a date no more than 45 days prior to the date the report is submitted.

(2) Quarterly Report: Each Access Person shall submit reports substantially in the form attached hereto as Appendix D to the CCO, showing all transactions in Securities (other than Exempt Securities) in which the person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, as well as all accounts established with brokers, dealers or banks during the quarter in which any Securities, other than Exempt Securities, were held for the direct or indirect beneficial interest of the person. Such reports shall be filed no later than 30 days after the end of each calendar

quarter. An Access Person need not make a quarterly transaction report under this paragraph if all of the information required by this paragraph is contained in the brokerage confirmations or account statements required to be submitted under III.D above. The Report must include the date on which such report was submitted to the CCO.

B. Reporting Requirements for Independent Trustees

An Independent Trustee need not make an initial or annual holdings report described in paragraph IV.A.1 above and shall only be required to submit the quarterly report required under paragraph IV.A.2 for a transaction in a Security (other than an Exempt Security) where he or she knew (or should have known) at the time of the transaction or, in the ordinary course of fulfilling his or her official duties as a director, should have known that during the 15-day period immediately preceding or after the date of the transaction, such Security is or was purchased or sold, or considered for purchase or sale, by a Fund.

V. Administration of the Code.

A. The CCO’s Duties and Responsibilities.

(1) The CCO shall promptly provide all persons covered by this Code with a copy of the Code. In addition, all persons covered by this Code must complete the Acknowledgment included as Appendix E within ten days of becoming subject to this Code and must submit an Acknowledgment to the CCO by January 31 each year thereafter;

(2) The CCO shall identify all Access Persons and inform them of their reporting obligations promptly.

(3) In determining whether to approve a PTR, the CCO will determine, in good faith, whether the Access Person knew, or should have known, that a Fund had engaged in a transaction involving, or was contemplating a transaction involving, such a Security with 15 days of the PTR. The CCO must maintain a record of any decision relating to pre-clearance requests, and the reasons supporting the decision, for at least five years after the end of the fiscal year in which the approval is granted;

(4) The CCO will, on a quarterly basis, compare all reported personal securities transactions with the Funds’ completed portfolio transactions during the quarter to determine whether a Code violation may have occurred. The CCO may request additional information or take any other appropriate measure that he or she decides is necessary to aid in this determination;

(5) If the CCO finds that a Code violation may have occurred, the CCO must report the possible violation to the Board;

(6) The CCO will submit his or her own reports (as required) to an alternate compliance officer who will fulfill the duties of the CCO with respect to such reports; and

(7) At least annually, the CCO must furnish to the Board, and the Board must consider, a written report that describes any issues arising under the Code since the previous report, including, but not limited to, information about material violations of the Code and sanctions imposed in response to the material violations; and certifies that the Code contains policies and procedures reasonably designed to prevent Access Persons from violating the Code.

B. The Board’s Duties and Responsibilities

(1) The Board must approve this Code before retaining the Advisor’s services;

(2) The Board must approve all material changes to this Code no later than six months after adoption of the material change; and

(3) The Board will determine, in its sole discretion, whether a person has violated the Code. If it is determined that a person violated the Code, the Board shall determine the appropriate disciplinary action to be taken and sanctions to be imposed.

C. The Advisor’s Duties and Responsibilities

At least annually, the Advisor shall furnish to the Board, and the Board shall consider, a written report that describes any issues arising under this code of ethics since the previous report, including, but not limited to, information about material violations of the code of ethics or procedures and sanctions imposed in response to the material violations; and certifies that the Advisor has adopted procedures reasonably necessary to prevent its Access Persons from violating the code of ethics.

VI. Recordkeeping.

The Company will maintain records as set forth below. These records will be maintained in accordance with Rule 17j-1 under the 1940 Act and the following requirements. They will be available for examination by representatives of the Securities and Exchange Commission (the “SEC”) and other regulatory agencies.

A. A copy of this Code and any other code adopted by the Company which is, or at any time within the past five years has been, in effect will be preserved in an easily accessible place.

B. A record of any Code violation and of any action taken as a result of the violation will be preserved in an easily accessible place for a period of at least five years following the end of the fiscal year in which the violation occurred.

C. A copy of each report submitted by an Access Person under this Code will be preserved for a period of at least five years from the end of the fiscal year in which the report is made or the information is provided, for the first two years in an easily accessible place.

D. A record of all persons, currently or within the past five years, who are or were required to submit reports under this Code, and a list of those who are or were responsible for reviewing these reports, will be maintained in an easily accessible place.

E. A copy of each annual issues report and accompanying certification, as required by this Code, must be maintained for at least five years from the end of the fiscal year in which it is made, for the first two years in any easily accessible place.

VII. Miscellaneous.

A. Confidentiality.

The Company will endeavor to maintain the confidentiality of all PTRs and any other information filed pursuant to this Code. Such reports and related information, however, may be produced to the SEC and other regulatory agencies.

B. The “should have known” standard. For purposes of this Code, the “should have known” standard does not:

• imply a duty of inquiry;

• presume that the individual should have deduced or extrapolated from discussions or memoranda dealing with a Fund’s investment strategies; or

• impute knowledge from the individual’s awareness of a Fund’s portfolio holdings, market considerations, benchmark index, or investment policies, objectives and restrictions.

APPENDIX A

Definitions

The definitions and terms used in this Code are intended to mean the same as they do under the 1940 Act and the other federal securities laws. If a definition hereunder conflicts with the definition in the 1940 Act or other federal securities laws, or if a term used in this Code is not defined, the definitions and meanings in the 1940 Act or other federal securities laws, as applicable, should be followed.

Access Person means: (i) the Company’s directors and officers; (ii) any Advisor Access Person; (iii) any other any employee of the Company who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of a Security by the Company, or whose functions relate to the making of any recommendations with respect to such purchases or sales; (iv) any natural person in a control relationship to the Company who obtains information concerning recommendations made to the Company with regard to the purchase or sale of Securities; and (v) any director, officer or general partner of the principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Securities by the Company, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Company regarding the purchase or sale of Securities. Access Persons include:

(a) a member of an Access Person’s immediate family (spouse, domestic partner, child or parents) who lives in an Access Person’s household (including children who are temporarily living outside of the household for school, military service or other similar situation);

(b) a relative of the person who lives in an Access Person’s household and over whose purchases, sales, or other trading activities an Access Person directly or indirectly exercises influence;

(c) a relative whose financial affairs an Access Person “controls,” whether by contract, arrangement, understanding or by convention (such as a relative he or she traditionally advises with regard to investment choices, invests for or otherwise assists financially);

(d) an investment account over which an Access Person has investment control or discretion;

(e) a trust or other arrangement that names an Access Person as a beneficiary; and

(f) a non-public entity (partnership, corporation or otherwise) of which an Access Person is a director, officer, partner or employee, or in which he owns 10% or more of any class of voting securities, a “controlling” interest as generally defined by securities laws, or over which he exercises effective control.

Advisor Access Person means a person who meets the definition of Access Person with respect to the Advisor.

Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan. However, any transaction that overrides the pre-set schedule or allocations of the automatic investment plan is not under the Automatic Investment Plan.

Beneficial Ownership or Beneficially Owns means the same as it does under Section 16 of the Securities Exchange Act of 1934 and Rule 16a-1(a)(2) thereunder. A person is the “beneficial owner” of any securities in which he or she has a direct or indirect pecuniary (monetary) interest.

Control means the power to exercise a controlling influence over the management or policies of a Fund, unless such power is solely the result of an official position with such Fund. Any person who owns beneficially, either directly or through one or more controlled companies, more than 25 per centum of the voting securities of a Fund shall be presumed to control such Fund. Any person who does not so own more than 25 per centum of the voting securities of any Fund shall be presumed not to control such Fund. A natural person shall be presumed not to be a controlled person within the meaning of this title. Any such presumption may be rebutted by evidence, but except as otherwise provided in accordance with applicable law, shall continue until a determination to the contrary made by the SEC by order either on its own motion or on application by an interested person.

Distributor Access Person means a person who meets the definition of Access Person with respect to the Distributor and is subject to the Distributor’s Code of Ethics. If such person is an Access Person but is not subject to the Distributor’s Code of Ethics, such person shall be considered an Adviser Access Person for all purposes herein.

Exempt Security means: (i) direct obligations of the U.S. Government (or any other “government security” as that term is defined in the 1940 Act), bankers’ acceptances, bank certificates of deposit, commercial paper and High-Quality Short-Term Debt Instruments, including repurchase agreements, and shares of registered open-end investment companies, other than exchange traded funds, (ii) securities purchased or sold in any account over which the Access Person has no direct or indirect influence or control, (iii) securities purchased or sold in a transaction that is non-volitional on the part of either the Access Person or a Company, including mergers, recapitalizations or similar transactions, and (iv) securities acquired as a part of an Automatic Investment Plan.

Family/Household means a member of such person’s immediate family (spouse, domestic partner, child or parents) who lives in the person’s household (including children who are temporarily living outside of the household for school, military service or other similar situation), and a relative of the person who lives in such person’s household.

High Quality Short-Term Debt Instrument means any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized statistical rating organization (e.g., Moody’s Investors Service).

Independent Trustee means a Trustee of the Company who is not an “interested person” of the Company within the meaning of Section 2(a)(19) of the 1940 Act.

IPO (i.e., initial public offering) means an offering of securities registered under the Securities Act of 1933 the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

Interested Trustee means a Trustee of the Company who is an “interested person” of the Company within the meaning of Section 2(a)(19) of the 1940 Act.

Investment Personnel means (i) any employee of the Company or the Advisor (or of any company in a control relationship to the Company or the Advisor) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of Securities by the Company, (ii) any natural person who controls the Company or the and who obtains information concerning recommendations made to the Company regarding the purchase or sale of Securities by that Company.

Limited Offering means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2), Section 4(6), Rule 504, Rule 505 or Rule 506 (e.g., private placements).

Purchase or sale of a security includes, among other things, the writing of an option to purchase or sell a security.

Security or Securities means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security,” or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing.

A Security held or to be acquired by a Fund means: (i) any security that within the most recent 15 days is or has been held by the Fund or is being or has been considered by the Advisor for purchase by the Fund and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a security.

APPENDIX B

Personal Trade Request Form (PTR)

The following form must be completed by you in order to request pre-clearance of a personal securities transaction that requires pre-clearance under the Code of Ethics of the Global X Funds. By signing below, you certify that you are not aware of any trades for any Funds in this Security over the past 15 days and that you are also not aware that the Advisor is planning on engaging in a trade involving this Security over the next 15 days. You further certify that you do not have any confidential or inside information relating to the issuer of this Security. This Form must be submitted to the Company’s Chief Compliance Officer. You may not complete this trade until you receive approval from the Chief Compliance Officer. If approved, the approval is good for the day it is given and the following business day. If your trade is not completed within that time, you must submit a new request.

Name:

Social Security Number:

Investment Information

Issuer and ticker symbol:

Nature of Equity Investments (please circle):

Common Stock Preferred Stock

Number of

Shares:

Nature of Fixed Income

Investments:

Describe

instrument:

Principal amount

of trade:

Transaction Information

Transaction Type (please circle):

Purchase       Sale     Short Sale

Estimated Trade Date:

Estimated Price:

Broker/Dealer:

Is the proposed investment an IPO?	Y    N
Is the proposed investment a Limited Offering?	Y    N
Signature:

B-1

Date:                    

Chief Compliance Officer Action

Approved:

Not Approved:

APPENDIX C

Initial and Annual Holdings Reports

To: The Chief Compliance Officer

Global X Funds

As of                    , a date within 45 calendar days of this submission, I had direct or indirect beneficial ownership interest in the Securities listed below which are required to be reported pursuant to the Code of Ethics of Global X Funds.

Name of Reporting Person:

If Initial Report, Date Person Became Subject to the Code:

Information in Report Dated as of:

Date Report Submitted:

Securities Holdings :

Check here if, in lieu of completing the chart below, you have attached all of your most recent investment account statements:     ¨     , Number of statements attached:

Title of Security Ticker Symbol
or CUSIP Number of Shares Principal Amount,
Maturity Date and Interest
Rate (if  applicable)

The name of all brokers, dealers or banks with whom I maintain an account in which my securities are held for my direct or indirect benefit are as follows

Name of Broker, Dealer or Bank Name(s) on and Type of Account

I certify that I have included on this report all securities holdings and accounts required to be reported pursuant to the Code of Ethics and that the information contained herein is accurate an complete.

Signature: Date:

APPENDIX D

Quarterly Report

To: The Chief Compliance Officer

Global X Funds

I hereby certify that I have engaged in the following personal securities transactions which are required to be reported under the Code of Ethics of Global X Funds during the calendar quarter indicated below. I hereby submit this report within 30 days after the end of that quarter. (Note: you do not need to complete this report if all of your trading confirmations and account statements are already being delivered to the Chief Compliance Officer)

Name of Reporting Person:

Calendar Quarter Ended:

Date Report Submitted:

Securities Transactions

Please provide the following information for any reportable transactions during the quarter:

Date of Transaction Title of
Security Ticker
Symbol or
CUSIP Number of
Shares Price Principal
Amount,
Maturity Date
and Interest
Rate (if
applicable) Type of
Transaction Name of
Broker,
Dealer or
Bank
Effecting
Transaction

I have established the following new accounts with brokers, dealers or banks in which my securities are held for my direct or indirect benefit.

Name of Broker, Dealer or Bank Date Account was Established Name(s) on and Type of Account

I certify that I have included on this report all securities transactions and accounts required to be reported pursuant to the Code of Ethics.

Signature: Date:

APPENDIX E

Acknowledgment

To: Chief Compliance Officer

Global X Funds

Re: Acknowledgment of Code of Ethics

Initial Acknowledgment: Please check here if this is an initial acknowledgment. ¨

I certify that (1) I have received, read and understand this Code of Ethics, (2) I am aware that I am subject to the provisions of this Code, (3) I will comply with this Code, (4) I will report all holdings, transactions and accounts that I am required to report pursuant to this Code.

Annual Acknowledgment: Please check here if this is an annual acknowledgment. ¨

I certify that (1) I have received, read and understand this Code of Ethics, (2) I am aware that I am subject to the provisions of this Code, (3) I have complied with this Code at all times during the previous calendar year, and (4) I have, during the previous calendar year, reported all holdings, transactions and accounts that I am required to report pursuant to this Code.

Name

(print):

Position:

Signature:

Date

Submitted:

EX-99.CERT

CERTIFICATION

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Bruno del Ama, certify that:

1. I have reviewed this report on Form N-CSR of Global X Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 3, 2012

/s/ Bruno del Ama

Bruno del Ama

President

CERTIFICATION

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Jose C. Gonzalez, certify that:

1. I have reviewed this report on Form N-CSR of Global X Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 3, 2012

/s/ Jose C. Gonzalez

Jose C. Gonzalez

CFO

EX-99.906CERT

CERTIFICATION

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President of Global X Funds (the “Trust”), with respect to the Trust’s Form N-CSR for the period ended October 31, 2011 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: January 3, 2012

/s/ Bruno del Ama

Bruno del Ama

President

CERTIFICATION

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the CFO of Global X Funds (the “Trust”), with respect to the Trust’s Form N-CSR for the period ended October 31, 2011 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: January 3, 2012

/s/ Jose C. Gonzalez

Jose C. Gonzalez

CFO