UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22255

EGA Emerging Global Shares Trust
(Exact name of registrant as specified in charter)

155 West 19th Street, Floor 3
New York, NY 10011
(Address of principal executive offices) (Zip code)

Robert C. Holderith
155 West 19th Street, Floor 3
New York, NY 10011
(Name and address of agent for service)

Registrant's telephone number, including area code: 1-888-800-4347

Date of fiscal year end: March 31

Date of reporting period: September 30, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached hereto.

 

 
EGA Emerging Global Shares Trust
 

Semi-Annual Report

September 30, 2015

EGShares Beyond BRICs ETF

EGShares Blue Chip ETF

EGShares Brazil Infrastructure ETF

EGShares EM Core ex-China ETF

EGShares EM Quality Dividend ETF

EGShares Emerging Markets Consumer ETF

EGShares Emerging Markets Core ETF

EGShares Emerging Markets Domestic Demand ETF

EGShares India Consumer ETF

EGShares India Infrastructure ETF

EGShares India Small Cap ETF

Table of Contents
 

Shareholder Letter		1
Portfolio Summaries		3
Shareholder Expense Examples		14
Schedule of Investments
EGShares Beyond BRICs ETF		16
EGShares Blue Chip ETF		18
EGShares Brazil Infrastructure ETF		19
EGShares EM Core ex-China ETF		20
EGShares EM Quality Dividend ETF (consolidated)		22
EGShares Emerging Markets Consumer ETF (consolidated)		24
EGShares Emerging Markets Core ETF (consolidated)		25
EGShares Emerging Markets Domestic Demand ETF (consolidated)		27
EGShares India Consumer ETF (consolidated)		28
EGShares India Infrastructure ETF (consolidated)		29
EGShares India Small Cap ETF (consolidated)		30
Statements of Assets and Liabilities		32
Statements of Operations		34
Statements of Changes in Net Assets		36
Financial Highlights		39
Notes to Financial Statements		45
Board Review and Approval of EGShares EM Core ex-China ETF Advisory Contract		57
Board of Trustees and Officers		59
General Information		61

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Shareholder Letter

 

Dear Shareholder,

If the past twelve months have been difficult for emerging market (EM) and frontier market (FM) investors, the second and third quarters of 2015 were nerve racking. April started off on a very positive note with the broad based MSCI EM Index up 7.7% and most EGShares exchange-traded funds (ETFs) acted similarly. However, all but a percentage point of those gains were given up in May and the market continued to trend downward from June through September.

A number of factors contributed to this poor performance. First, another dramatic decline in oil and commodity prices supported fears of slowing growth in those developing countries that rely on commodity exports. Correlated to this was a sharp rise in the U.S. Dollar (USD), which normally coincides with lower oil prices and exacerbated downside pressure for USD-based investors invested in companies that are non-USD based. Additionally, with the U.S. economy appearing to gather momentum, continued expectations of an expected rate hike by the U.S. Federal Reserve weighed on EM and FM.

Frontier markets were not immune to these challenges and the MSCI FM Index followed suit as many oil-dependent economies, especially those in the Middle East, were hit hard. Overall, the MSCI EM Index was down 17.3% and the MSCI FM Index was down 10.6% from April 1 to September 30, 2015. Flows for both EM and FM ETFs were strongly negative, as were flows in EGShares ETFs. In total, U.S. EM equity ETFs lost $5.5 billion in assets.

As discussed in past editions of this letter, the investment approach at Emerging Global Advisors is based on applying a strategic beta approach to allocating within emerging markets. We continue to believe that long-term emerging market equity returns will likely be enhanced by sectors driven by domestic demand and smaller or less mature countries. Our EGShares Emerging Markets Consumer ETF (ECON), the EGShares Beyond BRICs ETF (BBRC) and the EGShares India Consumer ETF (INCO) are some of the largest of our funds that represent this approach.

During the third quarter, we launched an ETF that excludes companies domiciled in China. As the broad-based EM benchmarks plan to add China A-shares to their indices and increase the concentration in China, the EGShares EM Core ex-China ETF (XCEM) gives investors the opportunity to choose the style and size of their exposure to the world’s second largest economy or even exclude that exposure completely.

We thank you for the trust you have placed in us through your investment and look forward to improving conditions for emerging market and frontier market investors in the future.

Sincerely,

 

Robert C. Holderith
President
Emerging Global Advisors, LLC

EGA Emerging Global Shares Trust   1

Shareholder Letter (concluded)

 

This material must be accompanied or preceded by the prospectus.

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. Small and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources, or a dependency upon a particular market niche.

Certain EGShares Funds (“Funds”) are non-diversified and, as a result, may have greater volatility than diversified-funds. A Fund may concentrate its investment in issuers of one or more particular industries to the same extent that the underlying index is concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. In certain circumstances, a Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value preventing them from tracking the underlying index.

MSCI Emerging Markets Index is an index that is designed to measure equity market performance in global emerging markets.

MSCI Frontier Markets Index is an index that is designed to measure equity market performance of frontier markets.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

This commentary represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice. Past performance is no guarantee of future results.

Robert Holderith is a registered representative of ALPS Distributors, Inc. Emerging Global Advisors, LLC (“EGA”) and the Funds are distributed by ALPS Distributors, Inc. EGA and ALPS Distributors, Inc. are unaffiliated entities.

2   EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)
EGShares Beyond BRICs ETF
 

Industry Breakdown*

 

< Financials		41.3	%
< Telecommunications		16.1
< Industrials		9.9
< Consumer Services		9.5
< Consumer Goods		8.9
< Oil & Gas		5.6
< Utilities		4.2
< Basic Materials		3.1
< Health Care		1.4

Top Ten Holdings*

Naspers, Ltd. N Shares		3.2	%
America Movil SAB de CV Series L		2.8
Fomento Economico Mexicano SAB de CV Series UBD		2.6
MTN Group, Ltd.		2.6
Bank Muscat SAOG		2.2
Safaricom, Ltd.		2.2
Guaranty Trust Bank PLC		2.2
Public Bank Bhd		2.1
Nigerian Breweries PLC		2.1
Zenith Bank PLC		2.0

* Expressed as a percentage of total investments in securities as of 9/30/2015. Holdings are subject to change.

EGShares Beyond BRICs ETF (ticker: BBRC)

The EGShares Beyond BRICs ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Beyond BRICs Index (the “BBRC Underlying Index”). The BBRC Underlying Index is designed to represent the performance of a diversified basket of 90 liquid companies in Emerging and Frontier markets excluding Brazil, Russia, India, China (BRIC), Taiwan and Argentina as defined by FTSE’s Country Classification System. The BBRC Underlying Index is market capitalization weighted, and has 75% exposure to emerging markets and 25% to frontier markets at rebalance.

Emerging market investments involve increased risks of illiquidity of securities, price volatility, inflation or deflation, restrictions on foreign investment, nationalization, higher taxation, economic and political instability, pervasive corruption and crime, less governmental regulation and less developed legal systems. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. These risks may be greater for investments in frontier markets. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources, or a dependency upon a particular market niche.

EGA Emerging Global Shares Trust   3

Portfolio Summary (Unaudited)
EGShares Blue Chip ETF
 

Sector Breakdown*

 

< Materials		24.5	%
< Information Technology		23.0
< Consumer Discretionary		17.2
< Consumer Staples		12.8
< Industrials		6.7
< Telecommunication Services		6.5
< Energy		5.8
< Financials		3.5

Top Ten Holdings*

Mondi PLC		4.1	%
Jeronimo Martins SGPS SA		4.0
LG Chem, Ltd.		4.0
Pirelli & C. SpA		3.8
Kansas City Southern		3.8
Avago Technologies, Ltd.		3.7
Visteon Corp.		3.6
Swatch Group AG (The)		3.6
Givaudan SA		3.6
Old Mutual PLC		3.5

* Expressed as a percentage of total investments in securities as of 9/30/2015. Holdings are subject to change.

EGShares Blue Chip ETF (ticker: BCHP)

The EGShares Blue Chip ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the EGAI Developed Markets Blue Chip EM Access Index^SM (the “BCHP Underlying Index”). The BCHP Underlying Index is an equal-weighted equity index comprised of 30 well-established, widely recognized companies that are domiciled and publicly traded in developed market countries (including the U.S.) and have, as of the most recent constitution, a U.S. Dollar equivalent market capitalization of at least $2 billion (based on then-current exchange rates) and measurable revenue from developing market countries.

The Fund’s foreign investments may be subject to increased volatility, and restrictions on currency trading may adversely affect the Fund’s portfolio. Although companies included in the BCHP Underlying Index are domiciled in developed market countries, the Fund has material indirect access to developing markets. The risks associated with foreign investments may be more pronounced in developing markets. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. Mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources, or a dependency upon a particular market niche.

4   EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)
EGShares Brazil Infrastructure ETF
 

Industry Breakdown*

 

< Utilities		63.3	%
< Telecommunications		12.4
< Basic Materials		11.8
< Industrials		10.3
< Health Care		2.2

Top Ten Holdings*

Equatorial Energia SA		6.1	%
Ultrapar Participacoes SA		6.0
Telefonica Brasil SA Preference Shares		5.8
Cia Paranaense de Energia Preference Shares Class B		5.6
Companhia de Saneamento Basico do Estado de Sao Paulo		5.5
Tractebel Energia SA		5.4
EDP – Energias do Brasil SA		5.3
CCR SA		4.9
Tim Participacoes SA		4.8
CPFL Energia SA		4.7

* Expressed as a percentage of total investments in securities as of 9/30/2015. Holdings are subject to change.

EGShares Brazil Infrastructure ETF (ticker: BRXX)

The EGShares Brazil Infrastructure ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Brazil Infrastructure Extended Index (the “BRXX Underlying Index”). The BRXX Underlying Index is a free-float adjusted capitalization weighted index designed to represent the performance of the 30 largest Brazilian companies ranked by full market capitalization that FTSE determines to be representative of Brazil’s infrastructure industries.

The Fund is non-diversified and, as a result, may have greater volatility than diversified funds. Emerging market investments involve increased risks of illiquidity of securities, price volatility, inflation or deflation, restrictions on foreign investment, nationalization, higher taxation, economic and political instability, pervasive corruption and crime, less governmental regulation and less developed legal systems. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. Because the Fund invests predominantly in Brazilian securities, its NAV will be much more sensitive to changes in economic, political and other factors within Brazil than would a Fund that invested in a greater variety of countries. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche.

EGA Emerging Global Shares Trust   5

Portfolio Summary (Unaudited)
EGShares EM Core ex-China ETF
 

Sector Breakdown*

 

< Financials		28.0	%
< Information Technology		20.8
< Materials		9.7
< Consumer Discretionary		9.4
< Consumer Staples		8.4
< Energy		8.2
< Telecommunication Services		7.9
< Utilities		3.2
< Industrials		3.1
< Health Care		1.3

Top Ten Holdings*

Samsung Electronics Co., Ltd.		5.0	%
Taiwan Semiconductor Manufacturing Co., Ltd.		3.9
Infosys, Ltd. ADR		3.3
Vale SA Preference Shares		2.7
ICICI Bank, Ltd. ADR		2.3
HDFC Bank, Ltd. ADR		2.2
Tata Motors, Ltd. ADR		2.1
KT&G Corp.		2.1
Petroleo Brasileiro SA Preference Shares		2.1
Bidvest Group, Ltd.		2.0

* Expressed as a percentage of total investments in securities as of 9/30/2015. Holdings are subject to change.

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

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

This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. Emerging market investments involve increased risks of illiquidity of securities, price volatility, inflation or deflation, restrictions on foreign investment, nationalization, higher taxation, economic and political instability, pervasive corruption and crime, less governmental regulation and less developed legal systems. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. These risks may be greater for investments in frontier markets. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources, or a dependency upon a particular market niche.

6   EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)
EGShares EM Quality Dividend ETF
 

Sector Breakdown*

 

< Financials		18.7	%
< Telecommunication Services		18.4
< Consumer Staples		12.6
< Information Technology		12.1
< Materials		11.4
< Energy		10.7
< Industrials		7.9
< Utilities		6.2
< Consumer Discretionary		2.0

Top Ten Holdings*

Gulf International Services QSC		2.3	%
Nigerian Breweries PLC		2.3
Oman Telecommunications Co. SAOG		2.3
Infosys, Ltd.		2.3
Delta Electronics, Inc.		2.2
PT Indofood Sukses Makmur Tbk		2.2
CLP Holdings, Ltd.		2.1
Tupras-Turkiye Petrol Rafinerileri AS		2.1
British American Tobacco Malaysia Bhd		2.1
China Merchants Bank Co., Ltd. Class H		2.1

* Expressed as a percentage of total investments in securities as of 9/30/2015. Holdings are subject to change.

EGShares EM Quality Dividend ETF (ticker: HILO)

The EGShares EM Quality Dividend ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the EGAI Emerging Markets Quality Dividend Index^SM (the “HILO Underlying Index”). Effective as of January 26, 2015, the Fund began tracking the HILO Underlying Index instead of the FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index in order to pursue a more effective quality dividend investment strategy. The HILO Underlying Index is an equal weighted index designed to represent a portfolio of approximately 50 companies in developing markets that each have a higher dividend yield than the average dividend yield in the EGAI Developing Markets Universe.

Emerging market investments involve increased risks of illiquidity of securities, price volatility, inflation or deflation, restrictions on foreign investment, nationalization, higher taxation, economic and political instability, pervasive corruption and crime, less governmental regulation and less developed legal systems. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. These risks may be greater for investments in frontier markets. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in a specific industry. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche.

EGA Emerging Global Shares Trust   7

Portfolio Summary (Unaudited)
EGShares Emerging Markets Consumer ETF
 

Industry Breakdown*

 

< Consumer Services		49.3	%
< Consumer Goods		47.7
< Industrials		3.0

Top Ten Holdings*

Naspers, Ltd. N Shares		10.1	%
Ambev SA ADR		6.1
Fomento Economico Mexicano SAB de CV Series UBD		5.9
Steinhoff International Holdings, Ltd.		5.7
Magnit PJSC GDR		4.8
BRF SA ADR		4.3
Wal-Mart de Mexico SAB de CV		4.3
Grupo Televisa SAB Series CPO		4.0
Ctrip.com International, Ltd. ADR		3.6
Hengan International Group Co., Ltd.		3.4

* Expressed as a percentage of total investments in securities as of 9/30/2015. Holdings are subject to change.

EGShares Emerging Markets Consumer ETF (ticker: ECON)

The EGShares Emerging Markets Consumer ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Titans 30 Index^SM (the “ECON Underlying Index”). The ECON Underlying Index is a free-float market capitalization weighted stock market index designed to measure the performance of 30 leading emerging market companies in the Consumer Goods and Consumer Services Industries, as defined by S&P Dow Jones Indices’ proprietary industry classification system.

This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. Emerging market investments involve increased risks of illiquidity of securities, price volatility, inflation or deflation, restrictions on foreign investment, nationalization, higher taxation, economic and political instability, pervasive corruption and crime, less governmental regulation and less developed legal systems. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. Mid-cap companies may have greater volatility in price than the stocks of large-cap companies due to limited product lines or resources or a dependency upon a particular market niche.

8   EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)
EGShares Emerging Markets Core ETF
 

Sector Breakdown*

 

< Consumer Discretionary		18.4	%
< Financials		17.7
< Consumer Staples		15.2
< Industrials		11.5
< Health Care		7.8
< Information Technology		7.4
< Materials		6.3
< Energy		5.3
< Telecommunication Services		5.3
< Utilities		5.1

Top Ten Holdings*

PT Telekomunikasi Indonesia Persero Tbk ADR		2.1	%
Wal-Mart de Mexico SAB de CV		1.6
SM Investments Corp.		1.5
Jollibee Foods Corp.		1.4
LPP SA		1.4
Naspers, Ltd. N Shares		1.4
Fomento Economico Mexicano SAB de CV ADR		1.4
Ayala Land, Inc.		1.4
Steinhoff International Holdings, Ltd.		1.4
Haci Omer Sabanci Holding AS		1.3

* Expressed as a percentage of total investments in securities as of 9/30/2015. Holdings are subject to change.

EGShares Emerging Markets Core ETF (ticker: EMCR)

The EGShares Emerging Markets Core ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the S&P Emerging Markets Core Index (the “EMCR Underlying Index”). The EMCR Underlying Index is an equal weighted index designed to measure the market performance of up to 116 companies that S&P Dow Jones Indices determines to be representative of all industries domiciled in emerging market countries, subject to a 15% country cap.

Emerging market investments involve increased risks of illiquidity of securities, price volatility, inflation or deflation, restrictions on foreign investment, nationalization, higher taxation, economic and political instability, pervasive corruption and crime, less governmental regulation and less developed legal systems. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche.

EGA Emerging Global Shares Trust   9

Portfolio Summary (Unaudited)
EGShares Emerging Markets Domestic Demand ETF
 

Sector Breakdown*

 

< Consumer Staples		28.7	%
< Telecommunication Services		28.1
< Consumer Discretionary		28.1
< Health Care		9.3
< Utilities		5.8

Top Ten Holdings*

JD.Com, Inc. ADR		5.2	%
Naspers, Ltd. N Shares		5.0
China Mobile, Ltd.		4.9
Ambev SA ADR		4.8
America Movil SAB de CV, Series L ADR		4.6
MTN Group, Ltd.		4.5
Steinhoff International Holdings, Ltd.		4.5
Fomento Economico Mexicano SAB de CV ADR		4.4
Sun Pharmaceutical Industries, Ltd.		3.4
Magnit PJSC GDR		3.0

* Expressed as a percentage of total investments in securities as of 9/30/2015. Holdings are subject to change.

EGShares Emerging Markets Domestic Demand ETF (ticker: EMDD)

The EGShares Emerging Markets Domestic Demand ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the S&P Emerging Markets Domestic Demand Index (the “EMDD Underlying Index”). The EMDD Underlying Index is a free-float market capitalization weighted stock market index comprised of 50 emerging market companies that derive a significant portion of their revenues from sectors that are less reliant on exports and therefore driven by domestic demand, specifically those companies in the consumer staples, consumer discretionary, telecommunications services, healthcare and utilities sectors.

Emerging market investments involve increased risks of illiquidity of securities, price volatility, inflation or deflation, restrictions on foreign investment, nationalization, higher taxation, economic and political instability, pervasive corruption and crime, less governmental regulation and less developed legal systems. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. Mid-cap companies may have greater volatility in price than the stocks of large-cap companies due to limited product lines or resources or a dependency upon a particular market niche.

10   EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)
EGShares India Consumer ETF
 

Industry Breakdown*

 

< Consumer Goods		75.2	%
< Industrials		13.0
< Consumer Services		11.8

Top Ten Holdings*

Mahindra & Mahindra, Ltd.		5.8	%
Zee Entertainment Enterprises, Ltd.		5.6
Godrej Consumer Products, Ltd.		5.6
Bajaj Auto, Ltd.		5.5
Dabur India, Ltd.		5.4
MRF, Ltd.		5.1
Nestle India, Ltd.		4.9
Hindustan Unilever, Ltd.		4.9
United Spirits, Ltd.		4.8
Hero MotoCorp, Ltd.		4.5

* Expressed as a percentage of total investments in securities as of 9/30/2015. Holdings are subject to change.

EGShares India Consumer ETF (ticker: INCO)

The EGShares India Consumer ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Consumer Index (the “INCO Underlying Index”). The INCO Underlying Index is a maximum 30-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the consumer industry, as defined by Indxx’s proprietary methodology, in India.

This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. Emerging market investments involve increased risks of illiquidity of securities, price volatility, inflation or deflation, restrictions on foreign investment, nationalization, higher taxation, economic and political instability, pervasive corruption and crime, less governmental regulation and less developed legal systems. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. Because the Fund invests predominantly in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a Fund that invested in a greater variety of countries. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche.

EGA Emerging Global Shares Trust   11

Portfolio Summary (Unaudited)
EGShares India Infrastructure ETF
 

Industry Breakdown*

 

< Industrials		44.7	%
< Telecommunications		16.2
< Utilities		14.4
< Consumer Goods		9.6
< Basic Materials		8.4
< Oil & Gas		4.9
< Consumer Services		1.8

Top Ten Holdings*

Idea Cellular, Ltd.		5.1	%
NTPC, Ltd.		5.0
Cummins India, Ltd.		5.0
Bharti Infratel, Ltd.		5.0
Ambuja Cements, Ltd.		4.9
GAIL India, Ltd.		4.9
UltraTech Cement, Ltd.		4.8
Bharti Airtel, Ltd.		4.7
Larsen & Toubro, Ltd.		4.7
Aditya Birla Nuvo, Ltd.		4.6

* Expressed as a percentage of total investments in securities as of 9/30/2015. Holdings are subject to change.

EGShares India Infrastructure ETF (ticker: INXX)

The EGShares India Infrastructure ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Infrastructure Index (the “INXX Underlying Index”). The INXX Underlying Index is a maximum 30-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the infrastructure industry, as defined by Indxx’s proprietary methodology, in India.

This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. Emerging market investments involve increased risks of illiquidity of securities, price volatility, inflation or deflation, restrictions on foreign investment, nationalization, higher taxation, economic and political instability, pervasive corruption and crime, less governmental regulation and less developed legal systems. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. Because the Fund invests predominantly in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a Fund that invested in a greater variety of countries. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche.

12   EGA Emerging Global Shares Trust

Portfolio Summary (Unaudited)
EGShares India Small Cap ETF
 

Industry Breakdown*

 

< Financials		24.4	%
< Industrials		23.9
< Utilities		10.8
< Technology		10.8
< Consumer Goods		10.5
< Oil & Gas		7.0
< Consumer Services		4.7
< Basic Materials		4.4
< Health Care		3.5

Top Ten Holdings*

Suzlon Energy, Ltd.		3.5	%
SKS Microfinance, Ltd.		3.4
Gujarat State Petronet, Ltd.		3.0
Torrent Power, Ltd.		2.9
Redington India, Ltd.		2.8
Indraprastha Gas, Ltd.		2.7
Dewan Housing Finance Corp., Ltd.		2.6
SRF, Ltd.		2.5
DCB Bank, Ltd.		2.5
NCC, Ltd.		2.4

* Expressed as a percentage of total investments in securities as of 9/30/2015. Holdings are subject to change.

EGShares India Small Cap ETF (ticker: SCIN)

The EGShares India Small Cap ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Small Cap Index (the “SCIN Underlying Index”). The SCIN Underlying Index is a maximum 75-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the small cap segment in India.

This Fund is non-diversified and, as a result, may have greater volatility than diversified funds. Emerging market investments involve increased risks of illiquidity of securities, price volatility, inflation or deflation, restrictions on foreign investment, nationalization, higher taxation, economic and political instability, pervasive corruption and crime, less governmental regulation and less developed legal systems. They are also subject to the risk of capital loss from unfavorable fluctuation in currency values. Because the Fund invests predominantly in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a Fund that invested in a greater variety of countries. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its Underlying Index is concentrated. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche.

EGA Emerging Global Shares Trust   13

Shareholder Expense Examples (Unaudited)

 

As a shareholder of an EGShares ETF, you incur advisory fees and other Fund expenses, if any. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held throughout the entire period (April 1, 2015 to September 30, 2015), unless otherwise noted for Funds with operations less than six months.

Actual expenses

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid Through 9/30/2015” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

14   EGA Emerging Global Shares Trust

Shareholder Expense Examples (Unaudited) (concluded)

 

	Beginning Account Value		Ending Account Value 9/30/2015		Annualized Expense Ratios2			Expenses Paid During the Period
EGShares Beyond BRICs ETF
Actual	$	1,000.00	$	803.22		0.58	%	$	2.613
Hypothetical1	$	1,000.00	$	1,022.10		0.58	%	$	2.933
EGShares Blue Chip ETF
Actual	$	1,000.00	$	901.00		0.60	%	$	2.853
Hypothetical1	$	1,000.00	$	1,022.00		0.60	%	$	3.033
EGShares Brazil Infrastructure ETF
Actual	$	1,000.00	$	657.40		0.85	%	$	3.523
Hypothetical1	$	1,000.00	$	1,020.75		0.85	%	$	4.293
EGShares EM Core ex-China ETF
Actual	$	1,000.00	$	980.50		0.35	%	$	0.274
Hypothetical1	$	1,000.00	$	1,023.25		0.35	%	$	1.775
EGShares EM Quality Dividend ETF (Consolidated)6
Actual	$	1,000.00	$	842.80		0.85	%	$	3.923
Hypothetical1	$	1,000.00	$	1,020.75		0.85	%	$	4.293
EGShares Emerging Markets Consumer ETF (Consolidated)6
Actual	$	1,000.00	$	822.31		0.84	%	$	3.833
Hypothetical1	$	1,000.00	$	1,020.80		0.84	%	$	4.243
EGShares Emerging Markets Core ETF (Consolidated)6
Actual	$	1,000.00	$	836.70		0.70	%	$	3.213
Hypothetical1	$	1,000.00	$	1,021.50		0.70	%	$	3.543
EGShares Emerging Markets Domestic Demand ETF (Consolidated)6
Actual	$	1,000.00	$	826.41		0.85	%	$	3.883
Hypothetical1	$	1,000.00	$	1,020.75		0.85	%	$	4.293
EGShares India Consumer ETF (Consolidated)6
Actual	$	1,000.00	$	880.78		0.89	%	$	4.183
Hypothetical1	$	1,000.00	$	1,020.55		0.89	%	$	4.503
EGShares India Infrastructure ETF (Consolidated)6
Actual	$	1,000.00	$	819.57		0.86	%	$	3.913
Hypothetical1	$	1,000.00	$	1,020.70		0.86	%	$	4.343
EGShares India Small Cap ETF (Consolidated)6
Actual	$	1,000.00	$	847.25		0.85	%	$	3.933
Hypothetical1	$	1,000.00	$	1,020.75		0.85	%	$	4.293

1 Assuming 5% return before expenses.

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

3 Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 183/366 (to reflect the six-month period).

4 Actual expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 29/366 (to reflect the period of September 2, 2015 to September 30, 2015).

5 Hypothetical expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 183/366 (to reflect the six-month period).

6 Expenses for these Funds include the accounts of wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 in the Notes to Financial Statements.

EGA Emerging Global Shares Trust   15

Schedule of Investments
EGShares Beyond BRICs ETF
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—100.4%
Bangladesh—1.5%
GrameenPhone, Ltd.		349,119	$	1,279,766
Lafarge Surma Cement, Ltd.		991,400		1,371,580
Total Bangladesh				2,651,346
Chile—2.0%
Empresa Nacional de Electricidad SA		1,022,724		1,200,979
Enersis SA		6,244,830		1,569,017
S.A.C.I. Falabella		144,258		891,804
Total Chile				3,661,800
Colombia—0.4%
Ecopetrol SA		1,627,543		701,181
Czech Republic—0.5%
CEZ AS		48,112		1,000,386
Indonesia—6.9%
PT Astra International Tbk		6,434,659		2,294,955
PT Bank Central Asia Tbk		3,901,343		3,268,873
PT Bank Mandiri Persero Tbk		2,990,486		1,617,720
PT Bank Rakyat Indonesia Persero Tbk		3,453,010		2,038,808
PT Telekomunikasi Indonesia Persero Tbk		15,575,145		2,812,031
PT Unilever Indonesia Tbk		176,120		456,830
Total Indonesia				12,489,217
Kenya—3.3%
Equity Group Holdings, Ltd.		4,774,135		2,051,920
Safaricom, Ltd.		27,300,420		3,963,385
Total Kenya				6,015,305
Malaysia—11.2%
Axiata Group Bhd		1,349,900		1,781,134
CIMB Group Holdings Bhd		1,689,600		1,714,296
DiGi.Com Bhd		1,205,700		1,522,297
IHH Healthcare Bhd		813,800		1,105,246
Malayan Banking Bhd		1,521,200		2,962,287
Maxis Bhd		846,000		1,260,604
Petronas Gas Bhd		254,000		1,268,916
Public Bank Bhd		971,620		3,872,555
Sime Darby Bhd		1,079,300		1,912,699
Tenaga Nasional Bhd		1,120,100		3,062,868
Total Malaysia				20,462,902
Mexico—15.6%
Alfa SAB de CV Class A		697,673		1,357,327
America Movil SAB de CV Series L		6,267,430		5,185,028
Arca Continental SAB de CV		73,935		415,250
Cemex SAB de CV Series CPO		3,055,170		2,125,508
Fomento Economico Mexicano SAB de CV Series UBD		536,089		4,785,235
Grupo Bimbo SAB de CV Series A*		522,503		1,319,920
Grupo Financiero Banorte SAB de CV Class O		566,778		2,769,216
Grupo Financiero Inbursa SAB de CV Class O		563,178		1,161,133
Grupo Mexico SAB de CV Series B		969,950		2,342,063
Grupo Televisa SAB Series CPO		651,113		3,388,742
Wal-Mart de Mexico SAB de CV		1,411,214		3,456,680
Total Mexico				28,306,102

Investments	Shares		Value
Morocco—2.0%
Attijariwafa Bank		106,650	$	3,668,677
Nigeria—6.3%
Guaranty Trust Bank PLC		32,647,344		3,932,428
Nigerian Breweries PLC		5,140,070		3,792,172
Zenith Bank PLC		43,726,707		3,689,064
Total Nigeria				11,413,664
Oman—2.2%
Bank Muscat SAOG		2,812,450		3,986,495
Philippines—3.8%
Ayala Corp.		73,650		1,208,591
Ayala Land, Inc.		1,939,600		1,410,920
Philippine Long Distance Telephone Co.		26,660		1,249,153
SM Investments Corp.		112,913		2,151,241
SM Prime Holdings, Inc.		1,939,800		857,015
Total Philippines				6,876,920
Poland—5.3%
Bank Pekao SA		40,081		1,627,462
Bank Zachodni WBK SA*		9,546		736,808
PGE SA		259,675		920,545
Polski Koncern Naftowy Orlen SA		96,945		1,687,751
Polskie Gornictwo Naftowe i Gazownictwo SA		484,930		831,480
Powszechna Kasa Oszczednosci Bank Polski SA*		266,208		2,060,328
Powszechny Zaklad Ubezpieczen SA		17,588		1,802,486
Total Poland				9,666,860
Qatar—7.5%
Barwa Real Estate Co.		283,155		3,319,756
Ezdan Holding Group QSC		684,925		3,516,728
Gulf International Services QSC		126,495		2,257,568
Industries Qatar QSC		84,651		2,858,849
Qatar Gas Transport Co., Ltd.		86,020		525,749
Vodafone Qatar QSC		302,000		1,126,058
Total Qatar				13,604,708
South Africa—15.8%
Aspen Pharmacare Holdings, Ltd.*		64,188		1,364,813
Barclays Africa Group, Ltd.		65,048		800,692
FirstRand, Ltd.		642,990		2,285,598
MTN Group, Ltd.		364,895		4,697,426
Naspers, Ltd. N Shares		46,218		5,784,888
Nedbank Group, Ltd.		29,150		463,170
Remgro, Ltd.		102,808		1,874,590
Sanlam, Ltd.		372,332		1,610,288
Sasol, Ltd.		116,185		3,256,911
Standard Bank Group, Ltd.		255,047		2,490,153
Steinhoff International Holdings, Ltd.		527,304		3,237,731
Vodacom Group, Ltd.		89,645		891,458
Total South Africa				28,757,718

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

16   EGA Emerging Global Shares Trust

Schedule of Investments  (concluded)
EGShares Beyond BRICs ETF
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
Thailand—7.9%
Advanced Info Service PCL NVDR		380,500	$	2,369,280
Airports of Thailand PCL NVDR		68,500		530,335
Bangkok Bank PCL NVDR		123,520		544,516
CP ALL PCL NVDR		1,328,900		1,748,312
Kasikornbank PCL NVDR		370,600		1,746,042
PTT Exploration & Production PCL NVDR		435,900		840,694
PTT PCL NVDR		290,100		1,918,281
Siam Cement PCL NVDR		220,250		2,815,705
Siam Commercial Bank PCL NVDR		497,400		1,836,385
Total Thailand				14,349,550
Turkey—3.1%
Akbank TAS		654,619		1,465,880
KOC Holding AS		197,019		767,839
Turk Telekomunikasyon AS		164,304		323,968
Turkcell Iletisim Hizmetleri AS		245,891		856,791
Turkiye Garanti Bankasi AS		676,748		1,571,312
Turkiye Is Bankasi Class C		410,503		638,583
Total Turkey				5,624,373
United Arab Emirates—2.6%
Abu Dhabi Commercial Bank PJSC		507,884		1,057,847
Emaar Malls Group PJSC*		665,355		559,769
Emaar Properties PJSC		1,083,010		1,904,854
First Gulf Bank PJSC		333,799		1,267,815
Total United Arab Emirates				4,790,285
Vietnam—2.5%
HAGL JSC*		5		4
Hoa Phat Group JSC		1,115,300		1,508,403
Vingroup JSC*		1,619,650		3,004,756
Total Vietnam				4,513,163
TOTAL INVESTMENTS IN SECURITIES—100.4%
(Cost: $234,066,444)				182,540,652
Liabilities in Excess of Other Assets—(0.4)%				(645,767	)
Net Assets—100.0%			$	181,894,885

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

Summary by Industry	Value			% of Net Assets
Basic Materials	$	5,598,974			3.1	%
Consumer Goods		16,302,097			9.0
Consumer Services		17,421,667			9.6
Financials		75,312,635			41.4
Health Care		2,470,059			1.4
Industrials		18,089,336			9.9
Oil & Gas		10,273,710			5.6
Telecommunications		29,318,379			16.1
Utilities		7,753,795			4.3
Total Investments		182,540,652			100.4
Liabilities in Excess of Other Assets		(645,767	)		(0.4	)
Net Assets	$	181,894,885			100.0	%

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

EGA Emerging Global Shares Trust   17

Schedule of Investments  
EGShares Blue Chip ETF
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.3%
Australia—3.0%
Fortescue Metals Group, Ltd.		99,617	$	127,320
Belgium—3.3%
Anheuser-Busch InBev NV		1,345		142,509
Canada—2.9%
Finning International, Inc.		8,386		122,472
France—2.5%
Casino Guichard Perrachon SA		2,043		108,324
Italy—3.8%
Pirelli & C. SpA		9,803		163,811
Jersey—3.2%
Randgold Resources, Ltd.		2,316		135,485
Luxembourg—6.4%
Millicom International Cellular SA		2,187		136,377
Tenaris SA		11,569		138,566
Total Luxembourg				274,943
Netherlands—6.8%
Akzo Nobel NV		2,314		149,788
NXP Semiconductors NV*		1,633		142,185
Total Netherlands				291,973
Norway—3.2%
Telenor ASA		7,474		139,228
Portugal—4.0%
Jeronimo Martins SGPS SA		12,626		169,759
Singapore—3.6%
Avago Technologies, Ltd.		1,250		156,262
South Africa—4.0%
Mondi PLC		8,273		173,311
South Korea—3.9%
LG Chem, Ltd.		701		168,848
Switzerland—7.2%
Givaudan SA*		95		154,104
Swatch Group AG (The)		418		154,435
Total Switzerland				308,539
Taiwan—9.7%
Catcher Technology Co., Ltd.		14,020		149,237
Delta Electronics, Inc.		30,766		143,891
Largan Precision Co., Ltd.		1,584		123,151
Total Taiwan				416,279
United Kingdom—6.0%
Noble Corp. PLC		10,035		109,482
Old Mutual PLC		52,754		151,108
Total United Kingdom				260,590

Investments	Shares		Value
United States—25.8%
Kansas City Southern		1,775	$	161,312
Las Vegas Sands Corp.		3,046		115,657
Mead Johnson Nutrition Co.		1,799		126,650
QUALCOMM, Inc.		2,501		134,379
Skyworks Solutions, Inc.		1,588		133,725
Southern Copper Corp.		5,215		139,345
Visteon Corp.*		1,527		154,593
Yum! Brands, Inc.		1,824		145,829
Total United States				1,111,490
TOTAL INVESTMENTS IN SECURITIES—99.3%
(Cost: $5,242,333)				4,271,143
Other Assets in Excess of Liabilities—0.7%				28,573
Net Assets—100.0%			$	4,299,716

*	Non-income producing security.

Summary by Sector	Value		% of Net Assets
Consumer Discretionary	$	734,325		17.1	%
Consumer Staples		547,242		12.7
Energy		248,048		5.8
Financials		151,108		3.5
Industrials		283,784		6.6
Information Technology		982,830		22.8
Materials		1,048,201		24.4
Telecommunication Services		275,605		6.4
Total Investments		4,271,143		99.3
Other Assets in Excess of Liabilities		28,573		0.7
Net Assets	$	4,299,716		100.0	%

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

18   EGA Emerging Global Shares Trust

Schedule of Investments
EGShares Brazil Infrastructure ETF
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—98.0%
Basic Materials—11.6%
Companhia Siderurgica Nacional SA		334,233	$	329,033
Gerdau SA Preference Shares		236,531		324,922
Metalurgica Gerdau SA Preference Shares		163,820		120,131
Usinas Siderurgicas de Minas Gerais SA Preference Shares Class A		263,071		221,321
Total Basic Materials				995,407
Health Care—2.1%
Fleury SA		45,255		184,682
Industrials—10.1%
Arteris SA		32,144		76,688
CCR SA		133,367		407,608
EcoRodovias Infraestrutura e Logistica SA		119,096		182,445
JSL SA		44,809		108,029
Santos Brasil Participacoes SA		27,521		88,466
Total Industrials				863,236
Telecommunications—12.2%
Oi SA Preference Shares*		221,433		155,150
Telefonica Brasil SA Preference Shares		52,877		486,947
Tim Participacoes SA		212,793		401,330
Total Telecommunications				1,043,427

Investments	Shares		Value
Utilities—62.0%
AES Tiete SA Preference Shares		54,713	$	193,325
Alupar Investimento SA		42,531		159,146
Centrais Eletricas Brasileiras SA Preference Shares Class B		123,012		270,308
Cia de Gas de Sao Paulo COMGAS Preference Shares Class A		8,015		90,779
Cia de Transmissao de Energia Eletrica Paulista Preference Shares		21,237		217,599
Cia Paranaense de Energia Preference Shares Class B		57,553		471,761
Companhia de Saneamento Basico do Estado de Sao Paulo		117,075		465,719
Companhia de Saneamento de Minas Gerais		34,278		107,174
Companhia Energetica de Minas Gerais Preference Shares		143,564		252,015
Companhia Energetica de Sao Paulo Preference Shares Class B		96,117		367,142
CPFL Energia SA*		106,128		396,319
EDP—Energias do Brasil SA		155,444		448,147
Equatorial Energia SA		60,402		513,621
Light SA		40,967		118,828
Tractebel Energia SA		53,559		454,087
Transmissora Alianca de Energia Eletrica SA		60,752		290,948
Ultrapar Participacoes SA		30,028		503,741
Total Utilities				5,320,659
TOTAL INVESTMENTS IN SECURITIES—98.0%
(Cost: $18,632,622)				8,407,411
Other Assets in Excess of Liabilities—2.0%				168,238
Net Assets—100.0%			$	8,575,649

*	Non-income producing security.

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

EGA Emerging Global Shares Trust   19

Schedule of Investments
EGShares EM Core ex-China ETF 
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—98.4%
Brazil—11.9%
Ambev SA		5,056	$	24,658
Banco Bradesco SA Preference Shares		1,872		10,070
Banco do Brasil SA		1,208		4,611
BB Seguridade Participacoes SA		744		4,636
BRF SA		1,360		24,110
Cia Brasileira de Distribuicao Preference Shares		576		7,277
Cielo SA		1,380		12,705
Itau Unibanco Holding SA Preference Shares		1,644		10,945
Itausa—Investimentos Itau SA Preference Shares		12,660		22,700
Kroton Educacional SA		4,986		9,654
Petroleo Brasileiro SA Preference Shares*		22,108		40,197
Ultrapar Participacoes SA		616		10,334
Vale SA Preference Shares		15,478		51,776
Total Brazil				233,673
India—9.7%
HDFC Bank, Ltd. ADR		698		42,641
ICICI Bank, Ltd. ADR		5,190		43,492
Infosys, Ltd. ADR		3,304		63,073
Tata Motors, Ltd. ADR*		1,810		40,725
Total India				189,931
Indonesia—3.1%
PT Astra International Tbk		15,464		5,515
PT Bank Central Asia Tbk		23,128		19,379
PT Bank Mandiri Persero Tbk		19,284		10,432
PT Bank Rakyat Indonesia Persero Tbk		21,324		12,591
PT Telekomunikasi Indonesia Persero Tbk		78,536		14,179
Total Indonesia				62,096
Malaysia—7.5%
Axiata Group Bhd		4,400		5,806
CIMB Group Holdings Bhd		16,400		16,640
IHH Healthcare Bhd		9,200		12,495
Malayan Banking Bhd		16,400		31,936
Public Bank Bhd		4,800		19,131
Sime Darby Bhd		12,200		21,620
Telekom Malaysia Bhd		4,200		6,382
Tenaga Nasional Bhd		12,800		35,001
Total Malaysia				149,011
Mexico—7.1%
America Movil SAB de CV Series L		27,828		23,022
Coca-Cola Femsa SAB de CV Series L		3,778		26,199
Fibra Uno Administracion SA de CV		5,244		10,803
Grupo Financiero Banorte SAB de CV Class O		4,662		22,778
Grupo Financiero Santander Mexico SAB de CV Class B		6,828		10,089
Grupo Mexico SAB de CV Series B		11,466		27,686
Wal-Mart de Mexico SAB de CV		6,916		16,940
Total Mexico				137,517

Investments	Shares		Value
Peru—0.6%
Credicorp, Ltd.		114	$	12,125
Poland—1.2%
Powszechna Kasa Oszczednosci Bank Polski SA*		1,666		12,894
Powszechny Zaklad Ubezpieczen SA		102		10,453
Total Poland				23,347
Russia—4.6%
Gazprom OAO ADR		8,612		34,620
Lukoil OAO ADR		734		24,927
Magnit PJSC GDR		270		12,898
Sberbank of Russia ADR		3,256		16,070
Total Russia				88,515
South Africa—9.8%
Aspen Pharmacare Holdings, Ltd.*		548		11,652
Bidvest Group, Ltd.		1,610		37,985
FirstRand, Ltd.		1,510		5,367
MTN Group, Ltd.		2,284		29,403
Naspers, Ltd. N Shares		244		30,541
Remgro, Ltd.		756		13,785
Sanlam, Ltd.		2,978		12,879
Sasol, Ltd.		1,070		29,994
Standard Bank Group, Ltd.		542		5,292
Steinhoff International Holdings, Ltd.		2,498		15,338
Total South Africa				192,236
South Korea—20.4%
Hana Financial Group, Inc.		482		10,735
Hyundai Mobis Co., Ltd.		124		24,218
Hyundai Motor Co.		258		35,697
KB Financial Group, Inc.		590		17,546
KIA Motors Corp.		438		19,807
Korea Electric Power Corp.		628		25,961
KT&G Corp.		428		40,262
LG Chem, Ltd.		56		13,489
LG Display Co., Ltd.		540		10,319
NAVER Corp.		60		25,968
POSCO		158		22,461
Samsung Electronics Co., Ltd.		100		95,672
Samsung Fire & Marine Insurance Co., Ltd.		54		12,756
Samsung Sds Co., Ltd.		62		15,065
Shinhan Financial Group Co., Ltd.		184		6,427
SK Hynix, Inc.		220		6,227
SK Telecom Co., Ltd.		88		19,526
Total South Korea				402,136

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

20   EGA Emerging Global Shares Trust

Schedule of Investments  (concluded)
EGShares EM Core ex-China ETF 
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
Taiwan—16.6%
Advanced Semiconductor Engineering, Inc.		10,696	$	11,467
Asustek Computer, Inc.		1,320		11,325
Cathay Financial Holding Co., Ltd.		11,754		16,046
China Steel Corp.		21,954		12,801
Chunghwa Telecom Co., Ltd.		6,790		20,374
Ctbc Financial Holding Co., Ltd.		22,690		11,680
Delta Electronics, Inc.		1,384		6,473
Formosa Chemicals & Fibre Corp.		6,736		13,665
Formosa Plastics Corp.		7,950		16,756
Fubon Financial Holding Co., Ltd.		8,420		13,118
HON HAI Precision Industry Co., Ltd.		12,375		32,171
Largan Precision Co., Ltd.		122		9,485
MediaTek, Inc.		3,412		25,232
Mega Financial Holding Co., Ltd.		15,602		10,803
Nan Ya Plastics Corp.		8,152		13,765
Taiwan Mobile Co., Ltd.		3,990		12,178
Taiwan Semiconductor Manufacturing Co., Ltd.		19,222		75,890
Uni-President Enterprises Corp.		5,952		10,303
Total Taiwan				323,532
Thailand—5.3%
Advanced Info Service PCL		2,000		12,453
Bangkok Bank PCL		3,600		15,870
Intouch Holdings PCL		5,022		10,066
Kasikornbank PCL		2,800		13,192
PTT PCL-NVDR		2,800		18,515
Siam Cement PCL-NVDR		1,200		15,341
Siam Commercial Bank PCL		5,400		19,937
Total Thailand				105,374
Turkey—0.6%
Turkiye Garanti Bankasi AS		4,930		11,447
TOTAL INVESTMENTS IN SECURITIES—98.4%
(Cost: $1,982,072)				1,930,940
Other Assets in Excess of Liabilities—1.6%				30,409
Net Assets—100.0%			$	1,961,349

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

Summary by Sector	Value		% of Net Assets
Consumer Discretionary	$	181,495		9.3	%
Consumer Staples		162,647		8.3
Energy		158,587		8.1
Financials		541,296		27.6
Health Care		24,147		1.2
Industrials		59,605		3.0
Information Technology		401,072		20.4
Materials		187,740		9.6
Telecommunication Services		153,389		7.8
Utilities		60,962		3.1
Total Investments		1,930,940		98.4
Other Assets in Excess of Liabilities		30,409		1.6
Net Assets	$	1,961,349		100.0	%

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

EGA Emerging Global Shares Trust   21

Schedule of Investments (Consolidated)†
EGShares EM Quality Dividend ETF
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.7%
Brazil—16.8%
Banco Bradesco SA Preference Shares		58,348	$	313,870
BB Seguridade Participacoes SA		50,260		313,151
CETIP SA		43,498		359,393
Cielo SA		35,865		330,193
Itau Unibanco Holding SA Preference Shares		49,740		331,146
Itausa—Investimentos Itau SA Preference Shares		152,003		272,555
Souza Cruz SA		54,270		365,257
Telefonica Brasil SA Preference Shares		34,788		320,365
Ultrapar Participacoes SA		21,474		360,241
Total Brazil				2,966,171
Chile—4.0%
Banco de Chile		3,437,675		357,480
Empresa Nacional de Electricidad SA		302,700		355,459
Total Chile				712,939
China—9.5%
Agricultural Bank of China, Ltd. Class H		811,259		306,706
China Construction Bank Corp. Class H		504,365		335,157
China Merchants Bank Co., Ltd. Class H		156,104		376,661
China Minsheng Banking Corp., Ltd. Class H		380,420		350,475
CNOOC, Ltd.		315,561		322,888
Total China				1,691,887
Hong Kong—2.1%
CLP Holdings, Ltd.		44,436		379,280
India—2.2%
Infosys, Ltd.		22,463		397,637
Indonesia—9.8%
PT Indocement Tunggal Prakarsa Tbk		284,635		319,607
PT Indofood Sukses Makmur Tbk		1,010,854		379,501
PT Semen Indonesia Persero Tbk		557,533		344,414
PT Telekomunikasi Indonesia Persero Tbk		2,017,935		364,330
PT United Tractors Tbk		282,570		337,059
Total Indonesia				1,744,911
Malaysia—10.1%
British American Tobacco Malaysia Bhd		27,500		377,365
DiGi.Com Bhd		289,600		365,644
Gamuda Bhd		332,100		331,666
Kuala Lumpur Kepong Bhd		70,200		346,548
Petronas Gas Bhd		72,400		361,692
Total Malaysia				1,782,915
Nigeria—2.3%
Nigerian Breweries PLC		554,868		409,363

Investments	Shares		Value
Oman—2.3%
Oman Telecommunications Co. SAOG		96,472	$	404,471
Qatar—2.8%
Gulf International Services QSC		22,980		410,126
Qatar Gas Transport Co., Ltd.		15,506		94,772
Total Qatar				504,898
South Africa—9.9%
Bidvest Group, Ltd.		15,147		357,363
Mondi, Ltd.		16,887		354,435
MTN Group, Ltd.		27,385		352,537
Sasol, Ltd.		11,923		334,227
Woolworths Holdings, Ltd.		50,899		356,333
Total South Africa				1,754,895
Taiwan—11.8%
Delta Electronics, Inc.		81,468		381,021
Far EasTone Telecommunications Co., Ltd.		171,774		370,388
MediaTek, Inc.		43,930		324,864
Nan Ya Plastics Corp.		187,509		316,620
Pegatron Corp.		137,928		335,945
Taiwan Semiconductor Manufacturing Co., Ltd.		92,443		364,971
Total Taiwan				2,093,809
Thailand—7.9%
Advanced Info Service PCL NVDR		57,100		355,548
Intouch Holdings PCL NVDR		176,800		354,379
Siam Cement PCL NVDR		26,800		342,615
Thai Union Group PCL NVDR		688,200		348,888
Total Thailand				1,401,430
Turkey—6.1%
Enka Insaat ve Sanayi AS		227,495		375,683
Eregli Demir ve Celik Fabrikalari TAS		270,066		332,705
Tupras-Turkiye Petrol Rafinerileri AS*		15,462		378,411
Total Turkey				1,086,799
United Arab Emirates—2.1%
Emirates Telecommunications Group Co. PJSC		96,278		372,231
TOTAL INVESTMENTS IN SECURITIES—99.7%
(Cost: $20,260,849)				17,703,636
Other Assets in Excess of Liabilities—0.3%				58,322
Net Assets—100.0%			$	17,761,958

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

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

22   EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)† (concluded)
EGShares EM Quality Dividend ETF
 
September 30, 2015 (Unaudited)

Summary by Sector	Value		% of Net Assets
Consumer Discretionary	$	356,333		2.0	%
Consumer Staples		2,226,922		12.5
Energy		1,900,665		10.7
Financials		3,316,594		18.7
Industrials		1,401,771		7.9
Information Technology		2,134,631		12.0
Materials		2,010,396		11.3
Telecommunication Services		3,259,893		18.4
Utilities		1,096,431		6.2
Total Investments		17,703,636		99.7
Other Assets in Excess of Liabilities		58,322		0.3
Net Assets	$	17,761,958		100.0	%

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

EGA Emerging Global Shares Trust   23

Schedule of Investments (Consolidated)†
EGShares Emerging Markets Consumer ETF
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—101.0%
Brazil—13.5%
Ambev SA ADR		9,065,181	$	44,419,387
BRF SA ADR		1,764,194		31,385,011
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		656,227		8,229,087
Lojas Renner SA		2,762,520		12,765,195
Total Brazil				96,798,680
Chile—3.4%
Latam Airlines Group SA ADR*		568,586		2,774,700
S.A.C.I. Falabella		3,490,223		21,576,579
Total Chile				24,351,279
China—16.7%
Belle International Holdings, Ltd.		18,635,933		16,110,961
China Mengniu Dairy Co., Ltd.		4,524,391		15,879,050
Ctrip.com International, Ltd. ADR*		416,129		26,291,030
Hengan International Group Co., Ltd.		2,524,358		24,543,116
Vipshop Holdings, Ltd. ADR*		1,013,498		17,026,766
Want Want China Holdings, Ltd.		24,130,914		19,802,790
Total China				119,653,713
India—8.9%
Hindustan Unilever, Ltd.		1,953,730		24,250,480
Maruti Suzuki India, Ltd.		248,791		17,759,523
Tata Motors, Ltd. ADR*		975,000		21,937,500
Total India				63,947,503
Indonesia—3.0%
PT Astra International Tbk		60,471,285		21,567,404
Malaysia—2.1%
Genting Bhd		9,022,962		14,922,808
Mexico—16.3%
Fomento Economico Mexicano SAB de CV Series UBD		4,826,703		43,084,093
Grupo Bimbo SAB de CV Series A*		5,701,263		14,402,235
Grupo Televisa SAB Series CPO		5,573,583		29,007,923
Wal-Mart de Mexico SAB de CV		12,657,719		31,004,288
Total Mexico				117,498,539

Investments	Shares		Value
Philippines—2.6%
SM Investments Corp.		995,140	$	18,959,610
Russia—4.9%
Magnit PJSC GDR		732,190		34,976,716
South Africa—24.8%
Mr Price Group, Ltd.		895,701		12,502,372
Naspers, Ltd. N Shares		582,943		72,964,210
Shoprite Holdings, Ltd.		1,494,172		16,983,009
Steinhoff International Holdings, Ltd.		6,671,496		40,964,057
Tiger Brands, Ltd.		715,816		15,778,807
Woolworths Holdings, Ltd.		2,687,556		18,815,030
Total South Africa				178,007,485
Thailand—4.8%
CP ALL PCL		14,006,883		18,427,570
Thai Beverage PCL		33,050,000		15,921,830
Total Thailand				34,349,400
TOTAL INVESTMENTS IN SECURITIES—101.0%
(Cost: $844,475,629)				725,033,137
Liabilities in Excess of Other Assets—(1.0)%				(7,249,880	)
Net Assets—100.0%			$	717,783,257

†	The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
*	Non-income producing security.
ADR	American Depositary Receipts
GDR	Global Depositary Receipts
PJSC	Private Joint Stock Company

Summary by Industry	Value			% of Net Assets
Consumer Goods	$	345,868,744			48.2	%
Consumer Services		357,226,893			49.8
Industrials		21,937,500			3.0
Total Investments		725,033,137			101.0
Liabilities in Excess of Other Assets		(7,249,880	)		(1.0	)
Net Assets	$	717,783,257			100.0	%

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

24   EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†
EGShares Emerging Markets Core ETF
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—100.1%
Brazil—6.7%
Ambev SA ADR		12,193	$	59,746
Banco Bradesco SA Preference Shares ADR		10,436		55,937
BRF SA ADR		3,584		63,759
Itau Unibanco Holding SA Preference Shares ADR		8,974		59,408
Petroleo Brasileiro SA ADR*		12,465		54,223
Vale SA ADR		9,504		39,917
Total Brazil				332,990
Chile—3.8%
Empresa Nacional de Electricidad SA ADR		1,590		56,461
Enersis SA ADR		4,426		55,944
Latam Airlines Group SA ADR*		2,974		14,513
S.A.C.I. Falabella		10,937		67,613
Total Chile				194,531
China—16.8%
AAC Technologies Holdings, Inc.		5,101		31,758
Baidu, Inc. ADR*		108		14,840
Bank of China, Ltd. Class H		66,648		28,637
Belle International Holdings, Ltd.		20,020		17,307
CGN Power Co., Ltd. Class H, 144A		49,495		20,628
China Construction Bank Corp. Class H		38,743		25,745
China Everbright International, Ltd.		14,366		20,057
China Life Insurance Co., Ltd. ADR		1,931		33,561
China Merchants Holdings International Co., Ltd.		9,099		26,710
China Mobile, Ltd. ADR		535		31,833
China Overseas Land & Investment, Ltd.		10,938		33,026
China Pacific Insurance Group Co., Ltd. Class H		5,692		21,042
China Railway Signal & Communication Corp., Ltd. Class H, 144A*		25,662		20,662
China Resources Land, Ltd.		7,818		18,319
China Resources Power Holdings Co., Ltd.		8,539		19,480
China Unicom Hong Kong, Ltd. ADR		1,734		22,143
CITIC, Ltd.		13,627		24,792
CNOOC, Ltd.		13,450		13,762
COSCO Pacific, Ltd.#§		20,488		20,786
Ctrip.com International, Ltd. ADR*		515		32,538
GCL-Poly Energy Holdings, Ltd.*		78,397		15,072
Haier Electronics Group Co., Ltd.		9,189		15,319
Haitong Securities Co., Ltd. Class H		13,123		18,897
Hanergy Thin Film Power Group, Ltd.#*§		60,421		604
Hengan International Group Co., Ltd.		2,343		22,780
Industrial and Commercial Bank of China, Ltd. Class H		44,505		25,612
JD.Com, Inc. ADR*		830		21,630
Lenovo Group, Ltd.		19,275		16,240
NetEase, Inc. ADR		257		30,871
New Oriental Education & Technology Group, Inc. ADR		1,131		22,858
PICC Property & Casualty Co., Ltd. Class H		6,852		13,315
Ping An Insurance Group Co. of China, Ltd. Class H		3,354		16,597
Semiconductor Manufacturing International Corp.*		339,748		30,687

Investments	Shares		Value
Shunfeng International Clean Energy, Ltd.*		23,204	$	5,898
Sihuan Pharmaceutical Holdings Group, Ltd.#§		19,919		4,830
Sinopharm Group Co. Class H		8,840		30,911
Tencent Holdings, Ltd.		1,303		21,739
Want Want China Holdings, Ltd.		27,812		22,824
Xinyi Solar Holdings, Ltd.		57,549		19,604
ZTE Corp. Class H		12,947		29,469
Total China				863,383
Czech Republic—1.1%
CEZ AS		2,796		58,137
Hong Kong—0.4%
Alibaba Pictures Group, Ltd.*		89,196		19,796
India—16.0%
Adani Ports and Special Economic Zone, Ltd.		9,000		40,996
Dr. Reddy's Laboratories, Ltd.		801		50,793
Hindustan Unilever, Ltd.		4,026		49,972
Housing Development Finance Corp., Ltd.		2,715		50,162
Infosys, Ltd. ADR		2,754		52,574
ITC, Ltd.		13,087		65,555
Larsen & Toubro, Ltd.		2,022		45,167
Lupin, Ltd.		1,755		54,382
Mahindra & Mahindra, Ltd.		2,757		53,082
Maruti Suzuki India, Ltd.		750		53,537
Reliance Industries, Ltd.		4,894		64,292
Sun Pharmaceutical Industries, Ltd.*		3,914		51,781
Tata Consultancy Services, Ltd.		934		36,826
Tata Motors, Ltd. ADR*		1,733		38,992
Wipro, Ltd.		5,750		52,371
Zee Entertainment Enterprises, Ltd.		8,406		50,258
Total India				810,740
Indonesia—4.1%
PT Astra International Tbk		114,163		40,717
PT Telekomunikasi Indonesia Persero Tbk ADR		3,028		107,948
PT Unilever Indonesia Tbk		22,924		59,462
Total Indonesia				208,127
Malaysia—5.6%
Genting Bhd		38,200		63,178
Genting Malaysia Bhd		59,000		55,702
IHH Healthcare Bhd		38,000		51,609
Sime Darby Bhd		37,400		66,279
Tenaga Nasional Bhd		17,900		48,947
Total Malaysia				285,715
Mexico—11.8%
Alfa SAB de CV Class A		34,923		67,943
America Movil SAB de CV Series L ADR		3,326		55,045
Cemex SAB de CV Series CPO*		65,128		45,310
Fibra Uno Administracion SA de CV		23,785		48,997
Fomento Economico Mexicano SAB de CV ADR		792		70,686
Grupo Aeroportuario del Sureste SAB de CV Class B		4,397		67,013
Grupo Mexico SAB de CV Series B		20,928		50,533
Grupo Televisa SAB ADR		1,650		42,933
Kimberly-Clark de Mexico SAB de CV Class A		28,499		64,291

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

EGA Emerging Global Shares Trust   25

Schedule of Investments (Consolidated)†  (concluded)
EGShares Emerging Markets Core ETF
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
Wal-Mart de Mexico SAB de CV		32,586	$	79,817
Total Mexico				592,568
Philippines—5.6%
Ayala Land, Inc.		96,200		69,979
Jollibee Foods Corp.		17,720		73,094
SM Investments Corp.		4,040		76,971
SM Prime Holdings, Inc.		145,300		64,194
Total Philippines				284,238
Poland—2.5%
LPP SA		35		71,978
Powszechny Zaklad Ubezpieczen SA		568		58,211
Total Poland				130,189
Russia—4.2%
Gazprom OAO ADR		11,736		47,179
Lukoil OAO ADR		1,297		44,046
Magnit PJSC GDR		1,307		62,435
MMC Norilsk Nickel Pjsc ADR		4,429		63,534
Total Russia				217,194
South Africa—14.5%
Aspen Pharmacare Holdings, Ltd.*		1,831		38,932
Bidvest Group, Ltd.		2,093		49,380
FirstRand, Ltd.		14,695		52,235
Life Healthcare Group Holdings, Ltd.		20,845		53,684
MTN Group, Ltd.		3,924		50,515
Naspers, Ltd. N Shares		570		71,344
Netcare, Ltd.		22,267		58,458
Remgro, Ltd.		2,787		50,818
Sanlam, Ltd.		10,374		44,866
Sasol, Ltd. ADR		1,686		46,904
Shoprite Holdings, Ltd.		4,001		45,476
Steinhoff International Holdings, Ltd.		11,380		69,875
Tiger Brands, Ltd.		2,112		46,555
Woolworths Holdings, Ltd.		7,986		55,908
Total South Africa				734,950
Thailand—2.3%
CP ALL PCL NVDR		45,200		59,465
Siam Cement PCL NVDR		4,550		58,168
Total Thailand				117,633
Turkey—1.3%
Haci Omer Sabanci Holding AS		23,256		68,130

Investments	Shares		Value
United Arab Emirates—2.2%
DP World, Ltd.		3,087	$	65,568
Emaar Properties PJSC		25,041		44,043
Total United Arab Emirates				109,611
United States—1.2%
Southern Copper Corp.		2,306		61,616
TOTAL INVESTMENTS IN SECURITIES—100.1%
(Cost: $5,808,532)				5,089,548
Liabilities in Excess of Other Assets—(0.1)%				(2,976	)
Net Assets—100.0%			$	5,086,572

†	The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
*	Non-income producing security.
§	Illiquid.
#	Fair valued security.
144A	Series 144A securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, Series 144A securities are deemed to be liquid. At September 30, 2015, the net value of these securities was $41,290, representing 0.81% of net assets.
ADR	American Depositary Receipts
GDR	Global Depositary Receipts
NVDR	Non-Voting Depositary Receipts
PJSC	Private Joint Stock Company

Summary by Sector	Value			% of Net Assets
Consumer Discretionary	$	937,659			18.4	%
Consumer Staples		772,823			15.2
Energy		270,406			5.3
Financials		901,731			17.7
Health Care		395,380			7.8
Industrials		586,175			11.5
Information Technology		379,215			7.5
Materials		319,078			6.3
Telecommunication Services		267,484			5.3
Utilities		259,597			5.1
Total Investments		5,089,548			100.1
Liabilities in Excess of Other Assets		(2,976	)		(0.1	)
Net Assets	$	5,086,572			100.0	%

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

26   EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†
EGShares Emerging Markets Domestic Demand ETF
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.5%
Brazil—8.1%
Ambev SA ADR		306,886	$	1,503,741
BRF SA ADR		42,899		763,173
Telefonica Brasil SA ADR		32,330		295,173
Total Brazil				2,562,087
Chile—1.2%
Enersis SA ADR		29,232		369,492
China—24.9%
Belle International Holdings, Ltd.		425,128		367,528
CGN Power Co., Ltd. Class H, 144A		722,539		301,134
China Mengniu Dairy Co., Ltd.		83,595		293,390
China Mobile, Ltd.		128,640		1,523,752
China Resources Power Holdings Co., Ltd.		130,020		296,611
China Telecom Corp., Ltd. Class H		1,090,860		525,017
China Unicom Hong Kong, Ltd.		375,970		475,902
Ctrip.com International, Ltd., ADR*		10,252		647,721
Hengan International Group Co., Ltd.		51,663		502,294
Huaneng Power International, Inc. Class H		250,315		269,047
JD.Com, Inc. ADR*		63,031		1,642,588
Sinopharm Group Co. Class H		84,952		297,056
Vipshop Holdings, Ltd. ADR*		22,313		374,858
Want Want China Holdings, Ltd.		458,409		376,189
Total China				7,893,087
India—14.2%
Bharti Airtel, Ltd.		114,097		587,259
Dr. Reddy's Laboratories, Ltd. ADR		6,035		385,697
Hindustan Unilever, Ltd.		46,621		578,678
ITC, Ltd.		126,558		633,947
Lupin, Ltd.		15,874		491,891
Mahindra & Mahindra, Ltd.		21,964		422,884
Sun Pharmaceutical Industries, Ltd.*		80,217		1,061,250
Tata Motors, Ltd. ADR*		13,701		308,272
Total India				4,469,878
Indonesia—3.9%
PT Astra International Tbk		1,464,517		522,328
PT Telekomunikasi Indonesia Persero Tbk ADR		19,092		680,630
Total Indonesia				1,202,958
Malaysia—3.0%
Axiata Group Bhd		281,100		370,899
Tenaga Nasional Bhd		206,800		565,486
Total Malaysia				936,385
Mexico—14.3%
America Movil SAB de CV, Series L ADR		86,240		1,427,272
Fomento Economico Mexicano SAB de CV ADR		15,408		1,375,164
Grupo Televisa SAB ADR		31,382		816,560
Wal-Mart de Mexico SAB de CV		355,219		870,087
Total Mexico				4,489,083
Philippines—0.9%
Philippine Long Distance Telephone Co., ADR		5,905		272,575

Investments	Shares		Value
Russia—3.9%
Magnit PJSC GDR		19,555	$	934,142
Mobile TeleSystems PJSC ADR		40,597		293,110
Total Russia				1,227,252
South Africa—21.4%
Aspen Pharmacare Holdings, Ltd.*		21,377		454,534
Mr. Price Group, Ltd.		16,496		230,254
MTN Group, Ltd.		110,165		1,418,194
Naspers, Ltd. N Shares		12,587		1,575,455
Netcare, Ltd.		82,478		216,529
Shoprite Holdings, Ltd.		23,896		271,606
Steinhoff International Holdings, Ltd.		227,026		1,393,976
Tiger Brands, Ltd.		12,310		271,351
Vodacom Group, Ltd.		41,035		408,065
Woolworths Holdings, Ltd.		72,270		505,948
Total South Africa				6,745,912
Thailand—2.9%
Advanced Info Service PCL		86,400		537,991
CP ALL PCL NVDR		279,700		367,976
Total Thailand				905,967
Turkey—0.8%
BIM Birlesik Magazalar AS		14,114		250,092
TOTAL INVESTMENTS IN SECURITIES—99.5%
(Cost: $34,562,361)				31,324,768
Other Assets in Excess of Liabilities—0.5%				166,873
Net Assets—100.0%			$	31,491,641

†	The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
*	Non-income producing security.
144A	Series 144A securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, Series 144A securities are deemed to be liquid. At September 30, 2015, the net value of these securities was $301,134, representing 0.96% of net assets.
ADR	American Depositary Receipts
GDR	Global Depositary Receipts
NVDR	Non-Voting Depositary Receipts
PJSC	Private Joint Stock Company

Summary by Sector	Value		% of Net Assets
Consumer Discretionary	$	8,808,372		28.0	%
Consumer Staples		8,991,830		28.6
Health Care		2,906,957		9.2
Telecommunication Services		8,815,839		28.0
Utilities		1,801,770		5.7
Total Investments		31,324,768		99.5
Other Assets in Excess of Liabilities		166,873		0.5
Net Assets	$	31,491,641		100.0	%

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

EGA Emerging Global Shares Trust   27

Schedule of Investments (Consolidated)†
EGShares India Consumer ETF
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.7%
Consumer Goods—75.0%
Apollo Tyres, Ltd.		579,198	$	1,587,853
Bajaj Auto, Ltd.		122,675		4,321,098
Bosch, Ltd.		11,015		3,253,285
Dabur India, Ltd.		1,002,194		4,213,979
Emami, Ltd.		126,781		2,226,200
Exide Industries, Ltd.		937,657		2,223,436
GlaxoSmithKline Consumer Healthcare, Ltd.		20,975		1,933,269
Godrej Consumer Products, Ltd.		234,381		4,355,723
Hero MotoCorp, Ltd.		96,410		3,516,968
Hindustan Unilever, Ltd.		306,241		3,801,186
Marico, Ltd.		529,184		3,258,626
Motherson Sumi Systems, Ltd.		890,747		3,125,892
MRF, Ltd.		6,193		3,956,571
Nestle India, Ltd.		39,645		3,845,909
Page Industries, Ltd.		10,385		2,099,798
Procter & Gamble Hygiene & Health Care, Ltd.*		18,218		1,733,902
Tata Global Beverages, Ltd.		781,455		1,521,480
TVS Motor Co., Ltd.		424,697		1,488,445
United Breweries, Ltd.		136,779		1,837,160
United Spirits, Ltd.*		78,996		3,723,908
Whirlpool of India, Ltd.*		55,967		558,775
Total Consumer Goods				58,583,463

Investments	Shares		Value
Consumer Services—11.7%
Dish TV India, Ltd.*		575,666	$	932,695
Indian Hotels Co., Ltd.*		942,175		1,235,133
Jubilant Foodworks, Ltd.		59,064		1,440,922
Sun TV Network, Ltd.		216,034		1,182,362
Zee Entertainment Enterprises, Ltd.		731,717		4,374,807
Total Consumer Services				9,165,919
Industrials—13.0%
Bharat Forge, Ltd.		238,757		3,301,096
Mahindra & Mahindra, Ltd.		233,169		4,489,320
Tata Motors, Ltd.*		521,709		2,373,283
Total Industrials				10,163,699
TOTAL INVESTMENTS IN SECURITIES—99.7%
(Cost: $82,125,381)				77,913,081
Other Assets in Excess of Liabilities—0.3%				215,145
Net Assets—100.0%			$	78,128,226

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

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

28   EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†
EGShares India Infrastructure ETF
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.4%
Basic Materials—8.3%
NMDC, Ltd.		767,919	$	1,089,172
Steel Authority of India, Ltd.		1,071,322		838,093
Vedaa, Ltd.		1,207,460		1,558,072
Total Basic Materials				3,485,337
Consumer Goods—9.5%
Aditya Birla Nuvo, Ltd.		58,575		1,913,280
Cummins India, Ltd.		125,035		2,086,584
Total Consumer Goods				3,999,864
Consumer Services—1.8%
Dish TV India, Ltd.*		465,171		753,670
Industrials—44.5%
Adani Ports and Special Economic Zone, Ltd.		413,231		1,882,329
Amara Raja Batteries, Ltd.		84,346		1,323,078
Ambuja Cements, Ltd.		653,535		2,049,018
Bharat Heavy Electricals, Ltd.		576,995		1,806,845
Eicher Motors, Ltd.		5,418		1,468,539
Gujarat Pipavav Port, Ltd.*		281,798		795,723
Havells India, Ltd.		212,026		814,801
Larsen & Toubro, Ltd.		86,898		1,941,106
National Buildings Construction Corp., Ltd.		12,674		185,264
Shree Cement, Ltd.*		8,400		1,502,383
Siemens, Ltd.		92,819		1,874,975
UltraTech Cement, Ltd.		48,556		1,977,599
Voltas, Ltd.		238,870		976,368
Total Industrials				18,598,028

Investments	Shares		Value
Oil & Gas—4.9%
GAIL India, Ltd.		444,018	$	2,044,891
Telecommunications—16.1%
Bharti Airtel, Ltd.		379,811		1,954,893
Bharti Infratel, Ltd.		384,727		2,081,886
Idea Cellular, Ltd.		929,950		2,118,031
Tata Communications, Ltd.		90,398		569,601
Total Telecommunications				6,724,411
Utilities—14.3%
CESC, Ltd.		52,734		415,228
JSW Energy, Ltd.		280,814		402,996
NTPC, Ltd.		1,109,793		2,092,274
Reliance Infrastructure, Ltd.		119,459		633,147
Reliance Power, Ltd.*		870,485		570,245
Tata Power Co., Ltd.		1,883,880		1,864,077
Total Utilities				5,977,967
TOTAL INVESTMENTS IN SECURITIES—99.4%
(Cost: $42,949,288)				41,584,168
Other Assets in Excess of Liabilities—0.6%				231,508
Net Assets—100.0%			$	41,815,676

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

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

EGA Emerging Global Shares Trust   29

Schedule of Investments (Consolidated)†
EGShares India Small Cap ETF
 
September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS—99.5%
Basic Materials—4.4%
Jindal Saw, Ltd.		153,855	$	149,659
Monsanto India, Ltd.		4,318		171,362
Nagarjuna Fertilizers & Chemicals, Ltd.*#§		582,385		8,872
Rashtriya Chemicals & Fertilizers, Ltd.		114,283		83,223
SRF, Ltd.		31,105		532,443
Total Basic Materials				945,559
Consumer Goods—10.4%
Alok Industries, Ltd.*		885,957		82,333
Amtek Auto, Ltd.		113,987		76,234
Bombay Dyeing & Manufacturing Co., Ltd.		101,374		97,683
CCL Products India, Ltd.		74,488		266,904
Ceat, Ltd.		20,838		406,966
Delta Corp., Ltd.		139,158		163,029
JBF Industries, Ltd.		35,702		121,536
JK Tyre & Industries, Ltd.		114,601		177,995
Mahindra CIE Automotive, Ltd.*		78,468		305,313
PC Jeweller, Ltd.		52,488		281,751
Raymond, Ltd.		39,888		259,631
Total Consumer Goods				2,239,375
Consumer Services—4.7%
Cox & Kings, Ltd.		92,501		290,228
Jet Airways India, Ltd.*		58,033		286,761
Kaya, Ltd.*		4,278		66,549
TV18 Broadcast, Ltd.*		668,314		358,898
Total Consumer Services				1,002,436
Financials—24.3%
Allahabad Bank		226,031		264,288
Andhra Bank		240,030		245,003
DCB Bank, Ltd.*		241,456		526,208
Dewan Housing Finance Corp., Ltd.		167,828		562,367
Housing Development & Infrastructure, Ltd.*		266,659		299,199
IFCI, Ltd.		781,758		257,251
Indiabulls Real Estate, Ltd.*		261,535		254,403
Indian Overseas Bank*		323,890		178,870
Jammu & Kashmir Bank, Ltd. (The)		237,657		326,217
Karnataka Bank, Ltd. (The)		195,213		376,210
Manappuram Finance, Ltd.		573,698		210,199
Oriental Bank of Commerce		130,253		258,859
PTC India Financial Services, Ltd.		237,969		163,867
SKS Microfinance, Ltd.*		118,399		731,516
Syndicate Bank		211,285		265,394
UCO Bank		235,303		166,153
Unitech, Ltd.*		1,339,897		125,539
Total Financials				5,211,543
Health Care—3.5%
Granules India, Ltd.		105,042		225,319
Marksans Pharma, Ltd.		193,246		305,737
Suven Life Sciences, Ltd.		52,645		213,900
Total Health Care				744,956

Investments	Shares		Value
Industrials—23.8%
BEML, Ltd.		19,772	$	374,294
Century Textiles & Industries, Ltd.		57,290		451,757
Engineers India, Ltd.		105,295		306,629
Escorts, Ltd.		70,784		164,721
Gateway Distriparks, Ltd.		74,600		405,788
Gati, Ltd.		57,694		121,866
Hindustan Construction Co., Ltd.*		363,028		103,145
India Cements, Ltd.*		224,172		266,725
IRB Infrastructure Developers, Ltd.		91,977		332,583
Jain Irrigation Systems, Ltd.		319,640		312,384
Jaiprakash Associates, Ltd.*		1,437,027		247,386
JK Lakshmi Cement, Ltd.		65,940		374,604
NCC, Ltd.		442,680		504,456
Sintex Industries, Ltd.		225,821		362,263
Texmaco Rail & Engineering, Ltd.		101,475		177,628
Timken India, Ltd.		17,580		160,735
Voltas, Ltd.		111,406		455,366
Total Industrials				5,122,330
Oil & Gas—7.0%
Aban Offshore, Ltd.		32,020		112,002
Gujarat State Petronet, Ltd.		360,062		645,632
Suzlon Energy, Ltd.*		2,336,408		742,141
Total Oil & Gas				1,499,775
Technology—10.7%
Astra Microwave Products, Ltd.		70,439		120,779
Hexaware Technologies, Ltd.		89,835		338,797
Himachal Futuristic Communications, Ltd.*		797,244		199,797
KPIT Technologies, Ltd.		128,129		208,473
Polaris Consulting & Services, Ltd.		69,905		210,759
Redington India, Ltd.		350,652		588,427
Rolta India, Ltd.		83,906		130,128
Tata Elxsi, Ltd.		17,612		504,413
Total Technology				2,301,573
Utilities—10.7%
BF Utilities, Ltd.*		13,401		95,516
GMR Infrastructure, Ltd.*		1,707,464		352,470
Gujarat Gas, Ltd.*		40,000		316,027
Indraprastha Gas, Ltd.		79,030		574,846
Jaiprakash Power Ventures, Ltd.*		1,047,651		111,724
PTC India, Ltd.		254,667		231,039
Torrent Power, Ltd.		228,664		620,604
Total Utilities				2,302,226
TOTAL INVESTMENTS IN SECURITIES—99.5%
(Cost: $25,868,487)				21,369,773
Other Assets in Excess of Liabilities—0.5%				104,948
Net Assets—100.0%			$	21,474,721

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

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

30   EGA Emerging Global Shares Trust

 
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EGA Emerging Global Shares Trust   31

Statements of Assets and Liabilities
EGA Emerging Global Shares Trust
 

September 30, 2015 (Unaudited)

	EGShares Beyond BRICs ETF			EGShares Blue Chip ETF			EGShares Brazil Infrastructure ETF			EGShares EM Core ex-China ETF
ASSETS:
Cost of Investments:	$	234,066,444		$	5,242,333		$	18,632,622		$	1,982,072
Investments at value		182,540,652			4,271,143			8,407,411			1,930,940
Cash		—			19,846			27,970			27,497
Foreign cash*		6,898,439			—			62,939			12,893
Receivables:
Capital shares sold		2,487			—			—			—
Dividends and interest		228,094			4,845			84,091			2,242
Foreign tax reclaims		3,362			6,054			—			—
Investment securities sold		22,006,709			—			62,428			161
Total Assets		211,679,743			4,301,888			8,644,839			1,973,733
LIABILITIES:
Payables:
Accrued investment advisory fees		91,313			2,172			6,252			554
Capital shares payable		1,633,362			—			—			—
Due to custodian		13,650,152			—			—			—
Income payable		—			—			—			—
Investment securities purchased		14,410,031			—			62,938			11,830
Accrued expenses and other liabilities		—			—			—			—
Total Liabilities		29,784,858			2,172			69,190			12,384
NET ASSETS	$	181,894,885		$	4,299,716		$	8,575,649		$	1,961,349
NET ASSETS:
Paid-in capital	$	266,405,046		$	5,247,067		$	49,168,604		$	2,000,000
Undistributed (accumulated) net investment income (loss)		6,200,173			102,117			380,016			4,002
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(39,165,337	)		(77,774	)		(30,715,025	)		8,497
Net unrealized appreciation (depreciation) on investments and on foreign currency translations		(51,544,997	)		(971,694	)		(10,257,946	)		(51,150	)
NET ASSETS	$	181,894,885		$	4,299,716		$	8,575,649		$	1,961,349
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)		11,400,000			250,000			1,450,000			100,000
Net asset value per share	$	15.96		$	17.20		$	5.91		$	19.61
* Cost of foreign cash:	$	6,909,738		$	—		$	62,939		$	12,889

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

32   EGA Emerging Global Shares Trust

Statements of Assets and Liabilities
EGA Emerging Global Shares Trust
 

September 30, 2015 (Unaudited)

	EGShares EM Quality Dividend ETF (Consolidated)			EGShares Emerging Markets Consumer ETF (Consolidated)			EGShares Emerging Markets Core ETF (Consolidated)			EGShares Emerging Markets Domestic Demand ETF (Consolidated)			EGShares India Consumer ETF (Consolidated)			EGShares India Infrastructure ETF (Consolidated)			EGShares India Small Cap ETF (Consolidated)
ASSETS:
Cost of Investments:	$	20,260,849		$	844,475,629		$	5,808,532		$	34,562,361		$	82,125,381		$	42,949,288		$	25,868,487
Investments at value		17,703,636			725,033,137			5,089,548			31,324,768			77,913,081			41,584,168			21,369,773
Cash		—			—			—			—			280,660			96,971			55,774
Foreign cash*		2,027,310			34,885,876			262,935			367,362			7,588			92,460			34,407
Receivables:
Capital shares sold		—			—			—			23			—			—			—
Dividends and interest		28,756			1,058,174			13,813			91,101			2,168			80,408			29,149
Foreign tax reclaims		—			—			—			—			—			—			—
Investment securities sold		1,244,177			10,856,758			8,289			161,145			3,109,476			2,136,480			—
Total Assets		21,003,879			771,833,945			5,374,585			31,944,399			81,312,973			43,990,487			21,489,103
LIABILITIES:
Payables:
Accrued investment advisory fees		12,867			519,639			2,966			22,335			58,945			29,874			14,382
Capital shares payable		—			762,818			—			246,421			3,125,802			2,144,836			—
Due to custodian		2,371,269			44,644,901			285,047			156,242			—			—			—
Income payable		144,045			—			—			—			—			—			—
Investment securities purchased		713,740			8,123,330			—			27,760			—			—			—
Accrued expenses and other liabilities		—			—			—			—			—			101			—
Total Liabilities		3,241,921			54,050,688			288,013			452,758			3,184,747			2,174,811			14,382
NET ASSETS	$	17,761,958		$	717,783,257		$	5,086,572		$	31,491,641		$	78,128,226		$	41,815,676		$	21,474,721
NET ASSETS:
Paid-in capital	$	47,823,687		$	923,385,102		$	6,176,478		$	36,569,145		$	86,481,874		$	102,556,818		$	37,138,809
Undistributed (accumulated) net investment income (loss)		121,496			6,106,563			65,305			400,603			(102,362	)		383,745			164,419
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(27,613,355	)		(92,451,855	)		(437,261	)		(2,241,500	)		(4,039,113	)		(59,760,946	)		(11,330,329	)
Net unrealized appreciation (depreciation) on investments and on foreign currency translations		(2,569,870	)		(119,256,553	)		(717,950	)		(3,236,607	)		(4,212,173	)		(1,363,941	)		(4,498,178	)
NET ASSETS	$	17,761,958		$	717,783,257		$	5,086,572		$	31,491,641		$	78,128,226		$	41,815,676		$	21,474,721
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)		1,500,000			33,000,000			300,000			1,650,000			2,500,000			3,900,000			1,450,000
Net asset value per share	$	11.84		$	21.75		$	16.96		$	19.09		$	31.25		$	10.72		$	14.81
* Cost of foreign cash:	$	2,039,671		$	34,874,908		$	261,883		$	366,083		$	7,484		$	91,923		$	34,193

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

EGA Emerging Global Shares Trust   33

Statements of Operations
EGA Emerging Global Shares Trust
 

Period Ended September 30, 2015 (Unaudited)

	EGShares Beyond BRICs ETF			EGShares Blue Chip ETF			EGShares Brazil Infrastructure ETF			EGShares EM Core ex-China ETF1
INVESTMENT INCOME:
Dividend income*	$	3,858,201		$	108,360		$	354,512		$	4,556
Interest income		155			25			—			—
Total investment income		3,858,356			108,385			354,512			4,556
EXPENSES:
Investment advisory fees		1,141,300			20,398			51,783			1,108
Mauritius taxes paid		—			—			—			—
Total expenses before waivers		1,141,300			20,398			51,783			1,108
Less: waivers of expenses from Advisor		(362,530	)		—			—			(554	)
Net expenses		778,770			20,398			51,783			554
Net investment income (loss)		3,079,586			87,987			302,729			4,002
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS:
Net realized gain (loss) on:
Investments		(28,679,471	)		30,848			(140,994	)		—
In-Kind Redemptions		(4,829,605	)		21,910			—			—
Foreign currency transactions		(269,410	)		(3,349	)		(32,185	)		8,497
Net realized gain (loss)		(33,778,486	)		49,409			(173,179	)		8,497
Change in unrealized appreciation (depreciation) on:
Investments		(24,852,172	)		(646,319	)		(4,646,045	)		(51,132	)
Foreign currency translations		(21,141	)		(38	)		(19,515	)		(18	)
Change in unrealized appreciation (depreciation)		(24,873,313	)		(646,357	)		(4,665,560	)		(51,150	)
Net realized and unrealized gain (loss) on investments and foreign currency translations		(58,651,799	)		(596,948	)		(4,838,739	)		(42,653	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(55,572,213	)	$	(508,961	)	$	(4,536,010	)	$	(38,651	)
* Net of foreign taxes withheld of:	$	392,046		$	12,377		$	—		$	572

1 Represents the period September 2, 2015 (commencement of operations) to September 30, 2015.

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

34   EGA Emerging Global Shares Trust

Statements of Operations
EGA Emerging Global Shares Trust
 

Period Ended September 30, 2015 (Unaudited)

	EGShares EM Quality Dividend ETF (Consolidated)			EGShares Emerging Markets Consumer ETF (Consolidated)			EGShares Emerging Markets Core ETF (Consolidated)			EGShares Emerging Markets Domestic Demand ETF (Consolidated)			EGShares India Consumer ETF (Consolidated)			EGShares India Infrastructure ETF (Consolidated)			EGShares India Small Cap ETF (Consolidated)
INVESTMENT INCOME:
Dividend income*	$	541,468		$	10,257,822		$	84,920		$	488,068		$	420,716		$	401,688		$	228,033
Interest income		298			6			5			38			—			—			—
Total investment income		541,766			10,257,828			84,925			488,106			420,716			401,688			228,033
EXPENSES:
Investment advisory fees		97,831			4,236,918			19,108			153,256			353,220			217,039			110,096
Mauritius taxes paid		—			7,284			—			—			—			6,432			666
Total expenses before waivers		97,831			4,244,202			19,108			153,256			353,220			223,471			110,762
Less: waivers of expenses from Advisor		—			—			—			—			—			—			—
Net expenses		97,831			4,244,202			19,108			153,256			353,220			223,471			110,762
Net investment income (loss)		443,935			6,013,626			65,817			334,850			67,496			178,217			117,271
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS:
Net realized gain (loss) on:
Investments		(1,853,980	)		(74,640,514	)		(431,018	)		(1,862,087	)		(2,636,591	)		(6,319,468	)		(1,482,161	)
In-Kind Redemptions		45,564			19,538,631			—			86,748			—			—			—
Foreign currency transactions		11,037			(862,079	)		(4,790	)		(20,215	)		(53,016	)		(10,805	)		(12,931	)
Net realized gain (loss)		(1,797,379	)		(55,963,962	)		(435,808	)		(1,795,554	)		(2,689,607	)		(6,330,273	)		(1,495,092	)
Change in unrealized appreciation (depreciation) on:
Investments		(2,038,992	)		(131,068,655	)		(620,446	)		(5,278,359	)		(8,727,962	)		(3,925,489	)		(3,241,377	)
Foreign currency translations		(12,570	)		185,054			1,009			339			113			1,521			512
Change in unrealized appreciation (depreciation)		(2,051,562	)		(130,883,601	)		(619,437	)		(5,278,020	)		(8,727,849	)		(3,923,968	)		(3,240,865	)
Net realized and unrealized gain (loss) on investments and foreign currency translations		(3,848,941	)		(186,847,563	)		(1,055,245	)		(7,073,574	)		(11,417,456	)		(10,254,241	)		(4,735,957	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,405,006	)	$	(180,833,937	)	$	(989,428	)	$	(6,738,724	)	$	(11,349,960	)	$	(10,076,024	)	$	(4,618,686	)
* Net of foreign taxes withheld of:	$	78,658		$	585,771		$	9,467		$	44,428		$	—		$	—		$	—

1 Represents the period September 2, 2015 (commencement of operations) to September 30, 2015.

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

EGA Emerging Global Shares Trust   35

Statements of Changes in Net Assets
EGA Emerging Global Shares Trust
 

September 30, 2015

	EGShares Beyond BRICs ETF						EGShares Blue Chip ETF						EGShares Brazil Infrastructure ETF
	For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Period April 23, 20141 Through March 31, 2015			For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,079,586		$	6,756,932		$	87,987		$	98,001		$	302,729		$	1,375,348
Net realized gain (loss) on investments and foreign currency transactions		(33,778,486	)		(3,814,732	)		49,409			(136,222	)		(173,179	)		(4,262,321	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(24,873,313	)		(28,062,462	)		(646,357	)		(325,337	)		(4,665,560	)		(7,953,557	)
Net increase (decrease) in net assets resulting from operations		(55,572,213	)		(25,120,262	)		(508,961	)		(363,558	)		(4,536,010	)		(10,840,530	)
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		—			(3,616,691	)		—			(74,832	)		—			(1,252,757	)
Net realized gain		—			(268,047	)		—			—			—			—
Total distributions		—			(3,884,738	)		—			(74,832	)		—			(1,252,757	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		3,474,554			302,924,221			—			8,075,633			519,506			10,594,646
Cost of shares redeemed		(67,047,999	)		(22,263,815	)		(2,828,566	)		—			—			(22,818,489	)
Transaction fees		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(63,573,445	)		280,660,406			(2,828,566	)		8,075,633			519,506			(12,223,843	)
Net Increase (Decrease) in Net Assets		(119,145,658	)		251,655,406			(3,337,527	)		7,637,243			(4,016,504	)		(24,317,130	)
NET ASSETS:
Beginning of period		301,040,543			49,385,137			7,637,243			—			12,592,153			36,909,283
End of period	$	181,894,885		$	301,040,543		$	4,299,716		$	7,637,243		$	8,575,649		$	12,592,153
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	6,200,173		$	3,120,587		$	102,117		$	14,130		$	380,016		$	77,287
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period		15,150,000			2,350,000			400,000			—			1,400,000			2,250,000
Shares sold		150,000			13,900,000			—			400,000			50,000			600,000
Shares redeemed		(3,900,000	)		(1,100,000	)		(150,000	)		—			—			(1,450,000	)
Shares outstanding, end of period		11,400,000			15,150,000			250,000			400,000			1,450,000			1,400,000

1 Commencement of operations.

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

36   EGA Emerging Global Shares Trust

Statements of Changes in Net Assets
EGA Emerging Global Shares Trust
 

September 30, 2015

	EGShares EM Core ex-China ETF			EGShares EM Quality Dividend ETF (Consolidated)						EGShares Emerging Markets Consumer ETF (Consolidated)						EGShares Emerging Markets Core ETF (Consolidated)						EGShares Emerging Markets Domestic Demand ETF (Consolidated)
	For the Period September 2, 20151 Through September 30, 2015 (Unaudited)			For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,002		$	443,935		$	2,050,923		$	6,013,626		$	11,492,262		$	65,817		$	78,151		$	334,850		$	404,702
Net realized gain (loss) on investments and foreign currency transactions		8,497			(1,797,379	)		(4,335,717	)		(55,963,962	)		505,015			(435,808	)		63,286			(1,795,554	)		495,319
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(51,150	)		(2,051,562	)		(405,793	)		(130,883,601	)		(9,075,548	)		(619,437	)		(115,273	)		(5,278,020	)		426,814
Net increase (decrease) in net assets resulting from operations		(38,651	)		(3,405,006	)		(2,690,587	)		(180,833,937	)		2,921,729			(989,428	)		26,164			(6,738,724	)		1,326,835
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		—			(287,789	)		(1,527,013	)		—			(13,864,995	)		—			(83,068	)		—			(359,762	)
Net realized gain		—			—			—			—			—			—			—			—			—
Total distributions		—			(287,789	)		(1,527,013	)		—			(13,864,995	)		—			(83,068	)		—			(359,762	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		2,000,000			—			—			38,871,933			50,665,900			1,008,047			1,038,203			4,341,669			15,039,089
Cost of shares redeemed		—			(3,478,464	)		(28,180,390	)		(285,413,665	)		(128,249,725	)		—			—			(1,907,656	)		(3,636,676	)
Transaction fees		—			(1,532	)		(2,407	)		692			2,754			(150	)		(1,124	)		(1,923	)		(85	)
Net increase (decrease) in net assets resulting from capital share transactions		2,000,000			(3,479,996	)		(28,182,797	)		(246,541,040	)		(77,581,071	)		1,007,897			1,037,079			2,432,090			11,402,328
Net Increase (Decrease) in Net Assets		1,961,349			(7,172,791	)		(32,400,397	)		(427,374,977	)		(88,524,337	)		18,469			980,175			(4,306,634	)		12,369,401
NET ASSETS:
Beginning of period		—			24,934,749			57,335,146			1,145,158,234			1,233,682,571			5,068,103			4,087,928			35,798,275			23,428,874
End of period	$	1,961,349		$	17,761,958		$	24,934,749		$	717,783,257		$	1,145,158,234		$	5,086,572		$	5,068,103		$	31,491,641		$	35,798,275
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	4,002		$	121,496		$	(34,650	)	$	6,106,563		$	92,937		$	65,305		$	(512	)	$	400,603		$	65,753
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period		—			1,750,000			3,550,000			43,300,000			46,500,000			250,000			200,000			1,550,000			1,050,000
Shares sold		100,000			—			—			1,400,000			1,800,000			50,000			50,000			200,000			650,000
Shares redeemed		—			(250,000	)		(1,800,000	)		(11,700,000	)		(5,000,000	)		—			—			(100,000	)		(150,000	)
Shares outstanding, end of period		100,000			1,500,000			1,750,000			33,000,000			43,300,000			300,000			250,000			1,650,000			1,550,000

1 Commencement of operations.

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

EGA Emerging Global Shares Trust   37

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

September 30, 2015

	EGShares India Consumer ETF (Consolidated)						EGShares India Infrastructure ETF (Consolidated)						EGShares India Small Cap ETF (Consolidated)
	For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	67,496		$	(76,607	)	$	178,217		$	416,417		$	117,271		$	90,740
Net realized gain (loss) on investments and foreign currency transactions		(2,689,607	)		(845,880	)		(6,330,273	)		(1,106,836	)		(1,495,092	)		7,422,791
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(8,727,849	)		3,634,932			(3,923,968	)		(246,152	)		(3,240,865	)		(1,261,182	)
Net increase (decrease) in net assets resulting from operations		(11,349,960	)		2,712,445			(10,076,024	)		(936,571	)		(4,618,686	)		6,252,349
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		—			(20,840	)		—			(128,789	)		—			(133,287	)
Net realized gain		—			—			—			—			—			—
Total distributions		—			(20,840	)		—			(128,789	)		—			(133,287	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		15,515,208			81,076,838			8,888,286			46,724,009			—			12,647,997
Cost of shares redeemed		(14,745,167	)		—			(4,730,345	)		(15,511,583	)		(2,753,070	)		(6,475,034	)
Transaction fees		(1,950	)		(3,047	)		(1,869	)		2,097			(3,095	)		(2,581	)
Net increase (decrease) in net assets resulting from capital share transactions		768,091			81,073,791			4,156,072			31,214,523			(2,756,165	)		6,170,382
Net Increase (Decrease) in Net Assets		(10,581,869	)		83,765,396			(5,919,952	)		30,149,163			(7,374,851	)		12,289,444
NET ASSETS:
Beginning of period		88,710,095			4,944,699			47,735,628			17,586,465			28,849,572			16,560,128
End of period	$	78,128,226		$	88,710,095		$	41,815,676		$	47,735,628		$	21,474,721		$	28,849,572
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	(102,362	)	$	(169,858	)	$	383,745		$	205,528		$	164,419		$	47,148
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period		2,500,000			200,000			3,650,000			1,550,000			1,650,000			1,300,000
Shares sold		450,000			2,300,000			650,000			3,250,000			—			750,000
Shares redeemed		(450,000	)		—			(400,000	)		(1,150,000	)		(200,000	)		(400,000	)
Shares outstanding, end of period		2,500,000			2,500,000			3,900,000			3,650,000			1,450,000			1,650,000

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

38   EGA Emerging Global Shares Trust

Financial Highlights 
EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Beyond BRICs ETF

	For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Period August 15, 20121 Through March 31, 2013
Net asset value, beginning of period	$	19.87		$	21.01		$	21.97		$	20.00
Investment operations:
Net investment income2		0.22			0.56			0.99			0.17
Net realized and unrealized gain (loss) on investments and foreign currency translation		(4.13	)		(1.43	)		(1.77	)3		1.91
Total from investment operations		(3.91	)		(0.87	)		(0.78	)		2.08
Distributions to shareholders:
Net investment income		—			(0.25	)		(0.18	)		(0.11	)
Net realized gains		—			(0.02	)		—			—
Total from investment operations		—			(0.27	)		(0.18	)		(0.11	)
Net asset value, end of period	$	15.96		$	19.87		$	21.01		$	21.97
NET ASSET VALUE TOTAL RETURN4		(19.68	)%		(4.16	)%		(3.51	)%		10.41	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	181,895		$	301,041		$	49,385		$	7,688
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers5,6		0.58	%7		0.58	%		0.66	%		0.85	%7
Expenses, prior to expense reimbursements/waivers5,6		0.85	%7		0.85	%		0.85	%		2.43	%7
Net investment income		2.29	%7		2.65	%		4.92	%		1.26	%7
Portfolio turnover rate		18	%8		33	%		63	%		1	%8

EGShares Blue Chip ETF

	For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Period April 23, 20141 Through March 31, 2015
Net asset value, beginning of period	$	19.09		$	20.00
Investment operations:
Net investment income2		0.25			0.28
Net realized and unrealized loss on investments and foreign currency translation		(2.14	)		(1.00	)
Total from investment operations		(1.89	)		(0.72	)
Distributions to shareholders:
Net investment income		—			(0.19	)
Net asset value, end of period	$	17.20		$	19.09
NET ASSET VALUE TOTAL RETURN4		(9.90	)%		(3.57	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	4,300		$	7,637
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers		0.60	%7		0.60	%7
Expenses, prior to expense reimbursements/waivers		0.60	%7		0.60	%7
Net investment income		2.59	%7		1.55	%7
Portfolio turnover rate		13	%8		82	%8

1 Commencement of operations.

2 Based on average shares outstanding.

3 The realized and unrealized gain on investments and foreign currency translation does not accord with the amounts reported in the Statements of Operations due to the timing of subscriptions or redemptions of Fund shares in relation to the investment performance during the period and contributions made by Authorized Participants to compensate the Fund for additional costs incurred in purchasing securities that were not transferred in kind (See Note 10).

4 Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For the applicable periods shown, the total return would have been lower if certain expenses had not been reduced.

5 Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

6 Effective October 1, 2013 the Fund entered into a fee waiver agreement pursuant to which the Advisor has agreed to waive its advisory fee to 0.58% of the Fund's average daily net assets (See Note 9).

7 Annualized.

8 Not annualized.

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

EGA Emerging Global Shares Trust   39

Financial Highlights  (continued)
EGA Emerging Global Shares Trust
 

For a share outstanding throughout each period

EGShares Brazil Infrastructure ETF

	For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2012			For the Year Ended March 31, 2011
Net asset value, beginning of period	$	8.99		$	16.40		$	21.26		$	24.21		$	25.38		$	20.55
Investment operations:
Net investment income2		0.21			0.74			0.63			0.71			0.96			0.47
Net realized and unrealized gain (loss) on investments and foreign currency translation		(3.29	)		(7.34	)		(4.94	)		(2.84	)		(1.15	)		4.67
Total from investment operations		(3.08	)		(6.60	)		(4.31	)		(2.13	)		(0.19	)		5.14
Distributions to shareholders:
Net investment income		—			(0.81	)		(0.55	)		(0.82	)		(0.98	)		(0.31	)
Net asset value, end of period	$	5.91		$	8.99		$	16.40		$	21.26		$	24.21		$	25.38
NET ASSET VALUE TOTAL RETURN3		(34.26	)%		(41.17	)%		(20.36	)%		(8.63	)%		(0.04	)%		25.16	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	8,576		$	12,592		$	36,909		$	79,739		$	89,591		$	83,760
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers4		0.85	%6		0.85	%		0.85	%		0.85	%		0.88	%5		0.85	%
Expenses, prior to expense reimbursements/waivers4		0.85	%6		0.85	%		0.85	%		1.52	%		1.51	%5		1.91	%
Net investment income		4.97	%6		5.05	%		3.52	%		3.31	%		4.10	%		2.09	%
Portfolio turnover rate		5	%7		77	%		68	%		30	%		30	%		35	%

EGShares EM Core ex-China ETF

	For the Period September 2, 20151 Through September 30, 2015 (Unaudited)
Net asset value, beginning of period	$	20.00
Investment operations:
Net investment income2		0.04
Net realized and unrealized loss on investments and foreign currency translations		(0.43	)
Total from investment operations		(0.39	)
Net asset value, end of period	$	19.61
NET ASSET VALUE TOTAL RETURN3		(1.95	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	1,961
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers		0.35	%6
Expenses, prior to expense reimbursements/waivers		0.70	%6
Net investment income		2.53	%6
Portfolio turnover rate		0	%7

1 Commencement of operations.

2 Based on average shares outstanding.

3 Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For the appliable periods shown, the total return would have been lower if certain expenses had not been reduced.

4 Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

5 The ratio includes 0.03% for the period ended March 31, 2012 attributed to excise tax expense, which was outside the expense cap in place at that time.

6 Annualized.

7 Not annualized.

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

40   EGA Emerging Global Shares Trust

Financial Highlights  (continued)
EGA Emerging Global Shares Trust
 

For a share outstanding throughout each period

EGShares EM Quality Dividend ETF (Consolidated)

	For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Period August 4, 20111 Through March 31, 2012
Net asset value, beginning of period	$	14.25		$	16.15		$	19.80		$	20.09		$	20.00
Investment operations:
Net investment income2		0.27			0.77			0.64			0.86			0.33
Net realized and unrealized gain (loss) on investments and foreign currency translations		(2.49	)		(2.08	)		(3.61	)		(0.09	)3		0.13
Total from investment operations		(2.22	)		(1.31	)		(2.97	)		0.77			0.46
Distributions to shareholders:
Net investment income		(0.19	)		(0.59	)		(0.65	)		(1.06	)		(0.37	)
Return of capital		—			—			(0.03	)		—			—
Total distributions		(0.19	)		(0.59	)		(0.68	)		(1.06	)		(0.37	)
Net asset value, end of period	$	11.84		$	14.25		$	16.15		$	19.80		$	20.09
NET ASSET VALUE TOTAL RETURN4		(15.72	)%		(8.37	)%		(15.14	)%		4.12	%		2.45	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	17,762		$	24,935		$	57,335		$	89,122		$	59,255
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers5		0.85	%6		0.89	%7		0.85	%		0.85	%		0.85	%6
Expenses, prior to expense reimbursements/waivers5		0.85	%6		0.89	%7		0.85	%		1.43	%		2.07	%6
Net investment income		3.86	%6		4.76	%		3.54	%		4.45	%		2.62	%6
Portfolio turnover rate		63	%8		168	%		137	%		86	%		45	%8

EGShares Emerging Markets Consumer ETF (Consolidated)

	For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2012			For the Period September 14, 20101 Through March 31, 2011
Net asset value, beginning of period	$	26.45		$	26.53		$	26.51		$	24.77		$	22.76		$	20.00
Investment operations:
Net investment income2		0.15			0.25			0.31			0.17			0.17			0.04
Net realized and unrealized gain (loss) on investments and foreign currency translation		(4.85	)		(0.03	)		(0.09	)		1.68			1.96			2.74
Total from investment operations		(4.70	)		0.22			0.22			1.85			2.13			2.78
Distributions to shareholders:
Net investment income		—			(0.30	)		(0.20	)		(0.11	)		(0.12	)		(0.02	)
Net asset value, end of period	$	21.75		$	26.45		$	26.53		$	26.51		$	24.77		$	22.76
NET ASSET VALUE TOTAL RETURN4		(17.77	)%		0.88	%		0.82	%		7.46	%		9.44	%		13.88	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	717,783		$	1,145,158		$	1,233,683		$	885,476		$	402,466		$	194,611
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers5		0.84	%6		0.83	%		0.84	%		0.85	%		0.85	%		0.85	%6
Expenses, prior to expense reimbursements/waivers5		0.84	%6		0.83	%		0.84	%		1.23	%		1.31	%		1.44	%6
Net investment income (loss)		1.20	%6		0.92	%		1.20	%		0.68	%		0.76	%		0.37	%6
Portfolio turnover rate		15	%8		12	%		14	%		7	%		3	%		9	%8

1 Commencement of operations.

2 Based on average shares outstanding.

3 The realized and unrealized gain on investments and foreign currency translations does not accord with the amounts reported in the Statements of Operations due to the timing of subscriptions of Fund shares in relation to the investment performance during the period and contributions made by Authorized Participants to compensate the Fund for additional costs incurred in purchasing securities that were not transferred in kind (See Note 10).

4 Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For the applicable periods shown, the total return would have been lower if certain expenses had not been reduced.

5 Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

6 Annualized.

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

8 Not annualized.

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

EGA Emerging Global Shares Trust   41

Financial Highlights  (continued)
EGA Emerging Global Shares Trust
 

For a share outstanding throughout each period

EGShares Emerging Markets Core ETF (Consolidated)

	For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Period October 16, 20121 Through March 31, 2013
Net asset value, beginning of period	$	20.27		$	20.44		$	20.87		$	20.00
Investment operations:
Net investment income2		0.24			0.38			0.36			0.09
Net realized and unrealized gain (loss) on investments and foreign currency translations		(3.55	)		(0.13	)		(0.44	)		0.82
Total from investment operations		(3.31	)		0.25			(0.08	)		0.91
Distributions to shareholders:
Net investment income		—			(0.42	)		(0.35	)		(0.04	)
Net asset value, end of period	$	16.96		$	20.27		$	20.44		$	20.87
NET ASSET VALUE TOTAL RETURN3		(16.33	)%		1.22	%		(0.36	)%		4.55	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	5,087		$	5,068		$	4,088		$	4,173
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers6		0.70	%4		0.71	%7		0.70	%		0.70	%4
Expenses, prior to expense reimbursements/waivers6		0.70	%4		0.71	%7		0.70	%		11.94	%4
Net investment income		2.41	%4		1.78	%		1.76	%		0.96	%4
Portfolio turnover rate		19	%5		20	%		16	%		3	%5

EGShares Emerging Markets Domestic Demand ETF (Consolidated)

	For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Period August 15, 20121 Through March 31, 2013
Net asset value, beginning of period	$	23.10		$	22.31		$	22.16		$	20.00
Investment operations:
Net investment income2		0.21			0.34			0.23			0.13
Net realized and unrealized gain (loss) on investments and foreign currency translations		(4.22	)		0.73			0.14			2.11
Total from investment operations		(4.01	)		1.07			0.37			2.24
Distributions to shareholders:
Net investment income		—			(0.28	)		(0.22	)		(0.08	)
Net asset value, end of period	$	19.09		$	23.10		$	22.31		$	22.16
NET ASSET VALUE TOTAL RETURN3		(17.36	)%		4.82	%		1.70	%		11.23	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	31,492		$	35,798		$	23,429		$	2,216
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers6		0.85	%4		0.85	%		0.85	%		0.85	%4
Expenses, prior to expense reimbursements/waivers6		0.85	%4		0.85	%		0.85	%		4.53	%4
Net investment income		1.86	%4		1.43	%		1.09	%		1.02	%4
Portfolio turnover rate		16	%5		8	%		159	%		57	%5

1 Commencement of operations.

2 Based on average shares outstanding.

3 Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For the applicable periods shown, the total return would have been lower if certain expenses had not been reduced.

4 Annualized.

5 Not annualized.

6 Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

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

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

42   EGA Emerging Global Shares Trust

Financial Highlights  (continued)
EGA Emerging Global Shares Trust
 

For a share outstanding throughout each period

EGShares India Consumer ETF (Consolidated)

	For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Period August 10, 20111 Through March 31, 2012
Net asset value, beginning of period	$	35.48		$	24.72		$	22.10		$	19.08		$	20.00
Investment operations:
Net investment income (loss)2		0.03			(0.12	)		0.11			(0.00	)3		(0.00	)3
Net realized and unrealized gain (loss) on investments and foreign currency translations		(4.26	)		10.91			2.51			3.02	4		(0.92	)4
Total from investment operations		(4.23	)		10.79			2.62			3.02			(0.92	)
Distributions to shareholders:
Net investment income		—			(0.03	)		—			—			—
Net asset value, end of period	$	31.25		$	35.48		$	24.72		$	22.10		$	19.08
NET ASSET VALUE TOTAL RETURN5		(11.92	)%		43.64	%		11.86	%		15.83	%		(4.60	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	78,128		$	88,710		$	4,945		$	6,631		$	1,908
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers9		0.89	%6		0.90	%11		0.89	%		0.89	%		0.89	%6
Expenses, prior to expense reimbursements/waivers9		0.89	%6		0.90	%11		0.89	%		4.31	%		6.16	%6
Net investment income (loss)		0.17	%6		(0.36	)%		0.50	%		(0.00	)%7		(0.04	)%6
Portfolio turnover rate		20	%8		82	%		43	%		50	%		104	%8

EGShares India Infrastructure ETF (Consolidated)

	For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2012			For the Period August 11, 20101 Through March 31, 2011
Net asset value, beginning of period	$	13.08		$	11.35		$	12.27		$	14.99		$	19.40		$	20.00
Investment operations:
Net investment income2		0.04			0.12			0.13			0.07			0.06			0.01
Net realized and unrealized gain (loss) on investments and foreign currency translations		(2.40	)		1.65	4		0.27	4		(2.60	)		(4.39	)		(0.61	)
Total from investment operations		(2.36	)		1.77			0.40			(2.53	)		(4.33	)		(0.60	)
Distributions to shareholders:
Net investment income		—			(0.04	)		(1.32	)		(0.19	)		(0.08	)		—
Net asset value, end of period	$	10.72		$	13.08		$	11.35		$	12.27		$	14.99		$	19.40
NET ASSET VALUE TOTAL RETURN5		(18.04	)%		15.59	%		4.04	%		(17.08	)%		(22.19	)%		(3.00	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	41,816		$	47,736		$	17,586		$	51,513		$	60,703		$	85,377
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers9		0.86	%6,12		0.88	%11		0.86	%10		0.85	%		0.85	%		0.85	%6
Expenses, prior to expense reimbursements/waivers9		0.86	%6,12		0.88	%11		0.86	%10		1.61	%		1.69	%		2.24	%6
Net investment income		0.70	%6		0.90	%		1.18	%		0.53	%		0.39	%		0.11	%6
Portfolio turnover rate		36	%8		75	%		76	%		24	%		23	%		9	%8

 1 Commencement of operations.

 2 Based on average shares outstanding.

 3 Less than $(0.005)

 4 The realized and unrealized gain or loss on investments and foreign currency translation does not accord with the amounts reported in the Statements of Operations due to the timing of subscriptions or redemptions of Fund shares in relation to the investment performance during the period and contributions made by Authorized Participants to compensate the Fund for additional costs incurred in purchasing securities that were not transferred in kind (See Note 10).

 5 Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For the applicable periods shown, the total return would have been lower if certain expenses had not been reduced.

 6 Annualized.

 7 Less than (0.005)%.

 8 Not annualized.

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

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

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

12 The ratio includes 0.01% for the period ended September 30, 2015 attributed to tax expense, which is outside the Unified Fee.

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

EGA Emerging Global Shares Trust   43

Financial Highlights  (concluded)
EGA Emerging Global Shares Trust
 

For a share outstanding throughout each period

EGShares India Small Cap ETF (Consolidated)

	For the Period April 1, 2015 Through September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2012			For the Period July 7, 20101 Through March 31, 2011
Net asset value, beginning of period	$	17.48		$	12.74		$	12.45		$	14.39		$	19.29		$	20.00
Investment operations:
Net investment income (loss)2		0.07			0.05			0.26			0.10			0.14			(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency translations		(2.74	)		4.77			0.25	3		(1.94	)		(4.88	)		(0.68	)
Total from investment operations		(2.67	)		4.82			0.51			(1.84	)		(4.74	)		(0.69	)
Distributions to shareholders:
Net investment income		—			(0.08	)		(0.22	)		(0.10	)		(0.16	)		(0.02	)
Return of Capital		—			—			—			(0.00	)9		—			—
Total distributions		—			(0.08	)		(0.22	)		(0.10	)		(0.16	)		(0.02	)
Net asset value, end of period	$	14.81		$	17.48		$	12.74		$	12.45		$	14.39		$	19.29
NET ASSET VALUE TOTAL RETURN4		(15.27	)%		37.86	%		4.29	%		(12.87	)%		(24.33	)%		(3.45	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	21,475		$	28,850		$	16,560		$	21,163		$	26,616		$	34,729
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers5		0.85	%6		0.92	%11		0.86	%10		0.85	%		0.85	%		0.90	%6,7
Expenses, prior to expense reimbursements/waivers5		0.85	%6		0.92	%11		0.86	%10		2.09	%		2.26	%		3.12	%6,7
Net investment income (loss)		0.91	%6		0.33	%		2.36	%		0.76	%		0.84	%		(0.06	)%6
Portfolio turnover rate		3	%8		117	%		56	%		43	%		125	%		1	%8

 1 Commencement of operations.

 2 Based on average shares outstanding.

 3 The realized and unrealized gain on investments and foreign currency translation does not accord with the amounts reported in the Statements of Operations due to the timing of subscriptions of Fund shares in relation to the investment performance during the period and contributions made by Authorized Participants to compensate the Fund for additional costs incurred in purchasing securities that were not transferred in kind (See Note 10).

 4 Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. For the applicable periods shown, the total return would have been lower if certain expenses had not been reduced.

 5 Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

 6 Annualized.

 7 The ratio includes 0.05% for the period ended March 31, 2011 attributed to interest expense, which was outside the expense cap in place at that time.

 8 Not annualized.

 9 Less than $(0.005)

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

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

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

44   EGA Emerging Global Shares Trust

Notes to Financial Statements
September 30, 2015 (Unaudited)
 

1. ORGANIZATION

EGA Emerging Global Shares Trust (the “Trust”) is a Delaware statutory trust organized on September 12, 2008. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of the date of this report, the Trust consisted of twelve separate non-diversified series and five diversified series, each of which tracks an underlying index (each, an “Underlying Index”). As of the date of this report, only the following exchange-traded funds (each an “ETF” or “Fund” and collectively the “ETFs” or “Funds”) were publicly offered:

Funds	Commencement of Operations
EGShares Beyond BRICs ETF (“Beyond BRICs ETF”)	August 15, 2012
EGShares Blue Chip ETF (“Blue Chip ETF”)	April 23, 2014
EGShares Brazil Infrastructure ETF (“Brazil Infrastructure ETF”)	February 24, 2010
EGShares EM Core ex-China ETF (“EM Core ex-China ETF”)	September 2, 2015
EGShares EM Quality Dividend ETF (“EM Quality Dividend ETF”)	August 4, 2011
EGShares Emerging Markets Consumer ETF (“Consumer ETF”)	September 14, 2010
EGShares Emerging Markets Core ETF (“Core ETF”)	October 16, 2012
EGShares Emerging Markets Domestic Demand ETF (“Domestic Demand ETF”)	August 15, 2012
EGShares India Consumer ETF (“India Consumer ETF”)	August 10, 2011
EGShares India Infrastructure ETF (“India Infrastructure ETF”)	August 11, 2010
EGShares India Small Cap ETF (“India Small Cap ETF”)	July 7, 2010

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

The Blue Chip ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the EGAI Developed Markets Blue Chip EM Access Index^SM (the “BCHP Underlying Index”). The BCHP Underlying Index is an equal-weighted equity index comprised of 30 well-established, widely recognized companies that are domiciled and publicly traded in developed market countries (including the U.S.) and have, as of the most recent constitution, a U.S. Dollar equivalent market capitalization of at least $2 billion (based on then-current exchange rates) and measurable revenue from developing market countries.

The Brazil Infrastructure ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Brazil Infrastructure Extended Index (the “BRXX Underlying Index”). The BRXX Underlying Index is a free-float adjusted capitalization weighted index designed to represent the performance of the 30 largest Brazilian companies ranked by full market capitalization that FTSE determines to be representative of Brazil’s infrastructure industries.

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

The EM Quality Dividend ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the EGAI Emerging Markets Quality Dividend Index^SM (the “HILO Underlying Index”). The HILO Underlying Index is an equal weighted index designed to represent a portfolio of approximately 50 companies in developing markets that each have a higher dividend yield than the average dividend yield in the EGAI Developing Markets Universe.

The Consumer ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Titans 30 Index^SM (the “ECON Underlying Index”). The ECON Underlying Index is a free-float market capitalization weighted stock market index designed to measure the performance of 30 leading emerging market companies in the Consumer Goods and Consumer Services Industries, as defined by S&P Dow Jones Indices’ proprietary industry classification system.

EGA Emerging Global Shares Trust   45

Notes to Financial Statements  (continued)
September 30, 2015 (Unaudited)
 

The Core ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the S&P Emerging Markets Core Index (the “EMCR Underlying Index”). The EMCR Underlying Index is an equal weighted index designed to measure the market performance of up to 116 companies that S&P Dow Jones Indices determines to be representative of all industries domiciled in emerging market countries, subject to a 15% country cap.

The Domestic Demand ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the S&P Emerging Markets Domestic Demand Index (the “EMDD Underlying Index”). The EMDD Underlying Index is a free-float market capitalization weighted stock market index comprised of 50 emerging market companies that derive a significant portion of their revenues from sectors that are less reliant on exports and therefore driven by domestic demand, specifically those companies in the consumer staples, consumer discretionary, telecommunications services, healthcare and utilities sectors.

The India Consumer ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Consumer Index (the “INCO Underlying Index”). The INCO Underlying Index is a maximum 30-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the consumer industry, as defined by Indxx’s proprietary methodology, in India.

The India Infrastructure ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Infrastructure Index (the “INXX Underlying Index”). The INXX Underlying Index is a maximum 30-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the infrastructure industry, as defined by Indxx’s proprietary methodology, in India.

The India Small Cap ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Small Cap Index (the “SCIN Underlying Index”). The SCIN Underlying Index is a maximum 75-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the small cap segment in India.

The classifications and presentations within the Schedule of Investments are consistent with other funds in the EGA Fund family and may not depict the same classifications and presentations in certain marketing materials.

2. CONSOLIDATION OF SUBSIDIARIES

The Consolidated Schedules of Investments; Consolidated Statements of Assets and Liabilities, of Operations and of Changes in Net Assets; and the Consolidated Financial Highlights of the ETFs listed below include the accounts of wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

Funds	Wholly Owned Subsidiary
Consumer ETF	EG Shares Consumer Mauritius
Core ETF	EG Shares Core Mauritius
Domestic Demand ETF	EG Shares Domestic Demand Mauritius
EM Quality Dividend ETF*	EG Shares High Income/Low Beta Mauritius*
India Consumer ETF	EG Shares India Consumer Mauritius
India Infrastructure ETF	EG Shares India Infrastructure Mauritius
India Small Cap ETF	EG Shares India Small Cap Mauritius

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

The Consumer ETF, Core ETF and Domestic Demand ETF may each invest its assets in a wholly owned subsidiary in Mauritius, which in turn invests virtually all of its assets in Indian securities, based on the number of Indian securities that are included in each ETF’s respective Underlying Index.

The India Consumer ETF, India Infrastructure ETF and India Small Cap ETF invest substantially all of their assets in wholly owned subsidiaries in Mauritius, which in turn invest virtually all of their assets in Indian securities, based on the number of Indian securities that are included in each ETF’s respective Underlying Index.

By investing in a wholly owned subsidiary, the Funds listed in the table above each obtain benefits under the tax treaty between Mauritius and India. Each subsidiary may be subject to withholding taxes imposed by the Indian government on dividends, interest and realized

46   EGA Emerging Global Shares Trust

Notes to Financial Statements  (continued)
September 30, 2015 (Unaudited)
 

capital gains should new legislation be passed to modify the current tax treaty with Mauritius. Any change in the provisions of this treaty could result in the imposition of withholding and other taxes on these ETFs by authorities in India. This would reduce the return on investment and the return received by each ETF’s shareholders.

A summary of each ETF’s investment in its corresponding subsidiary is as follows:

Funds	Inception Date of Subsidiary		Subsidiary Net Assets at September 30, 2015		% of ETF’s Total Net Assets at September 30, 2015
Consumer ETF		September 14, 2010	$	59,004,076		8.2	%
Core ETF		October 16, 2012		711,902		14.0
Domestic Demand ETF		August 15, 2012		3,602,234		11.4
India Consumer ETF		August 10, 2011		78,124,107		100.0
India Infrastructure ETF		August 11, 2010		41,849,794		100.1
India Small Cap ETF		July 7, 2010		21,434,211		99.8

3. SIGNIFICANT ACCOUNTING POLICIES

These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual amounts could differ from these estimates. The following summarizes the significant accounting policies of the ETFs.

Indemnifications

In the normal course of business, the Trust enters into contracts on behalf of its series that contain a variety of representations that provide general indemnifications. The Trust’s series’ maximum exposure under these arrangements cannot be known as this would involve future claims that may be made against a series of the Trust that have not yet occurred; however, the Trust expects any risk of loss by a series to be remote. The assets of a series may not be used to satisfy the liabilities of any other series.

Investment Valuation

The Net Asset Value (“NAV”) per share is computed as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”), ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading. The NAV per share of an ETF is computed by dividing the value of the ETF’s portfolio securities, cash and other assets (including accrued interest), less all liabilities (including accrued expenses) by the total number of shares outstanding at the time such computation is made.

Securities Valuation

Foreign equity securities are valued at the last reported sale price on the principal exchange on which such securities are traded. U.S. listed equity securities and listed ADRs and GDRs are valued at the last reported sale price on the principal exchange on which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. U.S. equity securities that are traded in over-the-counter markets are valued at the NASDAQ Official Closing Price as of the close of regular trading on the NYSE on the day the securities are valued or, if there are no sales, at the mean of the most recent bid and asked prices. Securities for which market quotations are not readily available, including restricted securities, are valued by a method that the Board of Trustees of the Trust (the “Board”) believes accurately reflects fair value. The value of assets denominated in foreign currencies is converted into U.S. dollars using exchange rates deemed appropriate by management of the ETFs. Use of a rate different from the rate used by the index provider may adversely affect an ETF’s ability to track its Underlying Index.

Foreign Currency Translations

Investments denominated in foreign currencies are subject to additional risk factors as compared to investments denominated in U.S. dollars. The value of an investment denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar. Generally, when the U.S. dollar gains in value against a foreign currency, an investment traded in that foreign currency loses value because that currency is worth fewer U.S. dollars. Risks related to foreign currencies also include those

EGA Emerging Global Shares Trust   47

Notes to Financial Statements  (continued)
September 30, 2015 (Unaudited)
 

related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable or inaccurate. A U.S. dollar investment in depositary receipts or ordinary shares of foreign issuers traded on U.S. exchanges is indirectly subject to foreign currency risk to the extent that the issuer conducts its principal business in markets where transactions are denominated in foreign currencies.

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The ETFs do not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gains or losses from investments.

Realized foreign exchange gains or losses arise from sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

Security Transactions and Related Income

Investment transactions are recorded on trade date. The ETFs determine the gain or loss realized from the investment transactions by comparing the identified cost, which is the same basis used for federal income tax purposes, with the net sales proceeds. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis, including the accretion of discounts and amortization of premiums.

Federal Income Taxes

The Beyond BRICs ETF, Blue Chip ETF, Brazil Infrastructure ETF, EM Quality Dividend ETF, Consumer ETF, Core ETF, Domestic Demand ETF, India Consumer ETF, India Infrastructure ETF and India Small Cap ETF have qualified and continue to qualify, and the EM Core ex-China ETF intends to qualify, as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, an ETF will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Each ETF expects to declare and pay all of its net investment income, if any, to shareholders as dividends annually (quarterly for EM Quality Dividend ETF), and will also declare and pay net realized capital gains, if any, at least annually, except where the costs of such distributions exceed the amount of tax that the distributions are intended to avoid, in which case the ETF will pay the applicable tax. An ETF may distribute such investment income and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the ETF. Distributions to shareholders are recorded on the ex-dividend date.

The ETFs are subject to accounting standards that provide guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. These standards require the evaluation of tax positions taken or expected to be taken by the ETFs and whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Accounting for uncertainty in income taxes requires management of the ETFs to analyze all open tax years as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. Open tax years are those years that are open for examination by the relevant income taxing authority. As of March 31, 2015, open federal and state income tax years include the tax periods or years ended March 31, 2012, March 31, 2013, March 31, 2014 and March 31, 2015. The ETFs have no examinations in progress.

There is no tax liability resulting from uncertain income tax positions taken or expected to be taken. The ETFs are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

Expenses

Expenses of the Trust, which are directly identifiable to a specific ETF, are applied to that ETF. Please refer to Note 9 for further discussion on fund expenses and the Unified Fee.

48   EGA Emerging Global Shares Trust

Notes to Financial Statements  (continued)
September 30, 2015 (Unaudited)
 

4. INVESTMENT RISKS

The ETFs are subject to emerging markets risk. Investments in emerging market securities are subject to even greater risks than for foreign investments generally, including increased risks of: illiquidity of securities; price volatility; inflation or deflation; restrictions on foreign investment; nationalization; higher taxation; economic and political instability; pervasive corruption and crime; less governmental regulation; and less developed legal systems. These risks may be greater for investments in frontier markets.

Each ETF concentrates its investments in a particular industry or a group of industries to approximately the same extent as its respective underlying index, and as such, may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.

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

Because the Brazil Infrastructure ETF invests predominantly in Brazilian securities, its NAV will be much more sensitive to changes in economic, political and other factors within Brazil than would a fund that invested in a greater variety of countries. The Brazilian economy has experienced in the past, and may continue to experience, periods of high inflation rates and political unrest. While the Brazilian economy has experienced growth in recent years, there is no guarantee that this growth will continue.

Because the Brazil Infrastructure ETF and India Infrastructure ETF concentrate their investments in the infrastructure sectors of Brazil and India, respectively, these ETFs may be adversely affected by increased price volatility of securities in that sector, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that sector.

Because the Consumer ETF and India Consumer ETF concentrate their investments in the consumer goods and consumer services industries (specifically the consumer goods and consumer services industries of India for the India Consumer ETF), these ETFs may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. The success of consumer goods and consumer services suppliers and retailers is tied closely to the performance of the domestic and international economy, interest rates, currency exchange rates, competition, preferences, and consumer confidence.

Because the Domestic Demand ETF concentrates its investments in the consumer staples, consumer discretionary, telecommunications services, healthcare and/or utilities industries, the ETF may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.

Because the India Consumer ETF, India Infrastructure ETF and India Small Cap ETF invest predominantly in Indian securities, their NAVs will be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.

The India Small Cap ETF primarily invests in small capitalization companies. Small cap companies may have greater volatility in price than the stocks of large cap companies due to limited product lines or resources or a dependency upon a particular market niche.

5. DISTRIBUTION AGREEMENT

ALPS Distributors, Inc., (the “Distributor”) serves as the distributor of creation units (see Note 9) for the ETFs pursuant to a distribution agreement. The Distributor does not maintain a secondary market in shares. The ETFs have adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, each ETF is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the period ended September 30, 2015, no fees were paid by the ETFs under the Plan, and there are no current plans to impose these fees.

EGA Emerging Global Shares Trust   49

Notes to Financial Statements  (continued)
September 30, 2015 (Unaudited)
 

6. FEDERAL INCOME TAX MATTERS

For the period ended September 30, 2015, federal tax cost of investments and net unrealized appreciation (depreciation) were as follows:

Funds	Federal Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Beyond BRICs ETF	$	237,432,090	$	2,053,157	$	(56,944,595	)	$	(54,891,438	)
Blue Chip ETF		5,259,430		238,902		(1,227,189	)		(988,287	)
Brazil Infrastructure ETF		20,710,316		155,228		(12,458,133	)		(12,302,905	)
EM Core ex-China ETF		1,982,072		39,052		(90,184	)		(51,132	)
EM Quality Dividend ETF		20,268,117		96,435		(2,660,916	)		(2,564,481	)
Consumer ETF		859,133,751		67,891,996		(201,992,610	)		(134,100,614	)
Core ETF		5,817,552		278,849		(1,006,853	)		(728,004	)
Domestic Demand ETF		34,871,004		1,372,887		(4,919,123	)		(3,546,236	)
India Consumer ETF		82,694,879		2,325,534		(7,107,332	)		(4,781,798	)
India Infrastructure ETF		48,935,561		4,229,268		(11,580,661	)		(7,351,393	)
India Small Cap ETF		26,242,038		1,455,896		(6,328,161	)		(4,872,265	)

For the period or year ended March 31, 2015, the components of accumulated earnings (losses) on a tax-basis were as follows:

Funds	Undistributed Ordinary Income		Accumulated Capital and Other Losses			Net Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Beyond BRICs ETF	$	3,133,397	$	(2,034,014	)	$	(30,037,331	)	$	(28,937,948	)
Blue Chip ETF		14,130		(110,086	)		(342,434	)		(438,390	)
Brazil Infrastructure ETF		77,287		(28,464,152	)		(7,670,080	)		(36,056,945	)
EM Quality Dividend ETF		134,610		(25,977,968	)		(525,576	)		(26,368,934	)
Consumer ETF		92,937		(21,829,771	)		(3,031,074	)		(24,767,908	)
Core ETF		6,804		251			(107,533	)		(100,478	)
Domestic Demand ETF		65,753		(137,303	)		1,732,770			1,661,220
India Consumer ETF		—		(949,866	)		3,946,178			2,996,312
India Infrastructure ETF		205,528		(47,444,400	)		(3,426,246	)		(50,665,118	)
India Small Cap ETF		66,949		(9,481,487	)		(1,630,864	)		(11,045,402	)

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, mark to market on Passive Foreign Investment Companies (“PFIC”) securities and deferral of post-October and December losses.

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

50   EGA Emerging Global Shares Trust

Notes to Financial Statements  (continued)
September 30, 2015 (Unaudited)
 

Certain net losses incurred after October 31 and December 31, and within the taxable year or period are deemed to arise on the first business day of the ETFs’ next taxable year. For the period or year ended March 31, 2015, the ETFs deferred to April 1, 2015 these losses of:

Funds	Late Year Ordinary Losses		Post October Capital Losses
Beyond BRICs ETF	$	—	$	2,034,014
Blue Chip ETF		—		—
Brazil Infrastructure ETF		—		2,459,477
EM Quality Dividend ETF		—		3,462,675
Consumer ETF		—		964,177
Core ETF		—		—
Domestic Demand ETF		—		2,115
India Consumer ETF		169,858		175,867
India Infrastructure ETF		—		219,442
India Small Cap ETF		—		—

At March 31, 2015, for federal income tax purposes, the following ETFs had capital loss carryforwards available to offset future capital gains:

	Carryforwards with No Expiration*				Carryforwards Expiring In
Funds	Short-Term Capital Loss Carryforward		Long-Term Capital Loss Carryforward		Fiscal Year 2018		Fiscal Year 2019
Beyond BRICs ETF	$	—	$	—	$	—	$	—
Blue Chip ETF		110,086		—		—		—
Brazil Infrastructure ETF		8,143,770		17,860,905		—		—
EM Quality Dividend ETF		16,819,429		5,526,604		—		—
Consumer ETF		—		20,865,594		—		—
Core ETF		—		—		—		—
Domestic Demand ETF		122,015		13,173		—		—
India Consumer ETF		584,684		19,457		—		—
India Infrastructure ETF		14,011,888		33,213,070		—		—
India Small Cap ETF		1,254,248		8,227,239		—		—

* Capital loss carryforwards for tax years beginning after December 22, 2010 do not expire and are carried forward in character. Amounts are subject to IRC Section 382-384 limitation in subsequent years.

7. FAIR VALUE MEASUREMENT

Financial Accounting Standards Board’s Accounting Standards Codification, Section 820-10, Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement. Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the ETFs’ investments. These inputs are summarized in three broad levels as follows:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

EGA Emerging Global Shares Trust   51

Notes to Financial Statements  (continued)
September 30, 2015 (Unaudited)
 

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available representing the ETFs’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The ETFs have adopted the Accounting Standard Update, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose: i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements for Level 2 or Level 3 positions; ii) transfers between all levels (including Level 1 and Level 2) are required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer; and iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 roll forward rather than as one net number.

The inputs and methodology used for valuing the securities are not necessarily an indication of the risk associated with investing in those securities.

The following summarizes inputs used as of September 30, 2015 in valuing the ETFs’ assets and liabilities carried at fair value:

	Assets
Funds	Level 1 Common Stocks		Level 2		Level 3 Common Stocks		Total
Beyond BRICs ETF*	$	182,540,652	$	—	$	—	$	182,540,652
Blue Chip ETF*		4,271,143		—		—		4,271,143
Brazil Infrastructure ETF**		8,407,411		—		—		8,407,411
EM Core ex-China ETF*		1,930,940		—		—		1,930,940
EM Quality Dividend ETF*		17,703,636		—		—		17,703,636
Consumer ETF*		725,033,137		—		—		725,033,137
Core ETF*		5,063,328		—		26,220		5,089,548
Domestic Demand ETF*		31,324,768		—		—		31,324,768
India Consumer ETF**		77,913,081		—		—		77,913,081
India Infrastructure ETF**		41,584,168		—		—		41,584,168
India Small Cap ETF**		21,360,901		—		8,872		21,369,773

 * Please refer to the schedule/consolidated schedule of investments to view securities segregated by country.

** Please refer to the schedule/consolidated schedule of investments to view securities segregated by industry type.

52   EGA Emerging Global Shares Trust

Notes to Financial Statements  (continued)
September 30, 2015 (Unaudited)
 

Reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining the fair value during the period ended September 30, 2015:

	Core ETF
	Common Stocks
Balance as of March 31, 2015	$	—
Realized gain (loss)1		—
Change in unrealized appreciation (depreciation)2		(66,583	)
Purchases		4,692
Sales		—
Transfers into Level 33		88,111
Transfers out of Level 34		—
Balance as of September 30, 2015	$	26,220
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2015 is:	$	(66,583	)

	India Small Cap ETF
	Common Stocks
Balance as of March 31, 2015	$	9,306
Realized gain (loss)1		—
Change in unrealized appreciation (depreciation)2		(434	)
Purchases		—
Sales		—
Transfers into Level 33		—
Transfers out of Level 34		—
Balance as of September 30, 2015	$	8,872
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2015 is:	$	(434	)

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

2 This amount is included in the net change in unrealized appreciation (depreciation) from investment transactions in the Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.

3 Transfers into Level 3 are as a result of the unavailability of a quoted price in an active market for identical investment or the unavailability of other significant observable inputs.

4 Transfers out of Level 3 are as a result of the availability of a quoted price in an active market for an identical investment or the availability of other significant observable inputs.

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

Each Fund values its investments at fair value pursuant to procedures adopted by the Board if (1) market quotations are insufficient or not readily available or (2) Emerging Global Advisors, LLC (“EGA”) believes that the values available are unreliable. The Committee performs certain functions as they relate to the administration and oversight of the Funds’ valuation procedures. Under these procedures, the Committee convenes on a regular and ad-hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable inputs, when arriving at fair value. The Trust’s policy is to recognize transfers in and transfers out at the fair value as of the beginning of the period.

In determining fair valuations, inputs may include duration of fair valuation event, comparable benchmark performance, and an illiquidity discount. Discounts may be applied based on the nature or duration of any restrictions on the disposition of the investments. The Committee performs regular reviews of securities that are fair valued for more than five days.

Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotes.

EGA Emerging Global Shares Trust   53

Notes to Financial Statements  (continued)
September 30, 2015 (Unaudited)
 

The following is a summary of the significant unobservable inputs used as of September 30, 2015 in valuing Level 3 securities:

Core ETF	Fair Value	Valuation Technique	Unobservable Input	Value of Unobservable Inputs
Investments in Securities
Common Stocks
COSCO Pacific, Ltd.	$ 20,786	Adjustment to market based on duration of fair value event, illiquidity discount and comparable benchmark performance	Illiquidity Discount	15.00%

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

Core ETF	Fair Value	Valuation Technique	Unobservable Input	Value of Unobservable Inputs
Investments in Securities
Common Stocks
Sihuan Pharmaceutical Holdings Group, Ltd.	$  4,830	Adjustment to market based on duration of fair value event and illiquidity discount	Illiquidity Discount	50.00%

India Small Cap ETF	Fair Value	Valuation Technique	Unobservable Input	Value of Unobservable Inputs
Investments in Securities
Common Stocks
Nagarjuna Fertilizers & Chemicals, Ltd.	$  8,872	Adjustment to market based on duration of fair value event and illiquidity discount	Illiquidity Discount	88.40%

Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. A significant increase (decrease) in the comparable benchmark may result in a corresponding increase (decrease) in fair value. A significant increase (decrease) in the illiquidity discount may result in a corresponding decrease (increase) in fair value.

8. INVESTMENT TRANSACTIONS

The table below displays each ETF’s investment transactions during the period ended September 30, 2015. The Purchases column represents the aggregate purchases of investments excluding cost of in-kind purchases and short-term investments. The Sales column represents the aggregate sales of investments excluding proceeds from in-kind sales and short-term investments. Purchases In-Kind are the aggregate of all in-kind purchases and Sales In-Kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

Funds	Purchases		Sales		Purchases In-Kind		Sales In-Kind
Beyond BRICs ETF	$	45,651,836	$	66,487,354	$	1,697,844	$	37,493,062
Blue Chip ETF		863,518		1,137,508		—		2,459,681
Brazil Infrastructure ETF		1,298,391		590,337		—		—
EM Core ex-China ETF		1,164,995		—		817,078		—
EM Quality Dividend ETF		14,327,149		16,019,672		—		1,710,854
Consumer ETF		153,409,308		184,428,818		31,167,477		232,144,378
Core ETF		1,323,081		1,043,037		814,445		—
Domestic Demand ETF		6,465,031		5,809,883		3,700,600		1,621,981
India Consumer ETF		16,623,085		15,826,391		—		—
India Infrastructure ETF		22,395,774		17,974,013		—		—
India Small Cap ETF		734,942		3,444,420		—		—

54   EGA Emerging Global Shares Trust

Notes to Financial Statements  (continued)
September 30, 2015 (Unaudited)
 

9. INVESTMENT ADVISORY AND OTHER AGREEMENTS

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

EGA entered into a written fee waiver agreement (“BBRC Fee Waiver Agreement”) pursuant to which EGA has agreed to waive its advisory fee to 0.58% of the Beyond BRICs ETF Fund’s average daily net assets. The BBRC Fee Waiver Agreement will remain in effect and will be contractually binding until July 28, 2016. The BBRC Fee Waiver Agreement may be terminated at any time by the Board, but may not be terminated by EGA during the term of the BBRC Fee Waiver Agreement. The BBRC Fee Waiver Agreement shall automatically terminate upon the termination of the Advisory Agreement or, with respect to the Fund, in the event of merger or liquidation of the Fund.

EGA also entered into a written fee waiver agreement (“XCEM Fee Waiver Agreement”) pursuant to which EGA has agreed to waive its advisory fee to 0.35% of the Fund’s average daily net assets. The XCEM Fee Waiver Agreement will remain in effect and will be contractually binding until August 11, 2017. The XCEM Fee Waiver Agreement may be terminated at any time by the Board, but may not be terminated by EGA during the term of the Fee XCEM Waiver Agreement. The XCEM Fee Waiver Agreement shall automatically terminate upon the termination of the Advisory Agreement or, with respect to the Fund, in the event of merger or liquidation of the Fund.

The advisory fee for the remaining ETFs in the Trust is 0.85% of the Funds’ average daily net assets, with the exception of Consumer ETF (0.85% of the first $1 billion, 0.75% of the next $1 billion, and 0.70% for amounts over $2 billion), Core ETF (0.70%), the India Consumer ETF (0.89%) and the Blue Chip ETF (0.60%).

The Bank of New York Mellon serves as the ETFs’ Administrator, Custodian, Fund Accountant and Transfer Agent pursuant to a Fund Administration and Accounting Agreement, a Custody Agreement and a Transfer Agency and Service Agreement, respectively.

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

10. CREATION AND REDEMPTION TRANSACTIONS

The ETFs issue and redeem shares on a continuous basis at NAV in blocks of 50,000 shares called “Creation Units.” Except when aggregated in Creation Units, shares are not redeemable securities of an ETF.

Only “Authorized Participants” may purchase or redeem shares directly from an ETF. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or do not have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the ETFs. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

Except as discussed below, the consideration for the purchase of Creation Units of an ETF generally consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes a representation of the corresponding Underlying Index and an amount of cash. The consideration for the purchase of Creation Units of the Brazil Infrastructure ETF, India Consumer ETF, India Infrastructure ETF and India Small Cap ETF consists solely of cash in U.S. dollars. Investors transacting in Creation Units for cash pay an additional variable charge to compensate the relevant ETF for brokerage and market impact expenses relating to investing in portfolio securities. This charge is either debited or credited to Paid-in Capital.

EGA Emerging Global Shares Trust   55

Notes to Financial Statements  (concluded)
September 30, 2015 (Unaudited)
 

11. SUBSEQUENT EVENTS

In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On September 18, 2015, EGA announced that it will liquidate two Funds. The Board authorized these Fund liquidations and the affected ETFs, listed below, were liquidated on October 30, 2015:

EGShares Blue Chip ETF
EGShares Brazil Infrastructure ETF

Since September 30, 2015, the following Funds paid income and liquidating dividends:

Fund	Ticker		Per Share Income Distributed		Per Share Principal Distributed		Payable Date
EGShares Blue Chip ETF		BCHP	$	0.07065	$	18.18205		11/06/2015
EGShares Brazil Infrastructure ETF		BRXX	$	0.05330	$	6.12415		11/06/2015

Other than the above subsequent events, no other notable events have occurred between year-end and the issuance of the financial statements.

56   EGA Emerging Global Shares Trust

Board Review and Approval of EGShares EM Core ex-China ETF Advisory Contract (Unaudited)
 

At the August 12, 2015 meeting (the “Meeting”) of the Board of Trustees (the “Board”) of EGA Emerging Global Shares Trust (the “Trust”), the Board, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940 (“1940 Act”)) of the Trust (the “Independent Trustees”), approved the investment advisory agreement (the “Advisory Agreement”) between Emerging Global Advisors, LLC (“EGA”) and the Trust with respect to the EGShares EM Core ex-China ETF (the “Fund”), for a period of two years beginning August 12, 2015. Under the Advisory Agreement, EGA is obligated to pay all of the ordinary operating expenses of the Fund (the “Unified Fee”).

In considering approval of the Advisory Agreement, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. In considering the approval of the Advisory Agreement, the Board, including the Independent Trustees, reviewed the materials provided for the Meeting by EGA, including: (i) the bring-down letter that confirmed there were no changes to the materials provided by EGA at the February 26, 2015 Board meeting (other than the decrease in EGA’s assets under management); (ii) a copy of the Advisory Agreement; (iii) information describing the nature, quality, and extent of the services that EGA expects to provide to the Fund, and the fees that EGA proposes to charge for such services; (iv) information concerning the business, operations and compliance program of EGA; (v) a copy of the current Form ADV for EGA; and (v) a memorandum from Stradley Ronon Stevens & Young, LLP, counsel to the Trust and EGA, on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act.

In addition, the Board considered data compiled by EGA from an unaffiliated third party proprietary database comparing the proposed advisory fee and projected expense ratio of the Fund with the advisory fees and expense ratios of other U.S.-listed ETFs having similar investment objectives, indexes and underlying holdings, including other EGA-sponsored funds (the “Peer Group”). The data for the Peer Group included expense ratio information after fee waivers and reimbursements (the “net expense ratio”). The Board discussed the criteria used by EGA for selecting the Peer Group. The Board noted that the Peer Group and the Peer Group metrics for the Fund did not include the Fund itself. The Board, including the Independent Trustees, concluded that the data was useful and reliable for the purpose of reviewing the Advisory Agreement.

During their review of this information, the Board, including the Independent Trustees, focused on and analyzed the factors that they deemed relevant, including: the nature, quality, and extent of the services to be provided to the Fund by EGA; the personnel and operations of EGA; the profitability to EGA under the Advisory Agreement; the projected expense ratio and anticipated investment performance of the Fund; any ancillary benefits realized by EGA due to its relationship with the Fund and the Trust (i.e., “fall-out” benefits); and possible conflicts of interest.

In particular, the Board considered and reviewed the following with respect to the Fund:

(a) The nature, extent, and quality of services to be provided to the Fund by EGA.  The Board reviewed the services that EGA is expected to provide to the Fund. In connection with the advisory services to be provided to the Fund, the Board noted EGA’s significant responsibilities as the Fund’s investment adviser, including: implementation of the investment management program of the Fund; management of the day-to-day investment and reinvestment of the assets in the Fund; determining daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis, as well as during index rebalances and reconstitutions; and oversight of general portfolio compliance with relevant law. The Board noted that they had also reviewed and considered most, if not all, of these items at Board meetings throughout the course of the year with respect to other ETF series of the Trust with similar investment objectives, strategies and risks.

The Board reviewed EGA’s experience, resources, strengths and its prior performance as an adviser and sub-adviser to the other ETF series of the Trust with similar investment objectives, strategies and risks. The Board also noted EGA’s procedures to manage potential conflicts of interest and EGA’s belief that management of the series of the Trust and EGA Frontier Diversified Core Fund does not present a material conflict of interest. Based on their consideration and review of the foregoing information, the Board concluded that the Fund was likely to benefit from the nature, quality, and extent of these services, as well as EGA’s ability to render such services based on its experience, operations and resources.

(b) Comparison of services to be provided and fees to be charged by EGA and other investment advisers to similar clients, and the cost of the services to be provided.  The Board compared both the services to be rendered and the fees to be paid pursuant to the Advisory Agreement for the Fund to the contractual advisory fees of both EGA and other registered investment advisers providing services to similar ETFs in the Peer Group. In particular, the Board compared the Fund’s proposed advisory fee and projected total and net expense ratios to the advisory fees and net expense ratios of the other ETFs in the Peer Group as of July 30, 2015.

EGA Emerging Global Shares Trust   57

Board Review and Approval of EGShares EM Core ex-China ETF Advisory Contract (Unaudited)  (concluded)

The Board noted that the proposed advisory fee of the Fund was above the median and average, but below the maximum, advisory fee of the other funds in the Peer Group. The Board considered the Fund’s projected expense ratio both before and after the fee waiver and expense reimbursement (the “Expense Limitation Agreement”) paid by EGA pursuant to a written agreement by EGA, which further reduced the Fund’s net expense ratio below the Unified Fee. The Board noted that the projected net expense ratio of the Fund was below the median and average net expense ratio of the other funds in the Peer Group.

The Board considered the appropriateness of the proposed advisory fee, and the projected total and net expense ratios, of the Fund compared to the advisory fees and net expense ratios of the ETFs in the Peer Group. The Board received information regarding the costs, including operational costs borne by EGA under the Unified Fee. The Board noted EGA’s assumption of the contractual obligation to limit the Fund’s ordinary operating expenses through the Unified Fee, which cannot be changed without shareholder approval. The Board also noted EGA’s 2-year commitment to further reduce expenses under the Expense Limitation Agreement.

After comparing the Fund’s proposed advisory fee, and projected total and net expense ratios, with those of the other funds in the Peer Group, and in light of the nature, quality, and extent of services to be provided by EGA and the costs incurred by EGA in rendering those services and absorbing the Fund’s ordinary operating expenses under the Unified Fee, and to further reduce expenses under the Expense Limitation Agreement, the Board concluded that the advisory fee to be paid to EGA with respect to the Fund was fair and reasonable.

(c) EGA’s profitability and the extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale.  The Board noted that, because the Fund had not yet commenced operations, it was not possible to assess either EGA’s profitability or the potential for economies of scale. The Board acknowledged EGA’s contractual obligation to limit the Fund’s expenses through the Unified Fee and the Expense Limitation Agreement, and the effect of such obligation on EGA’s profitability based on information presented to the Board. The Board also considered EGA’s profitability with respect to the other ETF series of the Trust, noting that EGA had in the past introduced breakpoints to its advisory fee for certain series of the Trust when assets under management had reached a significant size.

The Board considered fall-out benefits received by EGA from its relationship with the Fund and the Trust. The Board noted EGA’s positive reputational benefits from the success of the funds in the Trust, including benefits to EGA Indices, a separate group within EGA, which sponsors indexes for the Fund and certain other ETF series of the Trust.

(d) Investment performance of EGA.  The Board noted that, because the Fund had not commenced operations, it was not possible to assess EGA’s investment performance with respect to the Fund. The Board did consider EGA’s investment performance with respect to the other ETF series of the Trust, including ETF series with investment objectives, strategies and risks similar to the Fund, relative to their stated investment objectives to seek investment results that correspond (before fees and expenses) to the price and yield performance of the applicable underlying index that is referenced in each series’ investment objective, and EGA’s success in achieving each series’ objectives, including tracking difference (i.e., the difference of the returns between a fund and the underlying index it seeks to track) and tracking error (i.e., the volatility of the difference of the returns between a fund and the underlying index it seeks to track).

Conclusion.  No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, the Board, including the Independent Trustees, concluded that the proposed advisory fee and projected expense ratio were reasonable in relation to the services to be provided by EGA to the Fund, as well as the costs to be incurred and benefits to be gained by EGA in providing such services. As a result, the Board, including the Independent Trustees, determined that the approval of the Advisory Agreement with EGA would be in the best interest of the Fund and its shareholders.

58   EGA Emerging Global Shares Trust

Board of Trustees and Officers (Unaudited)
 

The Trustees and officers of the Trust, along with their principal occupations over the past five years and their affiliations, if any, with EGA, are listed below. Unless otherwise noted, the address of each Trustee of the Trust is 155 West 19^th Street, New York, NY 10011. The Statement of Additional Information includes additional information about Fund Trustee and is available, without charge, upon request at 155 West 19^th Street, New York, NY 10011. The information below is as of September 30, 2015.

Name and Year of Birth	Position(s) Held with Trust	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex2 Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees
Robert Willens, 1946	Trustee	Since 2009	Robert Willens, LLC (tax consulting), President, since January 2008.	18	Daxor Corp. (Medical Products and Biotechnology), since 2004.
Ron Safir, 1951	Trustee	Since 2009	Retired, since 2008.	18	None
Jeffrey D. Haroldson, 1957	Trustee	Since 2009	Bridgeton Holdings LLC (real estate investment and development), Chief Operating Officer & General Counsel, since 2013; Ridgewood Capital Advisors LLC (consulting and business advisory services), President since 2012; HDG Mansur Capital Group, LLC (international real estate company), President and Chief Operating Officer, 2004 to 2011.	18	None
Interested Trustees
Robert C. Holderith3, 1960	Trustee and President	Since 2008	Emerging Global Advisors, LLC, Managing Member and Chief Executive Officer, since September 2008.	18	None

1 Each Trustee holds office for an indefinite term.

2 The “Fund Complex” consists of the EGA Frontier Diversified Core Fund and the Trust, which together consist of eighteen funds. As of September 30, 2015, twelve funds were operational.

3 Mr. Holderith is considered to be an “interested persons” of the Trust as defined in the 1940 Act, due to his relationship with EGA, the Funds’ Advisor.

EGA Emerging Global Shares Trust   59

Board of Trustees and Officers (Unaudited) (concluded)
 

Name and Year of Birth	Position(s) Held with the Trust	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Marten S. Hoekstra Emerging Global Advisors, LLC 155 West 19th Street New York, NY 10011 1960	Executive Vice President	Since 2011	Chief Executive Officer, Emerging Global Advisors, LLC, since February 2011; Board of Directors, Securities Industry and Financial Markets Association, 2006 to 2011; UBS (and its predecessor, PaineWebber), 1983 to 2009 (including various executive positions starting in 2001).
Susan M. Ciccarone Emerging Global Advisors, LLC 155 West 19th Street New York, NY 10011 1973	Principal Financial Officer, Vice President and Treasurer	Since 2013	Chief Operating Officer, since April 2014, Chief Financial Officer, since August 2012, Emerging Global Advisors, LLC; Managing Director, Goldman Sachs & Co. 2009 to 2012; UBS Investment Bank, 2002 to 2009.
Maya Teufel Emerging Global Advisors, LLC 155 West 19th Street New York, NY 10011 1972	Chief Compliance Officer	Since October 20152	General Counsel and Chief Compliance Officer, Emerging Global Advisors, LLC, since November 2013; Vice President, Corporate Counsel, Jennison Associates LLC (Prudential Financial, Inc.), 2005 to November 2013.

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

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

60   EGA Emerging Global Shares Trust

General Information (Unaudited) 
 

Investment Advisor
Emerging Global Advisors, LLC
155 West 19th Street, 3rd Floor
New York, NY 10011

Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203

Administrator, Custodian and Transfer Agent
The Bank of New York Mellon
101 Barclay Street
New York, NY 10286

Independent Registered Public Accounting Firm
BBD, LLP
1835 Market Street, 26th Floor
Philadelphia, PA 19103

You may obtain a description of the EGShares Funds’ proxy voting, policies, procedures and information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ending June 30 (available by August 31) without charge, upon request, by calling 1-888-800-4347 or visiting the funds website www.emergingglobaladvisors.com, or by accessing the Securities Exchange Commission’s (the “SEC”) website at www.sec.gov. Such reports may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 202-942-8090.

Each of the Funds’ premium/discount information that is current as of the most recent quarter-end is available by visiting www.emergingglobaladvisors.com or by calling (888) 800-4EGS (4347).

The Trust files complete schedules of the portfolio holdings with the SEC for the first and third quarters on Form N-Q. The Form N-Q is available without charge, upon request, by calling 1-800-SEC-0330, or by accessing the SEC’s website, at www.sec.gov. It may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC.

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ objectives and policies, experience of its management, marketability of shares and other information.

EGA Emerging Global Shares Trust   61

 

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

EGA Emerging Global Shares Trust

EGShares Beyond BRICs ETF

EGShares Blue Chip ETF

EGShares Brazil Infrastructure ETF

EGShares EM Core ex-China ETF

EGShares EM Quality Dividend ETF

EGShares Emerging Markets Consumer ETF

EGShares Emerging Markets Core ETF

EGShares Emerging Markets Domestic Demand ETF

EGShares India Consumer ETF

EGShares India Infrastructure ETF

EGShares India Small Cap ETF

 
 
 
EGShares are distributed by ALPS Distributors, Inc.

Item 2. Code of Ethics.

Not applicable for the semi-annual reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for the semi-annual reporting period.

 
Item 4. Principal Accountant Fees and Services.

Not applicable for the semi-annual reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable for the semi-annual reporting period.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	EGA Emerging Global Shares Trust
By (Signature and Title)*	/s/ Robert C. Holderith
	Robert C. Holderith, President
	(principal executive officer)
Date	December 7, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Robert C. Holderith
	Robert C. Holderith, President
	(principal executive officer)
Date	December 7, 2015
By (Signature and Title)*	/s/ Susan M. Ciccarone
	Susan M. Ciccarone, Chief Financial Officer
	(principal financial officer)
Date	December 7, 2015

^* Print the name and title of each signing officer under his or her signature.