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Columbia ETF Trust II

Filed: 5 Jun 16, 8:00pm

 

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:  March 31, 2016

 

 

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 herewith.

[GRAPHIC MISSING] 


 
EGA Emerging Global Shares Trust
 

Annual Report

March 31, 2016

 

EGShares Beyond BRICs ETF

EGShares EM Core ex-China ETF

EGShares EM Quality Dividend ETF

EGShares EM Strategic Opportunities ETF
(formerly known as EGShares Emerging Markets Domestic Demand ETF)

EGShares Emerging Markets Consumer ETF

EGShares Emerging Markets Core ETF

EGShares India Consumer ETF

EGShares India Infrastructure ETF

EGShares India Small Cap ETF


 
 

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Shareholder Letter
March 31, 2016
 

Dear Shareholder,

The last twelve months have been particularly challenging for emerging market investors. The combination of continued fears of the impact of the U.S. Federal Reserve (the Fed) finally raising rates, falling prices of oil and other natural resources, and a much stronger US Dollar, combined to hurt US investors of assets priced in foreign currencies. While the last year ended stronger as the US Dollar retreated and the price of oil began to rise, overall the MSCI Emerging Market (EM) Index was down 12.0% from March 31, 2015 - March 31, 2016.1

Our fiscal year started off well with the MSCI EM Index up nearly 10% from April 1 – April 27, 2015. By September however, investors had turned their attention to the likely increase in interest rates from the Fed and its impact on more risky investments turned a 10% gain into a 17% loss (April 11 – September 30, 2015). Emerging markets currencies, as well as all global currencies, were affected as the Euro and the Yen continued their decline. Both Japan and the European Union showed no signs of any meaningful and sustained future economic growth.

The beginning of 2016 was a rough start for all global equity markets. The S&P 500 Index lost nearly 9% in the first few weeks of January and most other equity markets followed a similar path. However, a number of factors began coalescing in favor of EM: first, there was significant strengthening in the price of oil in mid-January; second, the US dollar began to weaken versus emerging market currencies; third, concerns over the growth of the US economy led some investors to conclude that interest rate hikes by the Fed in 2016 would be fewer than had previously been thought; and fourth, investors began to believe EM equities may be undervalued. In all, the MSCI EM Index rallied back nearly 22% from January 21 – March 31, 2016, with much of that gain coming from oil-producing countries.

In this difficult market, we were very encouraged that the EGShares Emerging Markets Consumer ETF (ECON) was the top performing Diversified Emerging Market ETF over the last five years and the EGShares India Consumer ETF (INCO) was the second best performing India Equity ETF over the last three years.2

We continued to refine our ETF product suite over the last twelve months. First, we launched the EGShares EM ex-China ETF (XCEM), which earned the 2015 Best New International/Global ETF award from ETF.com.3 We also closed two ETFs that did not have adequate investor interest, the EGShares Brazil Infrastructure ETF (BRXX) and the EGShares Blue Chip ETF (BCHP). Lastly, the EGShares Emerging Markets Domestic Demand ETF (EMDD) was re-named the EGShares EM Strategic Opportunities ETF (EMSO).

Thank you again for your support of our products and EGA.

Sincerely,

[GRAPHIC MISSING] 

Robert C. Holderith
President and Founder
Emerging Global Advisors, LLC

Footnotes

1Source: Bloomberg, MSCI as of March 31, 2016.
2Source: Morningstar data as of March 31, 2016. ECON is the top performer out of 20 ETFs within the Morningstar “Diversified Emerging Market” category with track records from 4/1/2011 to 3/31/2016. ECON was in the top 37% of the 36 ETFs within the Morningstar “Diversified Emerging Market” category with track records from 4/1/2013 to 3/31/2016. INCO is the second best performer out of 10 ETFs within the Morningstar “India Equity” category with track records from 4/1/2013 to 3/31/2016.
3Source: ETF.com as of March 16, 2016.

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Shareholder Letter  (concluded)
March 31, 2016
 

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.

Some Funds are non-diversified and, as a result, may have greater volatility than diversified funds. Some Funds will concentrate investment in issuers of one or more particular industries to the same extent that the underlying index is so concentrated. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. Diversification does not ensure a profit or protect against a loss. 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. There is no assurance that an active trading market for fund shares will develop or be maintained. One cannot invest directly in an index.

MSCI Emerging Markets Index is an index that is designed to measure equity market performance in global emerging markets. S&P 500 Index is an index that is a broad-based measure of U.S. stock market performance.

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.

The content of this letter is presented for general information purposes only. Nothing contained herein should be considered a recommendation or advice to purchase or sell any security. While the information and statistical data contained herein are based on sources believed to be reliable, we do not represent that it is accurate and it should not be relied on as such or be the basis for an investment decision. The statements and opinions expressed are those of Emerging Global Advisors, LLC and are as of the date of this presentation. All information is historical and not indicative of future results, and subject to change. These presentations may include estimates, projections and other “forward-looking statements.” Due to numerous factors, actual events may differ substantially from those presented. Emerging Global Advisors, LLC assumes no duty to update any such statements. Past performance does not guarantee future results.

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

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EGA Emerging Global Shares Trust   3


 
 

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Portfolio Summary (Unaudited)
EGShares Beyond BRICs ETF
 

Industry Breakdown*

[GRAPHIC MISSING] 

 
 

 

<

Financials

  41.5%

<

Telecommunications

  14.3 

<

Industrials

  10.6 

<

Consumer Goods

  10.0 

<

Consumer Services

  9.4 

<

Oil & Gas

  5.1 

<

Utilities

  4.3 

<

Basic Materials

  3.2 

<

Health Care

  1.6 

Top Ten Holdings*

 
Naspers, Ltd. N Shares  3.4%
America Movil SAB de CV Series L  2.8 
Fomento Economico Mexicano SAB de CV Series UBD  2.7 
Public Bank Bhd  2.3 
Nigerian Breweries PLC  2.1 
Ezdan Holding Group QSC  2.1 
Vingroup JSC  2.0 
Safaricom, Ltd.  2.0 
Steinhoff International Holdings NV  2.0 
Attijariwafa Bank  2.0 

*Expressed as a percentage of total investments in securities as of 3/31/2016. 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.

The Fund had a total return of 7.28% at net asset value (“NAV”) for the quarter ended March 31, 2016 and -4.48% annualized return since its inception date of August 15, 2012. The Fund had a -17.05% return for the full year ended March 31, 2016. The Fund is designed to be broadly allocated by both country and industry. As of March 31, 2016, the top five country weights were Mexico, South Africa, Malaysia, Indonesia, and Thailand and the top five industry weights were financials, telecommunications, industrials, consumer goods, and consumer services.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For BBRC, exposure to Kenya, Vietnam, and Morocco contributed to performance, while exposure to Qatar, South Africa, and Nigeria detracted. By industry, exposure to financials, telecommunications, and oil & gas were the largest detractors.

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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the periods noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

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EGShares Beyond BRICs ETF
 

Performance as of 3/31/2016

   
 Average Annual Total Return
   Fund
Net Asset Value
 Fund
Market Price
 Combined Indxx
Beyond
BRICs Index/
FTSE Beyond
BRICs Index1
1 Year  -17.05  -17.00  -15.43
3 Year  -8.46  -8.69  -6.56
Since Inception2  -4.48  -4.42  -2.56
1The Index shown is reflective of the Indxx Beyond BRICs Index prior to October 25, 2013 and the FTSE Beyond BRICs Index thereafter.
2August 15, 2012.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85% and after expense waivers is 0.58%. EGA has entered into a written fee waiver agreement to waive its advisory fee to 0.58% of the Fund’s average daily net assets without which the performance would have been lower. The Fee Waiver Agreement will remain in effect and will be contractually binding until July 28, 2016. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING] 

1Effective October 25, 2013, the EGShares Beyond BRICs ETF’s investment objective was revised to seek investment results that correspond to the price and yield performance of the FTSE Beyond BRICs Index.
2The Index shown is reflective of the Indxx Beyond BRICs Index prior to October 25, 2013 and the FTSE Beyond BRICs Index thereafter.

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming reinvestment of distributions. Past performance does not guarantee future results.

EGA Emerging Global Shares Trust   5


 
 

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

Sector Breakdown*

[GRAPHIC MISSING] 

 
 

 

<

Financials

  29.0%

<

Information Technology

  20.6 

<

Consumer Discretionary

  9.7 

<

Materials

  9.6 

<

Energy

  8.4 

<

Consumer Staples

  7.6 

<

Telecommunication Services

  7.0 

<

Utilities

  3.7 

<

Industrials

  3.1 

<

Health Care

  1.3 

Top Ten Holdings*

 
Samsung Electronics Co., Ltd.  5.2%
Taiwan Semiconductor Manufacturing Co., Ltd.  4.5 
Infosys, Ltd. ADR  2.7 
Tata Motors, Ltd. ADR  2.4 
Petroleo Brasileiro SA Preference Shares  2.3 
Vale SA Preference Shares  2.2 
Tenaga Nasional Bhd  2.1 
HDFC Bank, Ltd. ADR  2.0 
KT&G Corp.  1.9 
Bidvest Group, Ltd.  1.9 

*Expressed as a percentage of total investments in securities as of 3/31/2016. 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 IndexSM (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 Fund had a total return of 11.04% at net asset value (“NAV”) for the quarter ended March 31, 2016 and 8.98% cumulative return since its inception date of September 2, 2015. The Fund is designed to be allocated broadly among emerging market countries and sectors and excludes companies listed or domiciled in China and Hong Kong. As of March 31, 2016, the top five country weights were South Korea, Taiwan, Brazil, India, and South Africa and the top five sector weights were financials, information technology, consumer discretionary, materials, and energy.

From inception until March 31, 2016, the fund’s performance was driven by a number of factors. For XCEM, not being invested in China helped the fund’s performance, as did exposure to South Korea, Brazil, and Malaysia. On the other hand, exposure to Kuwait and Poland detracted. By sector, exposure to financials, information technology, and consumer discretionary contributed to Fund performance, while exposure to telecommunication services detracted.

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. The Fund will concentrate its investments in a particular industry or group of industries to approximately the same extent as the XCEM 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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the periods noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

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EGShares EM Core ex-China ETF
 

Performance as of 3/31/2016

   
 Average Annual Total Return
   Fund
Net Asset Value
 Fund
Market Price
 EGAI Emerging
Markets
ex-China Index1
Since Inception2  8.98  8.49  9.09
1The Index shown is reflective of the EGAI Emerging Markets ex-China Index as of 09/01/2015 and thereafter.
2Returns are cumulative since inception. This Fund is new and therefore has limited performance history.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.70% and after expense waivers is 0.35%. EGA has entered into a written fee waiver agreement to waive its advisory fee to 0.35% of the Fund’s average daily net assets without which the performance would have been lower. The Fee Waiver Agreement will remain in effect and will be contractually binding until August 11, 2017. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING] 

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming reinvestment of distributions. Past performance does not guarantee future results.

EGA Emerging Global Shares Trust   7


 
 

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Portfolio Summary (Unaudited)
EGShares EM Quality Dividend ETF
 

Sector Breakdown*

[GRAPHIC MISSING] 

 
 

 

<

Financials

  19.8%

<

Telecommunication Services

  18.6 

<

Materials

  12.1 

<

Information Technology

  12.1 

<

Consumer Staples

  10.8 

<

Energy

  10.2 

<

Industrials

  8.2 

<

Utilities

  6.1 

<

Consumer Discretionary

  2.1 

 
 

Top Ten Holdings*

 
Nigerian Breweries PLC  2.4%
Eregli Demir ve Celik Fabrikalari TAS  2.2 
Ultrapar Participacoes SA  2.2 
Intouch Holdings PCL NVDR  2.2 
Advanced Info Service PCL NVDR  2.1 
Gamuda Bhd  2.1 
PT Indofood Sukses Makmur Tbk  2.1 
Thai Union Group PCL NVDR  2.1 
Woolworths Holdings, Ltd.  2.1 
Telefonica Brasil SA Preference Shares  2.1 

*Expressed as a percentage of total investments in securities as of 3/31/2016. 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 IndexSM (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.

The Fund had a total return of 11.10% at net asset value (“NAV”) for the quarter ended March 31, 2016 and -5.50% annualized return since its inception date of August 4, 2011. The Fund had a -7.38% return for the full year ended March 31, 2016. The Fund is designed to be broadly allocated by both country and sector. As of March 31, 2016, the top five country weights were Brazil, Taiwan, Malaysia, South Africa, and China and the top five sector weights were financials, telecommunication services, materials, information technology, and consumer staples.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For HILO, exposure to Brazil, Indonesia, and United Arab Emirates contributed to Fund performance, while exposure to China, Taiwan, and Thailand detracted. By sector, exposure to consumer staples, utilities, and materials contributed to Fund performance, while exposure to energy, information technology, and consumer discretionary detracted.

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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the period noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

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EGShares EM Quality Dividend ETF
 

Performance as of 3/31/2016

   
 Average Annual Total Return
   Fund
Net Asset Value
 Fund
Market Price
 Combined Indxx
Emerging Market High
Income Low Beta
Index/FTSE Emerging
All Cap ex Taiwan Low
Volatility Dividend
Index/EGAI Emerging
Markets Quality
Dividend Index1
1 Year  -7.38  -7.78  -5.71
3 Year  -10.37  -10.78  -9.29
Since Inception2  -5.50  -5.68  -4.30
1The Index shown is reflective of the Indxx Emerging Market High Income Low Beta Index prior to February 3, 2014, the FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index from February 3, 2014 until January 23, 2015, and the EGAI Emerging Markets Quality Dividend Index thereafter.
2August 4, 2011.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING] 

1Effective January 26, 2015, the EGShares EM Quality Dividend ETF’s investment objective was revised to seek investment results that correspond to the price and yield performance of the EGAI Emerging Markets Quality Dividend Index.
2The Index shown is reflective of the Indxx Emerging Market High Income Low Beta Index prior to February 3, 2014, the FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index from February 3, 2014 until January 23, 2015 and the EGAI Emerging Markets Quality Dividend Index thereafter.

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming reinvestment of distributions. Past performance does not guarantee future results.

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Portfolio Summary (Unaudited)
EGShares EM Strategic Opportunities ETF (formerly known as EGShares Emerging Markets Domestic Demand ETF)
 

Sector Breakdown*

[GRAPHIC MISSING] 

 
 

 

<

Consumer Discretionary

  30.5%

<

Telecommunication Services

  29.9 

<

Consumer Staples

  26.8 

<

Health Care

  7.7 

<

Utilities

  5.1 

Top Ten Holdings*

 
Steinhoff International Holdings NV  5.3%
Naspers, Ltd. N Shares  5.3 
America Movil SAB de CV Class L ADR  5.0 
China Mobile, Ltd.  4.8 
JD.com, Inc. ADR  4.7 
Ambev SA ADR  4.7 
Fomento Economico Mexicano SAB de CV ADR  4.3 
Ctrip.com International, Ltd. ADR  3.7 
MTN Group, Ltd.  3.6 
PT Telekomunikasi Indonesia Persero Tbk ADR  3.2 

*Expressed as a percentage of total investments in securities as of 3/31/2016. Holdings are subject to change.

EGShares EM Strategic Opportunities ETF (ticker: EMSO)

The EGShares EM Strategic Opportunities 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 “EMSO Underlying Index”). The EMSO 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, health care and utilities sectors.

The Fund had a total return of 4.80% at net asset value (“NAV”) for the quarter ended March 31, 2016 and -0.15% annualized return since its inception date of August 15, 2012. The Fund had a -16.10% return for the full year ended March 31, 2016. The Fund is designed to be broadly allocated by country, but limited to certain sectors. As of March 31, 2016, the top five country weights were China, South Africa, Mexico, India, and Brazil and roughly 87% of fund assets were in the top three sectors, consumer discretionary, telecommunication services, and consumer staples, with the remaining assets in health care and utilities.

For the 12-month period ended March 31, 2016, EMSO’s performance was driven by a number of factors. While the fund’s holding in Turkey contributed positively, its holdings in South Africa, China, and India detracted from performance.

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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the periods noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

10   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

EGShares EM Strategic Opportunities ETF
 

Performance as of 3/31/2016

   
 Average Annual Total Return
   Fund
Net Asset Value
 Fund
Market Price
 Combined Indxx
Emerging Markets
Domestic Demand
Index/S&P
Emerging Markets
Domestic
Demand Index1
1 Year  -16.10  -17.02  -14.96
3 Year  -3.66  -4.12  -2.40
Since Inception2  -0.15  -0.32  1.28
1The Index shown is reflective of the Indxx Emerging Markets Domestic Demand Index prior to February 3, 2014 and the S&P Emerging Markets Domestic Demand Index thereafter.
2August 15, 2012.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85% and after expense waivers is 0.65%. EGA has entered into a written fee waiver agreement to waive its advisory fee to 0.65% of the Fund’s average daily net assets without which the performance would have been lower. The Fee Waiver Agreement will remain in effect and will be contractually binding until July 31, 2018. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING] 

1Effective February 3, 2014, the EGShares Emerging Markets Domestic Demand ETF’s investment objective was revised to seek investment results that correspond to the price and yield performance of the S&P Emerging Markets Domestic Demand Index.
2The Index shown is reflective of the Indxx Emerging Markets Domestic Demand Index prior to February 3, 2014 and the S&P Emerging Markets Domestic Demand Index thereafter.

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming reinvestment of distributions. Past performance does not guarantee future results.

EGA Emerging Global Shares Trust   11


 
 

TABLE OF CONTENTS

Portfolio Summary (Unaudited)
EGShares Emerging Markets Consumer ETF
 

Industry Breakdown*

[GRAPHIC MISSING] 

 
 

 

<

Consumer Services

  50.4%

<

Consumer Goods

  45.6 

<

Industrials

  4.0 

Top Ten Holdings*

 
Naspers, Ltd. N Shares  10.6%
Steinhoff International Holdings NV  5.9 
Ambev SA ADR  5.7 
Fomento Economico Mexicano SAB de CV Series UBD  5.5 
Ctrip.com International, Ltd. ADR  4.7 
Wal-Mart de Mexico SAB de CV  4.1 
Grupo Televisa SAB Series CPO  4.0 
Magnit PJSC GDR  4.0 
Tata Motors, Ltd. ADR  4.0 
PT Astra International Tbk  3.8 

*Expressed as a percentage of total investments in securities as of 3/31/2016. 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 IndexSM (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.

The Fund had a total return of 5.51% at net asset value (“NAV”) for the quarter ended March 31, 2016 and 2.97% annualized return since its inception date of September 14, 2010. The Fund had a -13.63% return for the full year ended March 31, 2016. The Fund is designed to be broadly allocated by country, yet industry specific. As of March 31, 2016, the top five country weights were South Africa, China, Mexico, Brazil, and India and the Fund had 50% exposure to consumer services, 46% to consumer goods, and 4% to industrials industries.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For ECON, while consumer goods was the third best performing industry in the MSCI EM Index, it still delivered a negative return, therefore detracting from overall fund performance. The fund’s holdings in Thailand and the Philippines were positive contributors to performance, while holdings in China and Brazil were detractors.

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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the periods noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

12   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

EGShares Emerging Markets Consumer ETF
 

Performance as of 3/31/2016

   
 Average Annual Total Return
   Fund
Net Asset Value
 Fund
Market Price
 Dow Jones
Emerging Markets
Consumer
Titans 30 Index
1 Year  -13.63  -13.64  -11.91
3 Year  -4.23  -4.35  -2.86
5 Year  0.65  0.61  1.84
Since Inception1  2.97  2.97  4.36
1September 14, 2010.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.83%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING] 

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming reinvestment of distributions. Past performance does not guarantee future results.

EGA Emerging Global Shares Trust   13


 
 

TABLE OF CONTENTS

Portfolio Summary (Unaudited)
EGShares Emerging Markets Core ETF
 

Sector Breakdown*

[GRAPHIC MISSING] 

 
 

 

<

Consumer Discretionary

  18.2%

<

Financials

  17.9 

<

Consumer Staples

  13.9 

<

Industrials

  10.2 

<

Materials

  7.5 

<

Health Care

  7.3 

<

Information Technology

  6.9 

<

Telecommunication Services

  6.5 

<

Energy

  6.0 

<

Utilities

  5.6 

Top Ten Holdings*

 
PT Telekomunikasi Indonesia Persero Tbk ADR  2.3%
Cemex SAB de CV Series CPO  1.4 
Genting Bhd  1.4 
Petroleo Brasileiro SA ADR  1.3 
CEZ AS  1.3 
Alfa SAB de CV Class A  1.3 
Vale SA ADR  1.3 
Tenaga Nasional Bhd  1.3 
Southern Copper Corp.  1.3 
LPP SA  1.3 

*Expressed as a percentage of total investments in securities as of 3/31/2016. 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.

The Fund had a total return of 7.13% at net asset value (“NAV”) for the quarter ended March 31, 2016 and -2.11% annualized return since its inception date of October 16, 2012. The Fund had a -11.91% return for the full year ended March 31, 2016. The Fund is designed to be broadly allocated by both country and sector. As of March 31, 2016, the top five country weights were India, South Africa, Mexico, China, and Brazil and the top five sector weights were consumer discretionary, financials, consumer staples, industrials, and materials.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For EMCR, exposure to Indonesia, Malaysia, and Mexico contributed to Fund performance, while exposure in India, South Africa, and China detracted. By sector, exposure to energy and materials contributed to Fund performance, while exposure to information technology, industrials, and utilities detracted.

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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the periods noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

14   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

EGShares Emerging Markets Core ETF
 

Performance as of 3/31/2016

   
 Average Annual Total Return
   Fund
Net Asset Value
 Fund
Market Price
 S&P Emerging
Markets Core Index
1 Year  -11.91  -13.51  -11.32
3 Year  -3.87  -4.46  -3.05
Since Inception1  -2.11  -2.45  -1.26
1October 16, 2012.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.70%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING] 

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming reinvestment of distributions. Past performance does not guarantee future results.

EGA Emerging Global Shares Trust   15


 
 

TABLE OF CONTENTS

Portfolio Summary (Unaudited)
EGShares India Consumer ETF
 

Industry Breakdown*

[GRAPHIC MISSING] 

 
 

 

<

Consumer Goods

  81.3%

<

Industrials

  13.2 

<

Consumer Services

  5.5 

Top Ten Holdings*

 
Bosch, Ltd.  5.4%
Nestle India, Ltd.  5.2 
Tata Motors, Ltd.  5.1 
Godrej Consumer Products, Ltd.  5.0 
Hero MotoCorp, Ltd.  4.9 
Bajaj Auto, Ltd.  4.9 
Hindustan Unilever, Ltd.  4.8 
Maruti Suzuki India, Ltd.  4.8 
ITC, Ltd.  4.8 
Mahindra & Mahindra, Ltd.  4.7 

*Expressed as a percentage of total investments in securities as of 3/31/2016. 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.

The Fund had a total return of -4.01% at net asset value (“NAV”) for the quarter ended March 31, 2016 and 10.04% annualized return since its inception date of August 10, 2011. The Fund had a -12.18% return for the full year ended March 31, 2016. The Fund is designed to be country specific and to have exposures specific to certain industries related to the Indian consumer. As of March 31, 2016, the Fund had over 81% of assets in companies in the consumer goods industry, as well as exposure to the industrials and consumer services industries.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For INCO, because India stocks underperformed broad Emerging Markets over this time period, the consumer goods, consumer services, and industrials industries detracted from Fund performance.

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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the period noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

16   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

EGShares India Consumer ETF
 

Performance as of 3/31/2016

   
 Average Annual Total Return
   Fund
Net Asset Value
 Fund
Market Price
 Indxx India
Consumer Index
1 Year  -12.18  -12.57  -10.92
3 Year  12.16  12.18  14.00
Since Inception1  10.04  10.05  11.82
1August 10, 2011.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.89%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING] 

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming reinvestment of distributions. Past performance does not guarantee future results.

EGA Emerging Global Shares Trust   17


 
 

TABLE OF CONTENTS

Portfolio Summary (Unaudited)
EGShares India Infrastructure ETF
 

Industry Breakdown*

[GRAPHIC MISSING] 

 
 

 

<

Industrials

  45.6%

<

Utilities

  16.6 

<

Telecommunications

  15.4 

<

Basic Materials

  9.1 

<

Oil & Gas

  6.1 

<

Consumer Goods

  5.9 

<

Consumer Services

  1.3 

Top Ten Holdings*

 
GAIL India, Ltd.  6.1%
UltraTech Cement, Ltd.  6.0 
Ambuja Cements, Ltd.  5.9 
NTPC, Ltd.  5.7 
Eicher Motors, Ltd.  5.4 
Bharti Infratel, Ltd.  5.4 
Bharti Airtel, Ltd.  5.1 
Tata Power Co., Ltd.  4.7 
Vedanta, Ltd.  4.2 
Cummins India, Ltd.  4.1 

*Expressed as a percentage of total investments in securities as of 3/31/2016. 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.

The Fund had a total return of -4.21% at net asset value (“NAV”) for the quarter ended March 31, 2016 and -8.81% annualized return since its inception date of August 11, 2010. The Fund had a -21.00% return for the full year ended March 31, 2016. The Fund is designed to be country specific and to have exposures specific to certain industries related to infrastructure. As of March 31, 2016, the top five industry weights were industrials, utilities, telecommunications, basic materials, and oil & gas.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For INXX, exposure to the consumer services industry contributed to Fund performance, while exposure to industrials and telecommunications industries detracted.

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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the periods noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

18   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

EGShares India Infrastructure ETF
 

Performance as of 3/31/2016

   
 Average Annual Total Return
   Fund
Net Asset Value
 Fund
Market Price
 Indxx India
Infrastructure Index
1 Year  -21.00  -21.41  -20.28
3 Year  -1.69  -1.63  -0.43
5 Year  -9.33  -9.34  -8.38
Since Inception1  -8.81  -8.75  -7.84
1August 11, 2010.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING] 

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming reinvestment of distributions. Past performance does not guarantee future results.

EGA Emerging Global Shares Trust   19


 
 

TABLE OF CONTENTS

Portfolio Summary (Unaudited)
EGShares India Small Cap ETF
 

Industry Breakdown*

[GRAPHIC MISSING] 

 
 

 

<

Industrials

  25.3%

<

Financials

  21.4 

<

Consumer Goods

  16.1 

<

Technology

  9.0 

<

Health Care

  6.8 

<

Utilities

  6.7 

<

Consumer Services

  5.9 

<

Basic Materials

  5.2 

<

Oil & Gas

  3.6 

Top Ten Holdings*

 
Federal Bank, Ltd.  4.3%
Voltas, Ltd.  3.9 
SKS Microfinance, Ltd.  3.7 
Crompton Greaves, Ltd.  3.6 
Apollo Tyres, Ltd.  3.3 
Tata Global Beverages, Ltd.  3.1 
Gujarat Pipavav Port, Ltd.  2.7 
Jubilant Foodworks, Ltd.  2.6 
Suzlon Energy, Ltd.  2.4 
SRF, Ltd.  2.3 

*Expressed as a percentage of total investments in securities as of 3/31/2016. 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.

The EGShares India Small Cap ETF had a total return of -13.55% at net asset value (“NAV”) for the quarter ended March 31, 2016 and -5.66% annualized return since its inception date of July 7, 2010. The Fund had a -21.78% return for the full year ended March 31, 2016. The Fund is designed to be country specific and be diversified by industry, targeting small capitalization companies. As of March 31, 2016, the top five industry exposures were industrials, financials, consumer goods, technology, and health care.

For the 12-month period ended March 31, 2016, the fund’s performance was driven by a number of factors. For SCIN, because India stocks underperformed broad Emerging Markets over this time period, the financials, industrials, and oil & gas industries detracted from Fund performance.

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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the periods noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

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EGShares India Small Cap ETF
 

Performance as of 3/31/2016

   
 Average Annual Total Return
   Fund
Net Asset Value
 Fund
Market Price
 Indxx India
Small Cap Index
1 Year  -21.78  -22.27  -20.37
3 Year  3.99  4.10  6.05
5 Year  -5.81  -5.90  -4.47
Since Inception1  -5.66  -5.67  -4.20
1July 7, 2010.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING] 

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming reinvestment of distributions. Past performance does not guarantee future results

EGA Emerging Global Shares Trust   21


 
 

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Shareholder Expense Examples (Unaudited)

 

As a shareholder of 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 (October 1, 2015 to March 31, 2016), 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 During the Period” 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.

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Shareholder Expense Examples (Unaudited)  (concluded)

 

    
  Beginning
Account Value
 Ending
Account Value
3/31/2016
 Annualized
Expense
Ratios2
 Expenses
Paid During
the Period3
EGShares Beyond BRICs ETF
                    
Actual $1,000.00  $1,032.70   0.58 $2.95 
Hypothetical1 $1,000.00  $1,022.10   0.58 $2.93 
EGShares EM Core ex-China ETF
                    
Actual $1,000.00  $1,111.40   0.35 $1.85 
Hypothetical1 $1,000.00  $1,023.25   0.35 $1.77 
EGShares EM Quality Dividend ETF
                    
Actual $1,000.00  $1,098.90   0.85 $4.46 
Hypothetical1 $1,000.00  $1,020.75   0.85 $4.29 
EGShares EM Strategic Opportunities ETF (Consolidated)4
          
Actual $1,000.00  $1,015.20   0.83 $4.18 
Hypothetical1 $1,000.00  $1,020.85   0.83 $4.19 
EGShares Emerging Markets Consumer ETF (Consolidated)4
          
Actual $1,000.00  $1,050.30   0.85 $4.36 
Hypothetical1 $1,000.00  $1,020.75   0.85 $4.29 
EGShares Emerging Markets Core ETF (Consolidated)4
                    
Actual $1,000.00  $1,052.80   0.70 $3.59 
Hypothetical1 $1,000.00  $1,021.50   0.70 $3.54 
EGShares India Consumer ETF (Consolidated)4
                    
Actual $1,000.00  $997.10   0.89 $4.44 
Hypothetical1 $1,000.00  $1,020.55   0.89 $4.50 
EGShares India Infrastructure ETF (Consolidated)4
                    
Actual $1,000.00  $963.90   0.87 $4.27 
Hypothetical1 $1,000.00  $1,020.65   0.87 $4.39 
EGShares India Small Cap ETF (Consolidated)4
                    
Actual $1,000.00  $923.20   0.86 $4.13 
Hypothetical1 $1,000.00  $1,020.70   0.86 $4.34 
1Assuming 5% return before expenses.
2Annualized expense ratios reflect expenses net of any waived fees or reimbursed expenses.
3Expenses 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).
4Expenses 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   23


 
 

TABLE OF CONTENTS

Schedule of Investments
EGShares Beyond BRICs ETF

 
March 31, 2016

  
 Investments Shares Value
COMMON STOCKS—98.0%
          
Bangladesh—1.4%
          
GrameenPhone, Ltd.  215,567  $623,963 
Lafarge Surma Cement, Ltd.  778,674   664,837 
Total Bangladesh       1,288,800 
Chile—2.0%
          
Empresa Nacional de Electricidad SA  467,213   650,903 
Endesa Americas SA*  798,877   8,620 
Enersis Americas SA  2,712,189   752,314 
Enersis Chile SA*  4,581,923   6,100 
S.A.C.I. Falabella  66,713   466,640 
Total Chile       1,884,577 
Colombia—0.3%
          
Ecopetrol SA  678,326   295,880 
Czech Republic—0.5%
          
CEZ AS  21,995   388,542 
Indonesia—8.4%
          
PT Astra International Tbk  2,754,373   1,505,973 
PT Bank Central Asia Tbk  1,694,865   1,699,978 
PT Bank Mandiri Persero Tbk  1,285,900   998,851 
PT Bank Rakyat Indonesia Persero Tbk*  1,479,984   1,275,175 
PT Telekomunikasi Indonesia Persero Tbk  6,963,214   1,746,055 
PT Unilever Indonesia Tbk  158,217   512,177 
Total Indonesia       7,738,209 
Kenya—3.5%
          
Equity Group Holdings, Ltd.  3,602,578   1,430,017 
Safaricom, Ltd.  10,922,113   1,820,352 
Total Kenya       3,250,369 
Malaysia—11.7%
          
Axiata Group Bhd  627,400   947,171 
CIMB Group Holdings Bhd  752,200   935,069 
DiGi.Com Bhd  515,800   653,096 
IHH Healthcare Bhd  378,600   636,580 
Malayan Banking Bhd  741,100   1,713,372 
Maxis Bhd  366,300   596,182 
Petronas Gas Bhd  107,800   607,869 
Public Bank Bhd  430,520   2,072,322 
Sime Darby Bhd  455,700   928,570 
Tenaga Nasional Bhd  484,700   1,731,826 
Total Malaysia       10,822,057 

  
 Investments Shares Value
Mexico—14.9%
          
Alfa SAB de CV Class A  325,669  $659,215 
America Movil SAB de CV Series L  3,195,968   2,504,521 
Arca Continental SAB de CV  29,236   203,741 
Cemex SAB de CV Series CPO*  1,545,052   1,131,444 
Fomento Economico Mexicano SAB de CV Series UBD  248,133   2,415,053 
Grupo Bimbo SAB de CV Series A*  216,152   644,127 
Grupo Financiero Banorte SAB de CV Class O  261,298   1,485,508 
Grupo Financiero Inbursa SAB de CV Class O  237,528   478,029 
Grupo Mexico SAB de CV Series B  448,470   1,089,920 
Grupo Televisa SAB Series CPO  302,210   1,677,891 
Telesites SAB de CV*  9,562   5,596 
Wal-Mart de Mexico SAB de CV  646,801   1,547,394 
Total Mexico       13,842,439 
Morocco—1.9%
          
Attijariwafa Bank  51,288   1,800,845 
Netherlands—2.0%
          
Steinhoff International Holdings NV  275,188   1,812,072 
Nigeria—5.5%
          
Guaranty Trust Bank PLC  21,734,223   1,561,649 
Nigerian Breweries PLC  3,565,976   1,917,191 
Zenith Bank PLC  28,320,297   1,529,712 
Total Nigeria       5,008,552 
Oman—1.8%
          
Bank Muscat SAOG  1,718,703   1,704,868 
Philippines—3.5%
          
Ayala Corp.  32,870   535,400 
Ayala Land, Inc.  952,100   728,885 
Philippine Long Distance Telephone Co.  10,585   455,170 
SM Investments Corp.  43,893   905,123 
SM Prime Holdings, Inc.  1,072,300   511,174 
Total Philippines       3,135,752 
Poland—4.8%
          
Bank Pekao SA  18,089   800,467 
Bank Zachodni WBK SA*  4,025   331,893 
PGE SA  98,743   370,893 
Polski Koncern Naftowy Orlen SA  44,126   876,142 
Polskie Gornictwo Naftowe i Gazownictwo SA  243,490   348,039 
Powszechna Kasa Oszczednosci Bank Polski SA*  119,134   889,848 
Powszechny Zaklad Ubezpieczen SA  77,636   742,589 
Total Poland       4,359,871 
Qatar—6.3%
          
Barwa Real Estate Co.  151,274   1,503,850 
Ezdan Holding Group QSC*  375,061   1,874,584 
Gulf International Services QSC  74,050   738,182 
Industries Qatar QSC  58,551   1,741,383 
Total Qatar       5,857,999 

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

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Schedule of Investments (concluded)
EGShares Beyond BRICs ETF
 
March 31, 2016

  
 Investments Shares Value
South Africa—13.6%
          
Aspen Pharmacare Holdings, Ltd.*  35,715  $777,483 
Barclays Africa Group, Ltd.  34,398   349,850 
FirstRand, Ltd.  327,190   1,076,025 
MTN Group, Ltd.  188,800   1,735,502 
Naspers, Ltd. N Shares  22,086   3,094,863 
Nedbank Group, Ltd.  20,693   273,295 
Remgro, Ltd.  51,743   880,138 
Sanlam, Ltd.  189,300   881,504 
Sasol, Ltd.  59,876   1,797,501 
Standard Bank Group, Ltd.  129,676   1,168,036 
Vodacom Group, Ltd.  33,992   371,005 
Total South Africa       12,405,202 
Thailand—7.5%
          
Advanced Info Service PCL NVDR  164,800   852,575 
Airports of Thailand PCL NVDR  59,100   675,332 
Bangkok Bank PCL NVDR  63,420   324,491 
CP ALL PCL NVDR  603,900   785,345 
Kasikornbank PCL NVDR  163,000   801,563 
PTT Exploration & Production PCL NVDR  193,800   386,994 
PTT PCL NVDR  118,700   944,741 
Siam Cement PCL NVDR  110,850   1,468,337 
Siam Commercial Bank PCL NVDR  215,600   864,116 
Total Thailand       7,103,494 
Turkey—3.3%
          
Akbank TAS  282,273   804,002 
KOC Holding AS  86,360   438,900 
Turk Telekomunikasyon AS  72,797   172,704 
Turkcell Iletisim Hizmetleri AS  109,969   462,809 
Turkiye Garanti Bankasi AS  287,322   840,833 
Turkiye Is Bankasi Class C  184,087   304,665 
Total Turkey       3,023,913 
United Arab Emirates—2.1%
          
Abu Dhabi Commercial Bank PJSC  253,056   461,605 
Emaar Malls Group PJSC*  290,225   227,566 
Emaar Properties PJSC  486,473   797,323 
First Gulf Bank PJSC  153,674   491,606 
Total United Arab Emirates       1,978,100 
Vietnam—3.0%
          
Hoa Phat Group JSC  675,330   893,654 
Vingroup JSC*  863,510   1,828,272 
Total Vietnam       2,721,926 
TOTAL INVESTMENTS IN SECURITIES—98.0%
(Cost: $109,029,815)       90,423,467 
Other Assets in Excess of Liabilities—2.0%       1,818,827 
Net Assets—100.0%      $92,242,294 

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

  
Summary by Industry Value % of Net Assets
Basic Materials $2,887,421   3.1
Consumer Goods  9,010,334   9.8 
Consumer Services  8,477,256   9.2 
Financials  37,563,437   40.7 
Health Care  1,414,063   1.6 
Industrials  9,578,310   10.4 
Oil & Gas  4,636,747   5.0 
Telecommunications  12,946,701   14.0 
Utilities  3,909,198   4.2 
Total Investments  90,423,467   98.0 
Other Assets in Excess of Liabilities  1,818,827   2.0 
Net Assets $92,242,294   100.0

 
 

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

EGA Emerging Global Shares Trust   25


 
 

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Schedule of Investments
EGShares EM Core ex-China ETF

 
March 31, 2016

  
 Investments Shares Value
COMMON STOCKS—99.1%
          
Brazil—12.4%
          
Ambev SA  2,532  $13,446 
Banco Bradesco SA Preference Shares  887   6,775 
Banco do Brasil SA  600   3,347 
BB Seguridade Participacoes SA  375   3,143 
BRF SA  685   9,918 
Cia Brasileira de Distribuicao Preference Shares  280   3,938 
Cielo SA  695   6,858 
Itau Unibanco Holding SA Preference Shares  836   7,362 
Itausa—Investimentos Itau SA Preference Shares  6,488   14,957 
Kroton Educacional SA  2,564   8,305 
Petroleo Brasileiro SA Preference Shares*  10,179   23,983 
Ultrapar Participacoes SA  308   6,065 
Vale SA Preference Shares  7,059   22,667 
Total Brazil       130,764 
India—8.8%
          
HDFC Bank, Ltd. ADR  344   21,201 
ICICI Bank, Ltd. ADR  2,558   18,315 
Infosys, Ltd. ADR  1,496   28,454 
Tata Motors, Ltd. ADR*  877   25,477 
Total India       93,447 
Indonesia—4.0%
          
PT Astra International Tbk  7,786   4,257 
PT Bank Central Asia Tbk  11,525   11,560 
PT Bank Mandiri Persero Tbk  9,681   7,520 
PT Bank Rakyat Indonesia Persero Tbk*  10,714   9,231 
PT Telekomunikasi Indonesia Persero Tbk  39,853   9,993 
Total Indonesia       42,561 
Kuwait—0.7%
          
Kuwait Finance House KSCP  1,704   2,706 
National Bank of Kuwait SAKP  2,010   4,456 
Total Kuwait       7,162 
Malaysia—8.5%
          
Axiata Group Bhd  2,200   3,321 
CIMB Group Holdings Bhd  8,300   10,318 
IHH Healthcare Bhd  4,500   7,566 
Malayan Banking Bhd  8,100   18,727 
Public Bank Bhd  2,400   11,553 
Sime Darby Bhd  6,100   12,430 
Telekom Malaysia Bhd  2,100   3,552 
Tenaga Nasional Bhd  6,300   22,510 
Total Malaysia       89,977 
Mexico—6.6%
          
America Movil SAB de CV Series L  12,868   10,084 
Coca-Cola Femsa SAB de CV Series L  1,641   13,746 
Fibra Uno Administracion SA de CV  2,584   6,055 
Grupo Financiero Banorte SAB de CV Class O  2,105   11,967 
Grupo Financiero Santander Mexico SAB de CV Class B  3,351   6,130 

  
 Investments Shares Value
Grupo Mexico SAB de CV Series B  5,280  $12,832 
Telesites SAB de CV*  686   402 
Wal-Mart de Mexico SAB de CV  3,429   8,204 
Total Mexico       69,420 
Netherlands—0.8%
          
Steinhoff International Holdings NV  1,243   8,185 
Peru—0.7%
          
Credicorp, Ltd.  57   7,468 
Poland—1.0%
          
Powszechna Kasa Oszczednosci Bank Polski SA*  831   6,207 
Powszechny Zaklad Ubezpieczen SA  507   4,849 
Total Poland       11,056 
Russia—4.4%
          
Gazprom PAO ADR  3,796   16,372 
LUKOIL PJSC ADR  357   13,714 
Magnit PJSC GDR  133   5,313 
Sberbank of Russia PJSC ADR  1,628   11,331 
Total Russia       46,730 
South Africa—8.3%
          
Aspen Pharmacare Holdings, Ltd.*  273   5,943 
Bidvest Group, Ltd.  791   20,060 
FirstRand, Ltd.  753   2,476 
MTN Group, Ltd.  1,178   10,829 
Naspers, Ltd. N Shares  125   17,516 
Remgro, Ltd.  369   6,276 
Sanlam, Ltd.  1,543   7,185 
Sasol, Ltd.  533   16,001 
Standard Bank Group, Ltd.  278   2,504 
Total South Africa       88,790 
South Korea—20.2%
          
Hana Financial Group, Inc.  234   5,074 
Hyundai Mobis Co., Ltd.  60   13,064 
Hyundai Motor Co.  128   17,069 
KB Financial Group, Inc.  284   7,910 
Kia Motors Corp.  215   9,081 
Korea Electric Power Corp.  312   16,424 
KT&G Corp.  210   20,199 
LG Chem, Ltd.  28   8,019 
LG Display Co., Ltd.  264   6,141 
NAVER Corp.  30   16,710 
POSCO  76   14,587 
Samsung Electronics Co., Ltd.  48   55,068 
Samsung Fire & Marine Insurance Co., Ltd.  26   6,707 
Samsung SDS Co., Ltd.  30   4,591 
Shinhan Financial Group Co., Ltd.  87   3,081 
SK Hynix, Inc.  107   2,634 
SK Telecom Co., Ltd.  44   8,022 
Total South Korea       214,381 

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

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Schedule of Investments (concluded)
EGShares EM Core ex-China ETF
 
March 31, 2016

  
 Investments Shares Value
Taiwan—16.9%
 
Advanced Semiconductor Engineering, Inc.  5,351  $6,227 
Asustek Computer, Inc.  658   5,909 
Cathay Financial Holding Co., Ltd.  5,953   7,130 
China Steel Corp.  11,074   7,707 
Chunghwa Telecom Co., Ltd.  3,330   11,330 
CTBC Financial Holding Co., Ltd.  11,355   5,998 
Delta Electronics, Inc.  751   3,313 
Formosa Chemicals & Fibre Corp.  3,329   8,296 
Formosa Plastics Corp.  3,977   9,861 
Fubon Financial Holding Co., Ltd.  4,265   5,433 
Hon Hai Precision Industry Co., Ltd.  6,211   16,365 
Largan Precision Co., Ltd.  62   4,806 
MediaTek, Inc.  1,705   13,085 
Mega Financial Holding Co., Ltd.  8,395   5,973 
Nan Ya Plastics Corp.  4,048   8,503 
Taiwan Mobile Co., Ltd.  1,979   6,426 
Taiwan Semiconductor Manufacturing Co., Ltd.  9,479   47,713 
Uni-President Enterprises Corp.  2,917   5,121 
Total Taiwan       179,196 
Thailand—5.1%
          
Advanced Info Service PCL  1,000   5,173 
Bangkok Bank PCL  1,800   9,210 
Intouch Holdings PCL  2,422   4,389 
Kasikornbank PCL  1,400   6,885 
PTT PCL  1,400   11,143 
Siam Cement PCL  600   7,948 
Siam Commercial Bank PCL (The)  2,700   10,821 
Total Thailand       55,569 
Turkey—0.7%
          
Turkiye Garanti Bankasi AS  2,438   7,135 
TOTAL COMMON STOCKS
          
(Cost: $978,339)       1,051,841 
Rights—0.0%**
          
Taiwan—0.0%**
          
Fubon Financial Holding Co., Ltd., expiring 4/30/16
     
(Cost: $0)  187   0 
TOTAL INVESTMENTS IN SECURITIES—99.1%
 
(Cost: $978,339)       1,051,841 
Other Assets in Excess of Liabilities—0.9%       9,846 
Net Assets—100.0%      $1,061,687 

 
* Non-income producing security.
** Less than 0.05%.
ADR American Depositary Receipts
GDR Global Depositary Receipts
PJSC Private Joint Stock Company

  
Summary by Sector Value % of Net Assets
Consumer Discretionary $102,954   9.7
Consumer Staples  79,885   7.5 
Energy  87,278   8.2 
Financials  304,976   28.7 
Health Care  13,509   1.3 
Industrials  32,490   3.1 
Information Technology  217,874   20.5 
Materials  100,420   9.5 
Telecommunication Services  73,521   6.9 
Utilities  38,934   3.7 
Total Investments  1,051,841   99.1 
Other Assets in Excess of Liabilities  9,846   0.9 
Net Assets $1,061,687   100.0

 
 

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

EGA Emerging Global Shares Trust   27


 
 

TABLE OF CONTENTS

Schedule of Investments
EGShares EM Quality Dividend ETF

 
March 31, 2016

  
 Investments Shares Value
COMMON STOCKS—100.3%
          
Brazil—16.5%
          
Banco Bradesco SA Preference Shares  42,925  $327,872 
BB Seguridade Participacoes SA  38,164   319,828 
CETIP SA  29,622   335,588 
Cielo SA  33,463   330,192 
Itau Unibanco Holding SA Preference Shares  35,484   312,488 
Itausa—Investimentos Itau SA Preference Shares  137,369   316,677 
Telefonica Brasil SA Preference Shares  26,587   339,390 
Ultrapar Participacoes SA  17,859   351,687 
Total Brazil       2,633,722 
Chile—3.9%
          
Banco de Chile  2,863,971   308,466 
Empresa Nacional de Electricidad SA  228,236   317,970 
Endesa Americas SA*  288,324   3,111 
Total Chile       629,547 
China—9.9%
          
Agricultural Bank of China, Ltd. Class H  867,616   312,078 
China Construction Bank Corp. Class H  493,501   314,938 
China Merchants Bank Co., Ltd. Class H  152,357   320,171 
China Minsheng Banking Corp., Ltd. Class H  337,622   315,138 
CNOOC, Ltd.  277,425   327,621 
Total China       1,589,946 
Hong Kong—2.1%
          
CLP Holdings, Ltd.  36,386   329,074 
India—2.1%
          
Infosys, Ltd.  18,017   331,460 
Indonesia—9.8%
          
PT Indocement Tunggal Prakarsa Tbk  207,264   308,317 
PT Indofood Sukses Makmur Tbk  625,330   340,725 
PT Semen Indonesia Persero Tbk  407,706   312,851 
PT Telekomunikasi Indonesia Persero Tbk  1,238,242   310,494 
PT United Tractors Tbk  268,261   309,532 
Total Indonesia       1,581,919 
Malaysia—10.5%
          
British American Tobacco Malaysia Bhd  24,200   335,196 
DiGi.Com Bhd  265,900   336,677 
Gamuda Bhd  270,400   340,989 
Kuala Lumpur Kepong Bhd  55,000   338,331 
Petronas Gas Bhd  58,900   332,129 
Total Malaysia       1,683,322 
Nigeria—2.4%
          
Nigerian Breweries PLC  713,938   383,838 

  
 Investments Shares Value
Oman—2.0%
          
Oman Telecommunications Co. SAOG  80,518  $318,852 
Qatar—1.9%
       
 
Gulf International Services QSC  31,093   309,957 
South Africa—10.3%
          
Bidvest Group, Ltd.  13,363   338,890 
Mondi, Ltd.  17,122   330,507 
MTN Group, Ltd.  34,950   321,270 
Sasol, Ltd.  10,624   318,937 
Woolworths Holdings, Ltd.  55,701   339,591 
Total South Africa       1,649,195 
Taiwan—11.9%
          
Delta Electronics, Inc.  73,604   324,750 
Far EasTone Telecommunications Co., Ltd.  142,722   319,732 
MediaTek, Inc.  41,349   317,338 
Nan Ya Plastics Corp.  154,566   324,654 
Pegatron Corp.  131,852   307,671 
Taiwan Semiconductor Manufacturing Co., Ltd.  65,229   328,334 
Total Taiwan       1,922,479 
Thailand—8.6%
          
Advanced Info Service PCL NVDR  66,500   344,031 
Intouch Holdings PCL NVDR  192,200   348,287 
Siam Cement PCL NVDR  24,800   328,505 
Thai Union Group PCL NVDR  572,400   340,056 
Total Thailand       1,360,879 
Turkey—6.3%
          
Enka Insaat ve Sanayi AS  188,643   326,945 
Eregli Demir ve Celik Fabrikalari TAS  233,869   352,170 
Tupras-Turkiye Petrol Rafinerileri AS*  11,710   330,003 
Total Turkey       1,009,118 
United Arab Emirates—2.1%
          
Emirates Telecommunications Group Co. PJSC  66,342   334,148 
TOTAL COMMON STOCKS
 
(Cost: $16,904,541)       16,067,456 
WARRANTS—0.1%
          
Malaysia—0.1%
          
Gamuda Bhd, expiring 3/06/21*          
(Cost: $3,248)  54,633   15,403 
TOTAL INVESTMENTS IN SECURITIES—100.4%
 
(Cost: $16,907,789)       16,082,859 
Liabilities in Excess of Other Assets—(0.4)%       (71,309
Net Assets—100.0%      $16,011,550 

 
* 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.

28   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

Schedule of Investments (concluded)
EGShares EM Quality Dividend ETF
 
March 31, 2016

  
Summary by Sector Value % of Net Assets
Consumer Discretionary $339,591   2.1
Consumer Staples  1,738,146   10.9 
Energy  1,638,205   10.2 
Financials  3,183,244   19.9 
Industrials  1,331,759   8.3 
Information Technology  1,939,745   12.1 
Materials  1,957,004   12.2 
Telecommunication Services  2,972,881   18.6 
Utilities  982,284   6.1 
Total Investments  16,082,859   100.4 
Liabilities in Excess of Other Assets  (71,309  (0.4
Net Assets $16,011,550   100.0

 
 

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

EGA Emerging Global Shares Trust   29


 
 

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares EM Strategic Opportunities ETF
(formerly known as EGShares Emerging Markets Domestic Demand ETF)

 
March 31, 2016

  
 Investments Shares Value
COMMON STOCKS—99.6%
          
Brazil—7.9%
          
Ambev SA ADR  135,216  $700,419 
BRF SA ADR  18,422   261,961 
Telefonica Brasil SA ADR  18,002   224,845 
Total Brazil       1,187,225 
Chile—1.1%
          
Enersis SA ADR  11,780   163,742 
China—25.1%
          
Belle International Holdings, Ltd.  187,884   108,759 
CGN Power Co., Ltd. Class H, 144A  302,770   102,660 
China Mengniu Dairy Co., Ltd.  82,069   130,565 
China Mobile, Ltd.  64,557   719,515 
China Resources Power Holdings Co., Ltd.  59,018   110,327 
China Telecom Corp., Ltd. Class H  522,150   276,001 
China Unicom Hong Kong, Ltd.  217,435   287,052 
Ctrip.com International, Ltd. ADR*  12,498   553,162 
Hengan International Group Co., Ltd.  23,901   207,378 
Huaneng Power International, Inc. Class H  125,817   112,572 
JD.com, Inc. ADR*  26,638   705,907 
Sinopharm Group Co. Class H  36,456   164,736 
Vipshop Holdings, Ltd. ADR*  11,364   146,368 
Want Want China Holdings, Ltd.  201,295   149,222 
Total China       3,774,224 
India—12.9%
          
Bharti Airtel, Ltd.  53,687   284,396 
Dr. Reddy's Laboratories, Ltd. ADR  2,547   115,099 
Hindustan Unilever, Ltd.  21,909   287,665 
ITC, Ltd.  59,325   294,061 
Lupin, Ltd.  6,798   151,851 
Mahindra & Mahindra, Ltd.  10,810   197,632 
Sun Pharmaceutical Industries, Ltd.  33,307   412,424 
Tata Motors, Ltd. ADR*  7,211   209,479 
Total India       1,952,607 
Indonesia—5.8%
          
PT Astra International Tbk  719,465   393,372 
PT Telekomunikasi Indonesia Persero Tbk ADR  9,393   477,634 
Total Indonesia       871,006 
Malaysia—3.1%
          
Axiata Group Bhd  116,600   176,028 
Tenaga Nasional Bhd  77,900   278,335 
Total Malaysia       454,363 
Mexico—14.9%
          
America Movil SAB de CV Class L ADR  48,353   750,922 
Fomento Economico Mexicano SAB de CV ADR  6,699   645,181 
Grupo Televisa SAB ADR  15,719   431,644 
Telesites SAB de CV*  57,936   33,908 
Wal-Mart de Mexico SAB de CV  161,169   385,577 
Total Mexico       2,247,232 
Netherlands—5.3%
          
Steinhoff International Holdings NV  120,003   790,202 

  
 Investments Shares Value
Philippines—0.8%
          
Philippine Long Distance Telephone Co., ADR  2,872  $124,386 

          
Magnit PJSC GDR  8,913   356,074 
Mobile TeleSystems PJSC ADR  19,967   161,533 
Total Russia       517,607 
South Africa—15.6%
          
Aspen Pharmacare Holdings, Ltd.*  8,724   189,913 
Mr Price Group, Ltd.  8,021   96,761 
MTN Group, Ltd.  58,508   537,822 
Naspers, Ltd. N Shares  5,613   786,537 
Netcare, Ltd.  44,361   108,882 
Shoprite Holdings, Ltd.  11,569   136,566 
Tiger Brands, Ltd.  5,464   120,822 
Vodacom Group, Ltd.  19,176   209,296 
Woolworths Holdings, Ltd.  28,265   172,323 
Total South Africa       2,358,922 
Thailand—2.6%
          
Advanced Info Service PCL  40,800   211,074 
CP ALL PCL NVDR  135,500   176,212 
Total Thailand       387,286 
Turkey—1.0%
          
BIM Birlesik Magazalar AS  6,888   149,346 
TOTAL INVESTMENTS IN SECURITIES—99.6%
(Cost: $16,424,618)       14,978,148 
Other Assets in Excess of Liabilities—0.4%       53,918 
Net Assets—100.0%      $15,032,066 

 
 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 March 31, 2016, the net value of these securities was $102,660, representing 0.68% 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 $4,592,146   30.5
Consumer Staples  4,001,049   26.6 
Health Care  1,142,905   7.6 
Telecommunication Services  4,474,412   29.8 
Utilities  767,636   5.1 
Total Investments  14,978,148   99.6 
Other Assets in Excess of Liabilities  53,918   0.4 
Net Assets $15,032,066   100.0

 
 

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

30   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares Emerging Markets Consumer ETF

 
March 31, 2016

 Investments Shares Value
COMMON STOCKS—99.9%
          
Brazil—12.4%
          
Ambev SA ADR  6,738,086  $34,903,285 
BRF SA ADR  1,333,869   18,967,617 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR  691,546   9,619,405 
Lojas Renner SA  2,058,692   12,076,808 
Total Brazil       75,567,115 
Chile—3.0%
          
S.A.C.I. Falabella  2,653,289   18,559,060 
China—15.9%
          
Belle International Holdings, Ltd.  17,046,568   9,867,672 
China Mengniu Dairy Co., Ltd.  8,580,450   13,650,754 
Ctrip.com International, Ltd. ADR*  653,029   28,903,063 
Hengan International Group Co., Ltd.  2,014,296   17,477,115 
Vipshop Holdings, Ltd. ADR*  1,031,626   13,287,343 
Want Want China Holdings, Ltd.  19,178,081   14,216,883 
Total China       97,402,830 
India—10.3%
          
Hindustan Unilever, Ltd.  1,600,177   21,010,290 
Maruti Suzuki India, Ltd.  310,724   17,437,330 
Tata Motors, Ltd. ADR*  837,902   24,341,053 
Total India       62,788,673 
Indonesia—3.8%
          
PT Astra International Tbk  42,904,370   23,458,272 
Malaysia—2.6%
          
Genting Bhd  6,400,662   16,077,531 
Mexico—15.6%
          
Fomento Economico Mexicano SAB de CV Series UBD  3,476,780   33,839,151 
Grupo Bimbo SAB de CV Series A*  4,185,500   12,472,669 
Grupo Televisa SAB Series CPO  4,446,440   24,686,949 
Wal-Mart de Mexico SAB de CV  10,456,371   25,015,607 
Total Mexico       96,014,376 
Netherlands—5.9%
          
Steinhoff International Holdings NV  5,469,379   36,015,050 

 Investments Shares Value
Philippines—2.8%
          
SM Investments Corp.  834,650  $17,211,427 
Russia—4.0%
       
 
Magnit PJSC GDR  612,828   24,482,479 
South Africa—18.9%
          
Mr Price Group, Ltd.  835,958   10,084,582 
Naspers, Ltd. N Shares  463,391   64,933,971 
Shoprite Holdings, Ltd.  1,164,244   13,743,272 
Tiger Brands, Ltd.  569,653   12,596,427 
Woolworths Holdings, Ltd.  2,343,524   14,287,721 
Total South Africa       115,645,973 
Thailand—4.7%
          
CP ALL PCL  11,847,683   15,407,376 
Thai Beverage PCL  24,978,800   13,262,915 
Total Thailand       28,670,291 
TOTAL INVESTMENTS IN SECURITIES—99.9%
(Cost: $677,049,143)       611,893,077 
Other Assets in Excess of Liabilities—0.1%       466,609 
Net Assets—100.0%      $612,359,686 

 
 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 $279,175,430   45.6
Consumer Services  308,376,594   50.3 
Industrials  24,341,053   4.0 
Total Investments  611,893,077   99.9 
Other Assets in Excess of Liabilities  466,609   0.1 
Net Assets $612,359,686   100.0

 
 

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

EGA Emerging Global Shares Trust   31


 
 

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares Emerging Markets Core ETF

 
March 31, 2016

 Investments Shares Value
COMMON STOCKS—99.7%
          
Brazil—7.2%
          
Ambev SA ADR  12,193  $63,160 
Banco Bradesco SA Preference Shares ADR  8,660   64,517 
BRF SA ADR  4,239   60,279 
Itau Unibanco Holding SA Preference Shares ADR  6,975   59,915 
Petroleo Brasileiro SA ADR*  12,065   70,460 
Vale SA ADR  16,171   68,080 
Total Brazil       386,411 
Chile—3.5%
          
Empresa Nacional de Electricidad SA ADR  1,443   60,043 
Enersis SA ADR  4,466   62,077 
S.A.C.I. Falabella  9,050   63,302 
Total Chile       185,422 
China—12.8%
          
AAC Technologies Holdings, Inc.  2,741   20,955 
Baidu, Inc. ADR*  121   23,097 
Bank of China, Ltd. Class H  42,648   17,705 
Belle International Holdings, Ltd.  27,566   15,957 
CGN Power Co., Ltd. Class H, 144A  62,495   21,190 
China Construction Bank Corp. Class H  27,743   17,705 
China Everbright International, Ltd.  16,866   18,830 
China Life Insurance Co., Ltd. ADR  1,653   20,315 
China Merchants Holdings International Co., Ltd.  6,074   18,050 
China Mobile, Ltd. ADR  335   18,576 
China Overseas Land & Investment, Ltd.  5,533   17,512 
China Pacific Insurance Group Co., Ltd. Class H  5,704   21,326 
China Railway Signal & Communication Corp., Ltd. Class H, 144A*  32,662   18,275 
China Resources Land, Ltd.  6,790   17,420 
China Resources Power Holdings Co., Ltd.  9,539   17,832 
China Unicom Hong Kong, Ltd. ADR  1,634   21,504 
CITIC, Ltd.  12,127   18,449 
CNOOC, Ltd.  17,454   20,612 
Ctrip.com International, Ltd. ADR*  508   22,484 
Haitong Securities Co., Ltd. Class H  11,123   19,015 
Hengan International Group Co., Ltd.  2,388   20,720 
Industrial and Commercial Bank of China, Ltd. Class H  33,505   18,747 
JD.com, Inc. ADR*  750   19,875 
Lenovo Group, Ltd.  22,275   17,345 
NetEase, Inc. ADR  159   22,829 
New Oriental Education & Technology Group, Inc. ADR  608   21,031 
PICC Property & Casualty Co., Ltd. Class H  10,352   18,978 
Ping An Insurance Group Co. of China, Ltd. Class H  3,854   18,434 
Semiconductor Manufacturing International Corp.*  216,984   19,302 
Shunfeng International Clean Energy, Ltd.*  87,204   17,089 
Sinopharm Group Co. Class H  4,513   20,393 
Tencent Holdings, Ltd.  992   20,258 
Want Want China Holdings, Ltd.  25,312   18,764 
Xinyi Solar Holdings, Ltd.  54,217   19,292 
ZTE Corp. Class H#§  8,647   15,914 
Total China       675,780 

 Investments Shares Value
Czech Republic—1.3%
          
CEZ AS  3,906  $69,000 
Hong Kong—1.5%
          
Alibaba Pictures Group, Ltd.*  79,196   18,072 
China Overseas Property Holdings, Ltd.*  158,646   23,112 
GCL-Poly Energy Holdings, Ltd.  119,076   19,650 
Haier Electronics Group Co., Ltd.  11,354   19,790 
Hanergy Thin Film Power Group, Ltd.#*§  60,421   604 
Total Hong Kong       81,228 
India—14.5%
          
Adani Ports and Special Economic Zone, Ltd.  13,931   52,108 
Dr. Reddy’s Laboratories, Ltd.  928   42,533 
Hindustan Unilever, Ltd.  3,734   49,027 
Housing Development Finance Corp., Ltd.  2,715   45,328 
Infosys, Ltd. ADR  2,600   49,452 
ITC, Ltd.  9,687   48,016 
Larsen & Toubro, Ltd.  2,616   48,063 
Lupin, Ltd.  1,771   39,560 
Mahindra & Mahindra, Ltd.  2,585   47,260 
Maruti Suzuki India, Ltd.  890   49,945 
Reliance Industries, Ltd.  3,020   47,665 
Sun Pharmaceutical Industries, Ltd.  3,583   44,367 
Tata Consultancy Services, Ltd.  1,340   50,998 
Tata Motors, Ltd. ADR*  1,837   53,365 
Wipro, Ltd.  5,803   49,445 
Zee Entertainment Enterprises, Ltd.  8,034   46,944 
Total India       764,076 
Indonesia—4.6%
          
PT Astra International Tbk  118,820   64,966 
PT Telekomunikasi Indonesia Persero Tbk ADR  2,364   120,209 
PT Unilever Indonesia Tbk  18,024   58,347 
Total Indonesia       243,522 
Malaysia—6.4%
          
Genting Bhd  29,600   74,351 
Genting Malaysia Bhd  56,500   65,747 
IHH Healthcare Bhd  39,200   65,911 
Sime Darby Bhd  31,600   64,391 
Tenaga Nasional Bhd  18,800   67,172 
Total Malaysia       337,572 
Mexico—13.4%
          
Alfa SAB de CV Class A  33,745   68,306 
America Movil SAB de CV Class L ADR  4,180   64,915 
Cemex SAB de CV Series CPO*  101,609   74,408 
Fibra Uno Administracion SA de CV  27,785   65,111 
Fomento Economico Mexicano SAB de CV ADR  651   62,698 
Grupo Aeroportuario del Sureste SAB de CV Class B  4,278   64,962 
Grupo Mexico SAB de CV Series B  26,923   65,431 
Grupo Televisa SAB ADR  2,250   61,785 
Kimberly-Clark de Mexico SAB de CV Class A  26,549   64,398 
Telesites SAB de CV*  106,447   62,299 
Wal-Mart de Mexico SAB de CV  24,775   59,271 
Total Mexico       713,584 

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

32   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†  (concluded)
EGShares Emerging Markets Core ETF

 
March 31, 2016

  
 Investments Shares Value
Netherlands—1.2%
          
Steinhoff International Holdings NV  9,339  $61,496 
Peru—1.3%
          
Southern Copper Corp.  2,406   66,670 
Philippines—4.8%
          
Ayala Land, Inc.  79,500   60,862 
Jollibee Foods Corp.  12,330   60,786 
SM Investments Corp.  3,090   63,719 
SM Prime Holdings, Inc.  132,400   63,116 
Total Philippines       248,483 
Poland—2.5%
          
LPP SA  45   66,498 
Powszechny Zaklad Ubezpieczen SA  6,783   64,880 
Total Poland       131,378 
Russia—4.7%
          
Gazprom PAO ADR  14,734   63,548 
Lukoil PJSC ADR  1,584   60,849 
Magnit PJSC GDR  1,625   64,919 
MMC Norilsk Nickel PJSC ADR  4,533   58,521 
Total Russia       247,837 
South Africa—14.2%
          
Aspen Pharmacare Holdings, Ltd.*  2,531   55,098 
Bidvest Group, Ltd.  2,333   59,166 
FirstRand, Ltd.  18,682   61,439 
Life Healthcare Group Holdings, Ltd.  22,670   54,995 
MTN Group, Ltd.  5,616   51,624 
Naspers, Ltd. N Shares  434   60,816 
Netcare, Ltd.  24,628   60,448 
Remgro, Ltd.  3,331   56,660 
Sanlam, Ltd.  13,537   63,037 
Sasol, Ltd. ADR  1,743   51,488 
Shoprite Holdings, Ltd.  4,898   57,818 
Tiger Brands, Ltd.  2,439   53,932 
Woolworths Holdings, Ltd.  9,255   56,425 
Total South Africa       742,946 
Thailand—2.2%
          
CP ALL PCL NVDR  44,500   57,870 
Siam Cement PCL NVDR  4,400   58,283 
Total Thailand       116,153 
Turkey—1.2%
          
Haci Omer Sabanci Holding AS*  18,753   64,870 

  
 Investments Shares Value
United Arab Emirates—2.4%
          
DP World, Ltd.  3,287  $61,763 
Emaar Properties PJSC  36,704   60,157 
Total United Arab Emirates       121,920 
TOTAL INVESTMENTS IN SECURITIES—99.7%
(Cost: $5,584,724)       5,258,348 
Other Assets in Excess of Liabilities—0.3%       16,513 
Net Assets—100.0%      $ 5,274,861 

 
 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 March 31, 2016, the net value of these securities was $39,465, representing 0.75% 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 $950,895   18.0
Consumer Staples  739,219   14.0 
Energy  314,622   6.0 
Financials  940,161   17.8 
Health Care  383,305   7.3 
Industrials  537,807   10.2 
Information Technology  364,505   6.9 
Materials  391,393   7.4 
Telecommunication Services  339,127   6.4 
Utilities  297,314   5.7 
Total Investments  5,258,348   99.7 
Other Assets in Excess of Liabilities  16,513   0.3 
Net Assets $5,274,861   100.0

 
 

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

EGA Emerging Global Shares Trust   33


 
 

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares India Consumer ETF

 
March 31, 2016

  
 Investments Shares Value
COMMON STOCKS—99.7%
          
Consumer Goods—81.1%
          
Aditya Birla Fashion and Retail, Ltd.*  178,814  $394,634 
Bajaj Auto, Ltd.  95,800   3,480,539 
Bosch, Ltd.  12,239   3,841,315 
Colgate-Palmolive India, Ltd.  203,000   2,546,907 
Dabur India, Ltd.  842,508   3,179,323 
Emami, Ltd.  85,655   1,205,877 
Exide Industries, Ltd.  560,718   1,179,902 
GlaxoSmithKline Consumer Healthcare, Ltd.  17,650   1,608,949 
Godrej Consumer Products, Ltd.  171,283   3,571,408 
Hero MotoCorp, Ltd.  79,271   3,526,122 
Hindustan Unilever, Ltd.  261,985   3,439,857 
ITC, Ltd.  686,535   3,402,999 
Marico, Ltd.  703,302   2,594,536 
Maruti Suzuki India, Ltd.  60,768   3,410,202 
Motherson Sumi Systems, Ltd.  671,815   2,703,086 
MRF, Ltd.  3,807   2,201,604 
Nestle India, Ltd.  42,705   3,712,751 
Page Industries, Ltd.  5,804   1,061,973 
Procter & Gamble Hygiene & Health Care, Ltd.  14,332   1,360,049 
Rajesh Exports, Ltd.  80,947   759,201 
Titan Co., Ltd.  491,000   2,514,223 
TVS Motor Co., Ltd.  289,892   1,413,072 
United Breweries, Ltd.  97,045   1,212,431 
United Spirits, Ltd.*  85,202   3,215,733 
Welspun India, Ltd.  398,830   595,934 
Total Consumer Goods       58,132,627 

  
 Investments Shares Value
Consumer Services—5.5%
          
Sun TV Network, Ltd.  117,058  $667,198 
Zee Entertainment Enterprises, Ltd.  560,039   3,272,409 
Total Consumer Services       3,939,607 
Industrials—13.1%
          
Bharat Forge, Ltd.  184,521   2,432,788 
Mahindra & Mahindra, Ltd.  182,475   3,336,064 
Tata Motors, Ltd.*  623,661   3,640,867 
Total Industrials       9,409,719 
TOTAL INVESTMENTS IN SECURITIES—99.7%
 
(Cost: $71,402,970)       71,481,953 
Other Assets in Excess of Liabilities—0.3%       197,227 
Net Assets—100.0%      $71,679,180 

 
 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.

34   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares India Infrastructure ETF

 
March 31, 2016

  
 Investments Shares Value
COMMON STOCKS—99.5%
          
Basic Materials—9.0%
          
NMDC, Ltd.  835,899  $1,237,013 
Steel Authority of India, Ltd.  1,091,992   710,708 
Vedanta, Ltd.  1,219,649   1,654,807 
Total Basic Materials       3,602,528 
Consumer Goods—5.9%
          
Aditya Birla Nuvo, Ltd.  58,837   730,859 
Cummins India, Ltd.  126,941   1,613,635 
Total Consumer Goods       2,344,494 
Consumer Services—1.3%
          
Dish TV India, Ltd.*  401,761   525,995 
Industrials—45.4%
          
Adani Ports and Special Economic Zone, Ltd.  413,638   1,547,180 
Amara Raja Batteries, Ltd.  83,337   1,104,406 
Ambuja Cements, Ltd.  670,889   2,355,925 
Bharat Heavy Electricals, Ltd.  572,325   983,944 
Eicher Motors, Ltd.  7,343   2,126,817 
Gujarat Pipavav Port, Ltd.*  274,177   730,752 
Havells India, Ltd.  216,526   1,050,710 
Larsen & Toubro, Ltd.  83,932   1,542,075 
National Buildings Construction Corp., Ltd.  12,516   178,217 
Shree Cement, Ltd.  8,420   1,579,231 
Siemens, Ltd.  93,596   1,554,268 
UltraTech Cement, Ltd.  48,687   2,373,788 
Voltas, Ltd.  235,229   987,839 
Total Industrials       18,115,152 
Oil & Gas—6.0%
          
GAIL India, Ltd.  448,384   2,413,138 

  
 Investments Shares Value
Telecommunications—15.4%
          
Bharti Airtel, Ltd.  383,131  $2,029,557 
Bharti Infratel, Ltd.  368,690   2,126,485 
Idea Cellular, Ltd.  937,677   1,560,376 
Tata Communications, Ltd.  74,546   425,061 
Total Telecommunications       6,141,479 
Utilities—16.5%
          
CESC, Ltd.  63,918   456,250 
JSW Energy, Ltd.  299,201   314,235 
NTPC, Ltd.  1,170,783   2,278,008 
Reliance Infrastructure, Ltd.  142,838   1,150,943 
Reliance Power, Ltd.  717,456   535,201 
Tata Power Co., Ltd.  1,908,861   1,863,534 
Total Utilities       6,598,171 
TOTAL INVESTMENTS IN SECURITIES—99.5%
 
(Cost: $41,409,533)       39,740,957 
Other Assets in Excess of Liabilities—0.5%       197,291 
Net Assets—100.0%      $39,938,248 

 
 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   35


 
 

TABLE OF CONTENTS

Schedule of Investments (Consolidated)†
EGShares India Small Cap ETF

 
March 31, 2016

  
 Investments Shares Value
COMMON STOCKS—99.9%
          
Basic Materials—5.2%
          
Jindal Steel & Power, Ltd.*  267,666  $243,526 
Jubilant Life Sciences, Ltd.  49,591   312,160 
Nagarjuna Fertilizers & Chemicals, Ltd.#*§  640,624   8,794 
SRF, Ltd.  21,790   430,535 
Total Basic Materials       995,015 
Consumer Goods—16.1%
          
Apollo Tyres, Ltd.  236,529   624,696 
Arvind, Ltd.  103,207   426,013 
Balrampur Chini Mills, Ltd.*  98,764   160,847 
Bata India, Ltd.  46,848   359,801 
Ceat, Ltd.  13,071   214,483 
Coffee Day Enterprises Ltd., 144A*  27,343   93,087 
Delta Corp., Ltd.  81,598   81,324 
Godfrey Phillips India, Ltd.  11,111   199,401 
JK Tyre & Industries, Ltd.  70,221   89,284 
Kaveri Seed Co., Ltd.  19,714   112,409 
PC Jeweller, Ltd.  22,272   122,269 
Tata Global Beverages, Ltd.  316,758   579,968 
Total Consumer Goods       3,063,582 
Consumer Services—5.9%
          
Cox & Kings, Ltd.  64,732   176,389 
Jet Airways India, Ltd.*  21,892   180,928 
Jubilant Foodworks, Ltd.  25,861   498,631 
TV18 Broadcast, Ltd.*  432,916   263,453 
Total Consumer Services       1,119,401 
Financials—21.4%
          
Allahabad Bank  179,151   148,385 
Andhra Bank  187,274   147,760 
Bank of India  187,928   275,411 
DCB Bank, Ltd.*  156,560   187,359 
Dewan Housing Finance Corp., Ltd.  104,335   309,354 
Federal Bank, Ltd.  1,172,500   822,419 
Housing Development & Infrastructure, Ltd.*  204,412   225,795 
IFCI, Ltd.  590,958   220,418 
Indiabulls Real Estate, Ltd.*  139,412   118,313 
Karnataka Bank, Ltd. (The)  144,188   223,503 
Manappuram Finance, Ltd.  296,873   156,904 
Oriental Bank of Commerce  91,896   127,181 
SKS Microfinance, Ltd.*  84,647   697,717 
Syndicate Bank  162,605   166,110 
UCO Bank  227,127   133,075 
Unitech, Ltd.*  1,441,034   107,714 
Total Financials       4,067,418 
Health Care—6.8%
          
Dishman Pharmaceuticals & Chemicals, Ltd.  23,382   118,229 
Fortis Healthcare, Ltd.*  73,894   195,831 
Granules India, Ltd.  84,850   153,690 
Ipca Laboratories, Ltd.  43,508   382,471 
Marksans Pharma, Ltd.  165,533   115,734 
Sun Pharma Advanced Research Co., Ltd.*  49,512   214,579 
Suven Life Sciences, Ltd.  38,619   112,348 
Total Health Care       1,292,882 

  
 Investments Shares Value
Industrials—25.3%
          
Adani Enterprises, Ltd.  178,161  $198,547 
BEML, Ltd.  15,273   240,803 
Century Textiles & Industries, Ltd.  33,211   265,648 
Crompton Greaves, Ltd.*  920,727   679,188 
Engineers India, Ltd.  82,121   210,937 
Escorts, Ltd.  44,107   92,746 
Gujarat Pipavav Port, Ltd.*  192,000   511,729 
Hindustan Construction Co., Ltd.*  360,387   106,120 
India Cements, Ltd.*  134,301   174,917 
IRB Infrastructure Developers, Ltd.  115,039   404,237 
Jain Irrigation Systems, Ltd.  232,510   211,716 
Jaiprakash Associates, Ltd.*  1,160,830   134,975 
NCC, Ltd.  237,485   271,832 
NIIT, Ltd.*  77,242   92,087 
Reliance Defence and Engineering, Ltd.*  99,726   102,252 
Sintex Industries, Ltd.  244,417   284,195 
Voltas, Ltd.  174,786   734,010 
VRL Logistics, Ltd.  16,202   90,231 
Total Industrials       4,806,170 
Oil & Gas—3.5%
          
Chennai Petroleum Corp., Ltd.*  36,941   111,120 
Suzlon Energy, Ltd.*  2,120,587   454,715 
Tide Water Oil Co. India, Ltd.  1,081   106,892 
Total Oil & Gas       672,727 
Technology—9.0%
          
Hexaware Technologies, Ltd.  69,510   282,512 
Himachal Futuristic Communications, Ltd.*  430,125   105,221 
Intellect Design Arena, Ltd.*  46,169   157,458 
Just Dial, Ltd.  18,880   218,500 
KPIT Technologies, Ltd.  96,356   215,127 
NIIT Technologies, Ltd.  31,648   237,375 
Polaris Consulting & Services, Ltd.  37,698   107,619 
Tata Elxsi, Ltd.  13,685   389,301 
Total Technology       1,713,113 
Utilities—6.7%
          
Adani Power, Ltd.*  819,978   426,566 
CESC, Ltd.  45,451   324,432 
GMR Infrastructure, Ltd.*  1,877,302   328,841 
PTC India, Ltd.  198,690   192,022 
Total Utilities       1,271,861 
TOTAL INVESTMENTS IN SECURITIES—99.9%
 
(Cost: $21,473,429)       19,002,169 
Other Assets in Excess of Liabilities—0.1%       24,830 
Net Assets—100.0%      $19,026,999 

 
 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 security was 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 security is deemed to be liquid. At March 31, 2016, the net value of this security was $93,087, representing 0.49% of net assets.

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

36   EGA Emerging Global Shares Trust


 
 

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EGA Emerging Global Shares Trust   37


 
 

TABLE OF CONTENTS

Statements of Assets and Liabilities
EGA Emerging Global Shares Trust

 

March 31, 2016

  EGShares
Beyond BRICs ETF
 EGShares
EM Core ex-China ETF
 EGShares
EM Quality Dividend ETF
ASSETS:
               
Cost of Investments: $109,029,815  $978,339  $16,907,789 
Investments at value  90,423,467   1,051,841   16,082,859 
Cash  919,661   4,809   146,518 
Foreign cash*  1,589,840      69,093 
Receivables:
               
Capital shares sold  958,318      2,611 
Dividends and interest  740,835   5,336   65,312 
Foreign tax reclaims  4,420       
Investment securities sold  118,484      815,128 
Total Assets  94,755,025   1,061,986   17,181,521 
LIABILITIES:
               
Payables:
               
Accrued investment advisory fees  45,282   299   12,072 
Capital shares payable  10,104      1,018,317 
Due to custodian         
Income payable        117,531 
Investment securities purchased  2,457,345      22,051 
Total Liabilities  2,512,731   299   1,169,971 
NET ASSETS $92,242,294  $1,061,687  $16,011,550 
NET ASSETS:
               
Paid-in capital $164,463,655  $1,003,164  $44,851,963 
Undistributed (accumulated) net investment income (loss)  971,474   2,891   (1,984
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions  (54,594,510  (18,043  (28,019,101
Net unrealized appreciation (depreciation) on investments and on foreign currency translations  (18,598,325  73,675   (819,328
NET ASSETS $92,242,294  $1,061,687  $16,011,550 
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)  5,850,000   50,000   1,250,000 
Net asset value per share $15.77  $21.23  $12.81 
    * Cost of foreign cash: $1,594,050  $  $70,116 

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

38   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

Statements of Assets and Liabilities
EGA Emerging Global Shares Trust

 

March 31, 2016

    EGShares
EM Strategic
Opportunities ETF1
(Consolidated)
 EGShares
Emerging Markets
Consumer ETF
(Consolidated)
 EGShares
Emerging Markets
Core ETF
(Consolidated)
 EGShares
India Consumer ETF
(Consolidated)
 EGShares
India
Infrastructure ETF
(Consolidated)
 EGShares
India
Small Cap ETF
(Consolidated)
ASSETS:
                                   
Cost of Investments:    $16,424,618  $677,049,143  $5,584,724  $71,402,970  $41,409,533  $21,473,429 
Investments at value       14,978,148   611,893,077   5,258,348   71,481,953   39,740,957   19,002,169 
Cash       8,747   756,482   14,133   119,391   169,752   13,703 
Foreign cash*          502   246   128,192   24,111   24,405 
Receivables:
                                   
Capital shares sold          121,107             
Dividends and interest       46,710   130,710   5,143   1,100   30,778    
Foreign tax reclaims                       
Investment securities sold      6,753                
Total Assets      15,040,358   612,901,878   5,277,870   71,730,636   39,965,598   19,040,277 
LIABILITIES:
                                   
Payables:
                                   
Accrued investment advisory fees       8,139   421,085   3,009   51,456   27,350   13,278 
Capital shares payable                       
Due to custodian       153                
Income payable                       
Investment securities purchased         121,107             
Total Liabilities      8,292   542,192   3,009   51,456   27,350   13,278 
NET ASSETS     $15,032,066  $612,359,686  $5,274,861  $71,679,180  $39,938,248  $19,026,999 
NET ASSETS:
                                   
Paid-in capital      $19,336,972  $803,266,737  $6,174,443  $81,250,914  $102,591,859  $36,359,840 
Undistributed (accumulated) net investment income (loss)       50,630   (309,437  4,780   73,483   1,014,477   98,180 
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions       (2,910,518  (125,451,260  (578,190  (9,724,768  (61,999,999  (14,960,106
Net unrealized appreciation (depreciation) on investments and on foreign currency translations      (1,445,018  (65,146,354  (326,172  79,551   (1,668,089  (2,470,915
NET ASSETS     $15,032,066  $612,359,686  $5,274,861  $71,679,180  $39,938,248  $19,026,999 
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)      800,000   27,100,000   300,000   2,300,000   3,900,000   1,400,000 
Net asset value per share     $18.79  $22.60  $17.58  $31.16  $10.24  $13.59 
    * Cost of foreign cash:      $(148 $483  $245  $127,628  $24,073  $24,060 
1Formerly known as EGShares Emerging Markets Domestic Demand ETF.

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

EGA Emerging Global Shares Trust   39


 
 

TABLE OF CONTENTS

Statements of Operations
EGA Emerging Global Shares Trust

 

Year Ended March 31, 2016

   
 EGShares
Beyond BRICs ETF
 EGShares
EM Core ex-China ETF1
 EGShares
EM Quality Dividend ETF
(Consolidated)
INVESTMENT INCOME:
               
Dividend income* $5,876,264  $20,124  $748,606 
Interest income  155      298 
Total investment income  5,876,419   20,124   748,904 
EXPENSES:
               
Investment advisory fees  1,758,574   6,208   170,819 
Mauritius taxes paid         
Excise tax         
Total expenses before waivers  1,758,574   6,208   170,819 
Less: waivers of expenses from Advisor  (558,606  (3,104   
Net expenses  1,199,968   3,104   170,819 
Net investment income (loss)  4,676,451   17,020   578,085 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS:
               
Net realized gain (loss) on:
               
Investments  (50,056,436  (17,198  (2,242,752
In-Kind redemptions  (18,676,963  (20,585  76,690 
Foreign currency transactions  (389,804  10,698   7,134 
Net realized gain (loss)  (69,123,203  (27,085  (2,158,928
Change in unrealized appreciation (depreciation) on:
               
Investments  8,067,272   73,502   (306,709
Foreign currency translations  6,087   173   5,689 
Net change in unrealized appreciation (depreciation)  8,073,359   73,675   (301,020
Net realized and unrealized gain (loss) on investments and foreign currency translations  (61,049,844  46,590   (2,459,948
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $(56,373,393)  $63,610  $(1,881,863) 

*

Net of foreign taxes withheld of:

 $530,947  $1,899  $92,058 
1Represents the period September 2, 2015 (commencement of operations) to March 31, 2016.

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

40   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

Statements of Operations
EGA Emerging Global Shares Trust

 

Year Ended March 31, 2016

  EGShares
EM Strategic
Opportunities ETF2
(Consolidated)
 EGShares
Emerging Markets
Consumer ETF
(Consolidated)
 EGShares
Emerging Markets
Core ETF
(Consolidated)
 EGShares
India Consumer ETF
(Consolidated)
 EGShares
India
Infrastructure ETF
(Consolidated)
 EGShares
India
Small Cap ETF
(Consolidated)
INVESTMENT INCOME:
                                 
Dividend income*    $676,536  $13,772,787  $123,176  $789,654  $1,598,751  $291,001 
Interest income    38   6   5          
Total investment income    676,574   13,772,793   123,181   789,654   1,598,751   291,001 
EXPENSES:
                                 
Investment advisory fees     242,273   6,824,510   36,566   691,138   381,932   196,774 
Mauritius taxes paid        21,852         12,720   1,998 
Excise tax    872      14          
Total expenses before waivers   243,145   6,846,362   36,580   691,138   394,652   198,772 
Less: waivers of expenses from Advisor    (2,482               
Net expenses    240,663   6,846,362   36,580   691,138   394,652   198,772 
Net investment income (loss)    435,911   6,926,431   86,601   98,516   1,204,099   92,229 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS:
                                 
Net realized gain (loss) on:
                                 
Investments     (2,828,513  (94,420,468  (576,486  (8,375,262  (8,569,326  (5,124,869
In-Kind redemptions     (677,135  20,074,471             
Foreign currency transactions    (23,393  (823,973  (3,727  144,825   (25,435  91,355 
Net realized gain (loss)    (3,529,041  (75,169,970  (580,213  (8,230,437  (8,594,761  (5,033,514
Change in unrealized appreciation (depreciation) on:
                                 
Investments     (3,487,236  (76,782,229  (227,838  (4,436,679  (4,228,945  (1,213,923
Foreign currency translations    805   8,827   179   554   829   321 
Net change in unrealized appreciation (depreciation)    (3,486,431  (76,773,402  (227,659  (4,436,125  (4,228,116  (1,213,602
Net realized and unrealized gain (loss) on investments and foreign currency translations    (7,015,472  (151,943,372  (807,872  (12,666,562  (12,822,877  (6,247,116
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $(6,579,561)  $(145,016,941)  $(721,271)  $(12,568,046)  $(11,618,778)  $(6,154,887) 

*

Net of foreign taxes withheld of:

    $61,054  $893,823  $13,038  $  $  $ 
2Formerly known as EGShares Emerging Markets Domestic Demand ETF.

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

EGA Emerging Global Shares Trust   41


 
 

TABLE OF CONTENTS

Statements of Changes in Net Assets
EGA Emerging Global Shares Trust

 

March 31, 2016

  EGShares
Beyond BRICs ETF
 EGShares
EM Core
ex-China ETF
   For the
Year Ended
March 31, 2016
 For the
Year Ended
March 31, 2015
 For the Period
September 2, 20152
Through
March 31, 2016
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
               
Net investment income (loss) $4,676,451  $6,756,932  $17,020 
Net realized gain (loss) on investments and foreign currency transactions  (69,123,203  (3,814,732  (27,085
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations  8,073,359   (28,062,462  73,675 
Net increase (decrease) in net assets resulting from operations  (56,373,393  (25,120,262  63,610 
DISTRIBUTIONS TO SHAREHOLDERS:
               
Net investment income  (6,442,630  (3,616,691  (25,672
Net realized gain     (268,047   
Total distributions  (6,442,630  (3,884,738  (25,672
CAPITAL SHARE TRANSACTIONS:
               
Proceeds from sale of shares  9,095,023   302,924,221   2,003,012 
Cost of shares redeemed  (155,077,249  (22,263,815  (979,263
Transaction fees         
Net increase (decrease) in net assets resulting from capital share transactions  (145,982,226  280,660,406   1,023,749 
Net Increase (Decrease) in Net Assets  (208,798,249)   251,655,406   1,061,687 
NET ASSETS:
               
Beginning of year  301,040,543   49,385,137    
End of year $92,242,294  $301,040,543  $1,061,687 
Undistributed (accumulated) net investment income (loss) included in net assets at end of year $971,474  $3,120,587  $2,891 
SHARES CREATED AND REDEEMED:
               
Shares outstanding, beginning of year  15,150,000   2,350,000    
Shares sold  500,000   13,900,000   100,000 
Shares redeemed  (9,800,000  (1,100,000  (50,000
Shares outstanding, end of year  5,850,000   15,150,000   50,000 
2Commencement of operations.

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

42   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

Statements of Changes in Net Assets
EGA Emerging Global Shares Trust

 

March 31, 2016

      EGShares
EM Quality Dividend ETF
(Consolidated)
 EGShares
EM Strategic Opportunities ETF1
(Consolidated)
 EGShares
Emerging Markets Consumer ETF
(Consolidated)
    For the
Year Ended
March 31, 2016
 For the
Year Ended
March 31, 2015
 For the
Year Ended
March 31, 2016
 For the
Year Ended
March 31, 2015
 For the
Year Ended
March 31, 2016
 For the
Year Ended
March 31, 2015
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
                                 
Net investment income (loss)    $578,085  $2,050,923  $435,911  $404,702  $6,926,431  $11,492,262 
Net realized gain (loss) on investments and foreign currency transactions     (2,158,928  (4,335,717  (3,529,041  495,319   (75,169,970  505,015 
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations     (301,020  (405,793  (3,486,431  426,814   (76,773,402  (9,075,548
Net increase (decrease) in net assets resulting from operations     (1,881,863  (2,690,587  (6,579,561  1,326,835   (145,016,941  2,921,729 
DISTRIBUTIONS TO SHAREHOLDERS:
                                 
Net investment income     (552,553  (1,527,013  (428,513  (359,762  (6,520,768  (13,864,995
Net realized gain                     
Total distributions     (552,553  (1,527,013  (428,513  (359,762  (6,520,768  (13,864,995
CAPITAL SHARE TRANSACTIONS:
                                 
Proceeds from sale of shares           6,892,494   15,039,089   73,668,244   50,665,900 
Cost of shares redeemed     (6,487,251  (28,180,390  (20,647,452  (3,636,676  (454,930,424  (128,249,725
Transaction fees     (1,532  (2,407  (3,177  (85  1,341   2,754 
Net increase (decrease) in net assets resulting from capital share transactions     (6,488,783  (28,182,797  (13,758,135  11,402,328   (381,260,839  (77,581,071
Net Increase (Decrease) in Net Assets     (8,923,199)   (32,400,397)   (20,766,209)   12,369,401   (532,798,548)   (88,524,337) 
NET ASSETS:
                                 
Beginning of year     24,934,749   57,335,146   35,798,275   23,428,874   1,145,158,234   1,233,682,571 
End of year    $16,011,550  $24,934,749  $15,032,066  $35,798,275  $612,359,686  $1,145,158,234 
Undistributed (accumulated) net investment income (loss) included in net assets at end of year    $(1,984 $(34,650 $50,630  $65,753  $(309,437 $92,937 
SHARES CREATED AND REDEEMED:
                                 
Shares outstanding, beginning of year     1,750,000   3,550,000   1,550,000   1,050,000   43,300,000   46,500,000 
Shares sold           350,000   650,000   3,100,000   1,800,000 
Shares redeemed     (500,000  (1,800,000  (1,100,000  (150,000  (19,300,000  (5,000,000
Shares outstanding, end of year     1,250,000   1,750,000   800,000   1,550,000   27,100,000   43,300,000 
1Formerly known as EGShares Emerging Markets Domestic Demand ETF.

  

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

EGA Emerging Global Shares Trust   43


 
 

TABLE OF CONTENTS

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

 

March 31, 2016

  
  EGShares
Emerging Markets Core ETF
(Consolidated)
   For the
Year Ended
March 31, 2016
 For the
Year Ended
March 31, 2015
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
          
Net investment income (loss) $86,601  $78,151 
Net realized gain (loss) on investments and foreign currency transactions  (580,213  63,286 
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations  (227,659  (115,273
Net increase (decrease) in net assets resulting from operations  (721,271  26,164 
DISTRIBUTIONS TO SHAREHOLDERS:
          
Net investment income  (77,847  (83,068
Total distributions  (77,847  (83,068
CAPITAL SHARE TRANSACTIONS:
          
Proceeds from sale of shares  1,008,047   1,038,203 
Cost of shares redeemed      
Transaction fees  (2,171  (1,124
Net increase (decrease) in net assets resulting from capital share transactions  1,005,876   1,037,079 
Net Increase (Decrease) in Net Assets  206,758   980,175 
NET ASSETS:
          
Beginning of year  5,068,103   4,087,928 
End of year $5,274,861  $5,068,103 
Undistributed (accumulated) net investment income (loss) included in net assets at end of year $4,780  $(512
SHARES CREATED AND REDEEMED:
          
Shares outstanding, beginning of year  250,000   200,000 
Shares sold  50,000   50,000 
Shares redeemed      
Shares outstanding, end of year  300,000   250,000 

  

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

44   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

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

 

March 31, 2016

   EGShares
India Consumer ETF
(Consolidated)
 EGShares
India Infrastructure ETF
(Consolidated)
 EGShares
India Small Cap ETF
(Consolidated)
    For the
Year Ended
March 31, 2016
 For the
Year Ended
March 31, 2015
 For the
Year Ended
March 31, 2016
 For the
Year Ended
March 31, 2015
 For the
Year Ended
March 31, 2016
 For the
Year Ended
March 31, 2015
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
                               
Net investment income (loss)  $98,516  $(76,607 $1,204,099  $416,417  $92,229  $90,740 
Net realized gain (loss) on investments and foreign currency transactions   (8,230,437  (845,880  (8,594,761  (1,106,836  (5,033,514  7,422,791 
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations   (4,436,125  3,634,932   (4,228,116  (246,152  (1,213,602  (1,261,182
Net increase (decrease) in net assets resulting from operations   (12,568,046  2,712,445   (11,618,778  (936,571  (6,154,887  6,252,349 
DISTRIBUTIONS TO SHAREHOLDERS:
                               
Net investment income      (20,840  (369,715  (128,789  (132,552  (133,287
Total distributions      (20,840  (369,715  (128,789  (132,552  (133,287
CAPITAL SHARE TRANSACTIONS:
                               
Proceeds from sale of shares   18,805,894   81,076,838   15,149,937   46,724,009      12,647,997 
Cost of shares redeemed   (23,265,499     (10,954,836  (15,511,583  (3,528,774  (6,475,034
Transaction fees   (3,264  (3,047  (3,988  2,097   (6,360  (2,581
Net increase (decrease) in net assets resulting from capital share transactions   (4,462,869  81,073,791   4,191,113   31,214,523   (3,535,134  6,170,382 
Net Increase (Decrease) in Net Assets   (17,030,915)   83,765,396   (7,797,380)   30,149,163   (9,822,573)   12,289,444 
NET ASSETS:
                               
Beginning of year   88,710,095   4,944,699   47,735,628   17,586,465   28,849,572   16,560,128 
End of year  $71,679,180  $88,710,095  $39,938,248  $47,735,628  $19,026,999  $28,849,572 
Undistributed (accumulated) net investment income (loss) included in net assets at end of year  $73,483  $(169,858 $1,014,477  $205,528  $98,180  $47,148 
SHARES CREATED AND REDEEMED:
                               
Shares outstanding, beginning of year   2,500,000   200,000   3,650,000   1,550,000   1,650,000   1,300,000 
Shares sold   550,000   2,300,000   1,250,000   3,250,000      750,000 
Shares redeemed   (750,000     (1,000,000  (1,150,000  (250,000  (400,000
Shares outstanding, end of year   2,300,000   2,500,000   3,900,000   3,650,000   1,400,000   1,650,000 

  

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

EGA Emerging Global Shares Trust   45


 
 

TABLE OF CONTENTS

Financial Highlights  
EGA Emerging Global Shares Trust
 

For a share outstanding throughout each period

EGShares Beyond BRICs ETF

    
 For the
Year Ended
March 31, 2016
 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 year/period $19.87  $21.01  $21.97  $20.00 
Investment operations:
                    
Net investment income2  0.40   0.56   0.99   0.17 
Net realized and unrealized gain (loss) on investments and foreign currency translations  (3.83  (1.43  (1.77  1.91 
Total from investment operations  (3.43  (0.87  (0.78  2.08 
Distributions to shareholders:
                    
Net investment income  (0.67  (0.25  (0.18  (0.11
Net realized gains     (0.02      
Total from investment operations  (0.67  (0.27  (0.18  (0.11
Net asset value, end of year $15.77  $19.87  $21.01  $21.97 
NET ASSET VALUE TOTAL RETURN3  (17.05)%   (4.16)%   (3.51)%   10.41
RATIOS/SUPPLEMENTAL DATA:
                    
Net assets, end of period (000’s omitted) $92,242  $301,041  $49,385  $7,688 
Ratios to average net assets:
                    
Expenses, net of expense reimbursements/waivers4,5  0.58  0.58  0.66  0.85%6
Expenses, prior to expense reimbursements/waivers4,5  0.85  0.85  0.85  2.43%6
Net investment income  2.26  2.65  4.92  1.26%6
Portfolio turnover rate  32  33  63  1%7

  

EGShares EM Core ex-China ETF

 
 For the Period
September 2, 20151
Through
March 31, 2016
Net asset value, beginning of period $20.00 
Investment operations:
     
Net investment income2  0.22 
Net realized and unrealized gain on investments and foreign currency translations  1.52 
Total from investment operations  1.74 
Distributions to shareholders:
     
Net investment income  (0.51
Net asset value, end of year $21.23 
NET ASSET VALUE TOTAL RETURN3  8.98
RATIOS/SUPPLEMENTAL DATA:
     
Net assets, end of period (000’s omitted) $1,062 
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  1.92%6
Portfolio turnover rate  45%7
1Commencement of operations.
2Based on average shares outstanding.
3Total 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.
4Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee (See Note 9).
5Effective 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).
6Annualized.
7Not annualized.

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

46   EGA Emerging Global Shares Trust


 
 

TABLE OF CONTENTS

Financial Highlights  (continued)
EGA Emerging Global Shares Trust
 

For a share outstanding throughout each period

EGShares EM Quality Dividend ETF (Consolidated)

     
 For the
Year Ended
March 31, 2016
 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 year/period $14.25  $16.15  $19.80  $20.09  $20.00 
Investment operations:
                         
Net investment income2  0.38   0.77   0.64   0.86   0.33 
Net realized and unrealized gain (loss) on investments and foreign currency translations  (1.45  (2.08  (3.61  (0.09  0.13 
Total from investment operations  (1.07  (1.31  (2.97  0.77   0.46 
Distributions to shareholders:
                         
Net investment income  (0.37  (0.59  (0.65  (1.06  (0.37
Return of capital        (0.03      
Total distributions  (0.37  (0.59  (0.68  (1.06  (0.37
Net asset value, end of year $12.81  $14.25  $16.15  $19.80  $20.09 
NET ASSET VALUE TOTAL RETURN3  (7.38)%   (8.37)%   (15.14)%   4.12  2.45
RATIOS/SUPPLEMENTAL DATA:
                         
Net assets, end of period (000’s omitted) $16,012  $24,935  $57,335  $89,122  $59,255 
Ratios to average net assets:
                         
Expenses, net of expense reimbursements/waivers4  0.85  0.89%6  0.85  0.85  0.85%5
Expenses, prior to expense reimbursements/waivers4  0.85  0.89%6  0.85  1.43  2.07%5
Net investment income  2.88  4.76  3.54  4.45  2.62%5
Portfolio turnover rate  85  168  137  86  45%7

EGShares EM Strategic Opportunities ETF8 (Consolidated)

    
 For the
Year Ended
March 31, 2016
 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 year/period $23.10  $22.31  $22.16  $20.00 
Investment operations:
                    
Net investment income2  0.32   0.34   0.23   0.13 
Net realized and unrealized gain (loss) on investments and foreign currency translations  (4.06  0.73   0.14   2.11 
Total from investment operations  (3.74  1.07   0.37   2.24 
Distributions to shareholders:
                    
Net investment income  (0.57  (0.28  (0.22  (0.08
Net asset value, end of year $18.79  $23.10  $22.31  $22.16 
NET ASSET VALUE TOTAL RETURN3  (16.10)%   4.82  1.70  11.23
RATIOS/SUPPLEMENTAL DATA:
                    
Net assets, end of period (000’s omitted) $15,032  $35,798  $23,429  $2,216 
Ratios to average net assets:
                    
Expenses, net of expense reimbursements/waivers4,9  0.84  0.85  0.85  0.85%5
Expenses, prior to expense reimbursements/waivers4,9  0.85  0.85  0.85  4.53%5
Net investment income  1.53  1.43  1.09  1.02%5
Portfolio turnover rate  38  8  159  57%7
1Commencement of operations.
2Based on average shares outstanding.
3Total 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.
4Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee (See Note 9).
5Annualized.
6The ratio includes 0.04% for the period ended March 31, 2015 attributed to tax expense, which is outside the Unified Fee.
7Not annualized.
8Formerly known as EGShares Emerging Markets Domestic Demand ETF.
9Effective March 1, 2016, the Fund entered into a fee waiver agreement pursuant to which the Advisor has agreed to waive its advisory fee to 0.65% of the Fund’s average daily net assets (See Note 9).

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

EGA Emerging Global Shares Trust   47


 
 

TABLE OF CONTENTS

Financial Highlights  (continued)
EGA Emerging Global Shares Trust
 

For a share outstanding throughout each period

EGShares Emerging Markets Consumer ETF (Consolidated)

     
 For the
Year Ended
March 31, 2016
 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
Net asset value, beginning of year $26.45  $26.53  $26.51  $24.77  $22.76 
Investment operations:
                         
Net investment income1  0.21   0.25   0.31   0.17   0.17 
Net realized and unrealized gain (loss) on investments and foreign currency translations  (3.83  (0.03  (0.09  1.68   1.96 
Total from investment operations  (3.62  0.22   0.22   1.85   2.13 
Distributions to shareholders:                         
Net investment income  (0.23  (0.30  (0.20  (0.11  (0.12
Net asset value, end of year $22.60  $26.45  $26.53  $26.51  $24.77 
NET ASSET VALUE TOTAL RETURN2  (13.63)%   0.88  0.82  7.46  9.44
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of period (000’s omitted) $612,360  $1,145,158  $1,233,683  $885,476  $402,466 
Ratios to average net assets:                         
Expenses, net of expense reimbursements/waivers3  0.85  0.83  0.84  0.85  0.85
Expenses, prior to expense reimbursements/waivers3  0.85  0.83  0.84  1.23  1.31
Net investment income  0.86  0.92  1.20  0.68  0.76
Portfolio turnover rate  32  12  14  7  3

EGShares Emerging Markets Core ETF (Consolidated)

    
 For the
Year Ended
March 31, 2016
 For the
Year Ended
March 31, 2015
 For the
Year Ended
March 31, 2014
 For the Period
October 16, 20126
Through
March 31, 2013
Net asset value, beginning of year/period $20.27  $20.44  $20.87  $20.00 
Investment operations:
                    
Net investment income1  0.30   0.38   0.36   0.09 
Net realized and unrealized gain (loss) on investments and foreign currency translations  (2.73  (0.13  (0.44  0.82 
Total from investment operations  (2.43  0.25   (0.08  0.91 
Distributions to shareholders:
                    
Net investment income  (0.26  (0.42  (0.35  (0.04
Net asset value, end of year $17.58  $20.27  $20.44  $20.87 
NET ASSET VALUE TOTAL RETURN2  (11.91)%   1.22  (0.36)%   4.55
RATIOS/SUPPLEMENTAL DATA:
                    
Net assets, end of period (000’s omitted) $5,275  $5,068  $4,088  $4,173 
Ratios to average net assets:
                    
Expenses, net of expense reimbursements/waivers3  0.70  0.71%7  0.70  0.70%4
Expenses, prior to expense reimbursements/waivers3  0.70  0.71%7  0.70  11.94%4
Net investment income  1.66  1.78  1.76  0.96%4
Portfolio turnover rate  38  20  16  3%5
1Based on average shares outstanding.
2Total 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.
3Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee (See Note 9).
4Annualized.
5Not annualized.
6Commencement of operations.
7The ratio includes 0.01% for the year 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.

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Financial Highlights  (continued)
EGA Emerging Global Shares Trust
 

For a share outstanding throughout each period

EGShares India Consumer ETF (Consolidated)

     
 For the
Year Ended
March 31, 2016
 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 year/period $35.48  $24.72  $22.10  $19.08  $20.00 
Investment operations:
                         
Net investment income (loss)2  0.04   (0.12  0.11   (0.00)3  (0.00)3
Net realized and unrealized gain (loss) on investments and foreign currency translations  (4.36  10.91   2.51   3.02   (0.92
Total from investment operations  (4.32  10.79   2.62   3.02   (0.92
Distributions to shareholders:
                         
Net investment income     (0.03         
Net asset value, end of year $31.16  $35.48  $24.72  $22.10  $19.08 
NET ASSET VALUE TOTAL RETURN5  (12.18)%   43.64  11.86  15.83  (4.60)% 
RATIOS/SUPPLEMENTAL DATA:
                         
Net assets, end of period (000’s omitted) $71,679  $88,710  $4,945  $6,631  $1,908 
Ratios to average net assets:
                         
Expenses, net of expense reimbursements/waivers9  0.89  0.90%10  0.89  0.89  0.89%6
Expenses, prior to expense reimbursements/waivers9  0.89  0.90%10  0.89  4.31  6.16%6
Net investment income (loss)  0.13  (0.36)%   0.50  (0.00)%7  (0.04)%6
Portfolio turnover rate  47  82  43  50  104%8

EGShares India Infrastructure ETF (Consolidated)

     
 For the
Year Ended
March 31, 2016
 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
Net asset value, beginning of year $13.08  $11.35  $12.27  $14.99  $19.40 
Investment operations:
                         
Net investment income2  0.30   0.12   0.13   0.07   0.06 
Net realized and unrealized gain (loss) on investments and foreign currency translations  (3.04  1.654  0.27   (2.60  (4.39
Total from investment operations  (2.74  1.77   0.40   (2.53  (4.33
Distributions to shareholders:
                         
Net investment income  (0.10  (0.04  (1.32  (0.19  (0.08
Net asset value, end of year $10.24  $13.08  $11.35  $12.27  $14.99 
NET ASSET VALUE TOTAL RETURN5  (21.00)%   15.59  4.04  (17.08)%   (22.19)% 
RATIOS/SUPPLEMENTAL DATA:
                         
Net assets, end of period (000’s omitted) $39,938  $47,736  $17,586  $51,513  $60,703 
Ratios to average net assets:
                         
Expenses, net of expense reimbursements/waivers9  0.88%13  0.88%12  0.86%11  0.85  0.85
Expenses, prior to expense reimbursements/waivers9  0.88%13  0.88%12  0.86%11  1.61  1.69
Net investment income  2.68  0.90  1.18  0.53  0.39
Portfolio turnover rate  59  75  76  24  23
 1Commencement of operations.
 2Based on average shares outstanding.
 3Less than $(0.005).
 4The realized and unrealized gain or loss on investments and foreign currency translations 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).
 5Total 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.
 6Annualized.
 7Less than (0.005)%.
 8Not annualized.
 9Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee (See Note 9).
10The ratio includes 0.01% for the year ended March 31, 2015 attributed to tax expense, which is outside the Unified Fee.
11The ratio includes 0.01% for the year ended March 31, 2014 attributed to tax expense, which is outside the Unified Fee.
12The ratio includes 0.03% for the year ended March 31, 2015 attributed to tax expense, which is outside the Unified Fee.
13The ratio includes 0.03% for the year ended March 31, 2016 attributed to tax expense, which is outside the Unified Fee.

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

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Financial Highlights  (concluded)
EGA Emerging Global Shares Trust
 

For a share outstanding throughout each period

EGShares India Small Cap ETF (Consolidated)

     
  For the
Year Ended
March 31, 2016
 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
Net asset value, beginning of year $17.48  $12.74  $12.45  $14.39  $19.29 
Investment operations:
                         
Net investment income1  0.06   0.05   0.26   0.10   0.14 
Net realized and unrealized gain (loss) on investments and foreign currency translations  (3.86  4.77   0.25   (1.94  (4.88
Total from investment operations  (3.80  4.82   0.51   (1.84  (4.74
Distributions to shareholders:
                         
Net investment income  (0.09  (0.08  (0.22  (0.10  (0.16
Return of Capital           (0.00)4   
Total distributions  (0.09  (0.08  (0.22  (0.10  (0.16
Net asset value, end of year $13.59  $17.48  $12.74  $12.45  $14.39 
NET ASSET VALUE TOTAL RETURN2  (21.78)%   37.86  4.29  (12.87)%   (24.33)% 
RATIOS/SUPPLEMENTAL DATA:
                         
Net assets, end of period (000’s omitted) $19,027  $28,850  $16,560  $21,163  $26,616 
Ratios to average net assets:
                         
Expenses, net of expense reimbursements/waivers3  0.86%7  0.92%6  0.86%5  0.85  0.85
Expenses, prior to expense reimbursements/waivers3  0.86%7  0.92%6  0.86%5  2.09  2.26
Net investment income  0.40  0.33  2.36  0.76  0.84
Portfolio turnover rate  45  117  56  43  125
1Based on average shares outstanding.
2Total 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.
3Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee (See Note 9).
4Less than $(0.005).
5The ratio includes 0.01% for the year ended March 31, 2014 attributed to tax expense, which is outside the Unified Fee.
6The ratio includes 0.07% for the year ended March 31, 2015 attributed to tax expense, which is outside the Unified Fee.
7The ratio includes 0.01% for the year ended March 31, 2016 attributed to tax expense, which is outside the Unified Fee.

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

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Notes to Financial Statements 
March 31, 2016
 

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 four 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 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 EM Strategic Opportunities ETF (“EM Strategic Opportunities ETF”)* August 15, 2012
EGShares Emerging Markets Consumer ETF (“Consumer ETF”) September 14, 2010
EGShares Emerging Markets Core ETF (“Core ETF”) October 16, 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
*As of March 1, 2016, EGShares Emerging Markets Domestic Demand ETF was renamed to EGShares EM Strategic Opportunities ETF.

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 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 IndexSM (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 IndexSM (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 EM Strategic Opportunities 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 Strategic Opportunities Index (the “EMSO Underlying Index”). The EMSO Underlying Index is a 50-stock free-float market capitalization-weighted index designed to measure the performance of companies in emerging markets that are tied to domestic demand, specifically those in consumer staples, consumer discretionary, telecommunications services, health care and the utilities sectors.

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 IndexSM (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.

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.

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Notes to Financial Statements  (continued)
March 31, 2016
 

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 Schedules 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
EM Strategic Opportunities ETF EG Shares Domestic Demand Mauritius
Consumer ETF EG Shares Consumer Mauritius
Core ETF EG Shares Core 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 23, 2015 and is no longer a subsidiary of the EM Quality Dividend ETF.

The Consumer ETF, Core ETF and EM Strategic Opportunities 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 invests 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 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.

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Notes to Financial Statements  (continued)
March 31, 2016
 

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

   
Funds Inception Date
of Subsidiary
 Subsidiary
Net Assets at
March 31, 2016
 % of ETF’s Total
Net Assets at
March 31, 2016
EM Strategic Opportunities ETF  August 15, 2012  $ 1,628,472   10.8
Consumer ETF  September 14, 2010   38,473,227   6.3 
Core ETF  October 16, 2012   662,468   12.6 
India Consumer ETF  August 10, 2011   71,611,681   99.9 
India Infrastructure ETF  August 11, 2010   39,796,279   99.6 
India Small Cap ETF  July 7, 2010   19,026,655   100.0 

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 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.

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Notes to Financial Statements  (continued)
March 31, 2016
 

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, EM Quality Dividend ETF, EM Strategic Opportunities ETF, Consumer ETF, Core 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, 2016, open federal and state income tax years include the tax periods or years ended March 31, 2013, March 31, 2014, March 31, 2015 and March 31, 2016. 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.

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Notes to Financial Statements  (continued)
March 31, 2016
 

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 India Infrastructure ETF concentrates its investments in the infrastructure sectors of India, the ETF 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 EM Strategic Opportunities 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 10) 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 year ended March 31, 2016, no fees were paid by the ETFs under the Plan, and there are no current plans to impose these fees.

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Notes to Financial Statements  (continued)
March 31, 2016
 

6. FEDERAL INCOME TAX MATTERS

For the year ended March 31, 2016, 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 $ 115,266,544  $ 2,054,509  $ (26,897,586 $ (24,843,077
EM Core ex-China ETF  978,448   108,505   (35,112  73,393 
EM Quality Dividend ETF  17,140,600   1,042,806   (2,100,547  (1,057,741
EM Strategic Opportunities ETF  16,703,214   814,890   (2,539,956  (1,725,066
Consumer ETF  686,623,983   67,800,583   (142,531,489  (74,730,906
Core ETF  5,616,781   359,145   (717,578  (358,433
India Consumer ETF  72,207,760   3,335,583   (4,061,390  (725,807
India Infrastructure ETF  47,783,166   2,470,111   (10,512,320  (8,042,209
India Small Cap ETF  21,858,375   1,571,480   (4,427,686  (2,856,206

For the year ended March 31, 2016, the components of accumulated earnings (losses) on a tax-basis were as follows:

    
Funds Undistributed
Ordinary Income
 Accumulated
Capital and Other
Losses and Other
Timing Differences
 Net Unrealized
Appreciation
(Depreciation)
 Total
Accumulated
Earnings (Losses)
Beyond BRICs ETF $ 972,906  $ (48,359,213 $ (24,835,054 $ (72,221,361
EM Core ex-China ETF  2,891   (17,934  73,566   58,523 
EM Quality Dividend ETF  115,547   (27,903,821  (1,052,139  (28,840,413
EM Strategic Opportunities ETF  50,630   (2,631,922  (1,723,614  (4,304,906
Consumer ETF     (116,185,857  (74,721,194  (190,907,051
Core ETF  5,302   (546,655  (358,229  (899,582
India Consumer ETF  73,483   (8,919,978  (725,239  (9,571,734
India Infrastructure ETF  1,015,589   (55,627,478  (8,041,722  (62,653,611
India Small Cap ETF  98,180   (14,575,160  (2,855,861  (17,332,841

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 Capital and Late-Year Ordinary losses.

For the year ended March 31, 2016, the effect of permanent book/tax reclassifications resulted in increase (decreases) to the components of net assets as follows:

   
Funds Accumulated Undistributed
Net Investment
Income (Loss)
 Accumulated
Net Realized
Gain (Loss) On Investments
 Paid-In Capital
Beyond BRICs ETF $ (382,934 $ 19,915,544  $ (19,532,610
EM Core ex-China ETF  11,543   9,042   (20,585
EM Quality Dividend ETF  7,134   (44,197  37,063 
EM Strategic Opportunities ETF  (22,521  1,064,469   (1,041,948
Consumer ETF  (808,037  (13,793,397  14,601,434 
Core ETF  (3,462  3,476   (14
India Consumer ETF  144,825   (144,825   
India Infrastructure ETF  (25,435  25,435    
India Small Cap ETF  91,355   (91,355   

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Notes to Financial Statements  (continued)
March 31, 2016
 

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.

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 year ended March 31, 2016, the ETFs deferred to April 1, 2016 these losses of:

  
Funds Late Year
Ordinary Losses
 Post October
Capital Losses
Beyond BRICs ETF $  $ 14,615,561 
EM Core ex-China ETF      
EM Quality Dividend ETF     241,632 
EM Strategic Opportunities ETF     603,825 
Consumer ETF  309,437    
Core ETF     104,272 
India Consumer ETF     6,331,154 
India Infrastructure ETF     432,850 
India Small Cap ETF     3,583,000 

At March 31, 2016, for federal income tax purposes, the following ETFs had capital loss carryforwards available to offset future capital gains:

  
 Carryforwards with No Expiration*
Funds Short-Term
Capital Loss
Carryforward
 Long-Term
Capital Loss
Carryforward
Beyond BRICs ETF $ 15,371,458  $ 18,372,194 
EM Core ex-China ETF  17,934    
EM Quality Dividend ETF  21,840,464   5,704,194 
EM Strategic Opportunities ETF  1,416,331   611,766 
Consumer ETF  4,992,867   110,883,553 
Core ETF  133,350   309,033 
India Consumer ETF  2,588,824    
India Infrastructure ETF  16,709,643   38,484,985 
India Small Cap ETF  1,935,531   9,056,629 
*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.

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Notes to Financial Statements  (continued)
March 31, 2016
 

The tax character of distributions paid during the years ended March 31, 2016 and March 31, 2015 were as follows:

      
 Year ended March 31, 2016 Year ended March 31, 2015
Funds Distribution
Paid from
Ordinary
Income
 Distribution
Paid from
Long Term
Capital Gains
 Distribution
Paid from
Return of
Capital
 Distribution
Paid from
Ordinary
Income
 Distribution
Paid from
Long Term
Capital Gains
 Distribution
Paid From
Return of
Capital
Beyond BRICs ETF $ 6,442,630  $  —  $  —  $ 3,884,738  $  —  $  — 
EM Core ex-China ETF  25,672                
EM Quality Dividend ETF  552,553         1,527,013       
EM Strategic Opportunities ETF  428,513         359,762       
Consumer ETF  6,520,768         13,864,995       
Core ETF  77,847         83,068       
India Consumer ETF           20,840       
India Infrastructure ETF  369,715         128,789       
India Small Cap ETF  132,552         133,287       

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.

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 No. 2010-06, 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.

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Notes to Financial Statements  (continued)
March 31, 2016
 

The following summarizes inputs used as of March 31, 2016 in valuing the ETFs’ assets and liabilities carried at fair value:

     
Funds Assets
 Level 1
Common Stocks
 Level 2
Common Stocks
 Level 2
Warrants
 Level 3
Common Stocks
 Total
Beyond BRICs ETF* $90,408,747  $14,720  $  $  $90,423,467 
EM Core ex-China ETF*  1,051,841            1,051,841 
EM Quality Dividend ETF*  16,064,345   3,111   15,403      16,082,859 
EM Strategic Opportunities ETF*  14,978,148            14,978,148 
Consumer ETF*  611,893,077            611,893,077 
Core ETF*  5,241,830         16,518   5,258,348 
India Consumer ETF**  71,481,953            71,481,953 
India Infrastructure ETF**  39,740,957            39,740,957 
India Small Cap ETF**  18,993,375         8,794   19,002,169 
*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.

Reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining the fair value during the year ended March 31, 2016:

 
 Core ETF
 Common Stocks
Balance as of March 31, 2015 $ 
Realized gain (loss)1  118 
Change in unrealized appreciation (depreciation)2  (54,571
Purchases  6,213 
Sales  (10,243
Transfers into Level 33  75,001 
Transfers out of Level 34   
Balance as of March 31, 2016 $16,518 
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2016 is: $ (54,453

 
 India Small Cap ETF
 Common Stocks
Balance as of March 31, 2015 $  9,306 
Realized gain (loss)1   
Change in unrealized appreciation (depreciation)2  (512
Purchases   
Sales   
Transfers into Level 33   
Transfers out of Level 34   
Balance as of March 31, 2016 $8,794 
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2016 is: $(512
1This amount is included in net realized gain (loss) from investment transactions in the Statements of Operations.
2This amount is included in the net change in unrealized appreciation (depreciation) from investment transactions in the Statements 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.
3Transfers 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.
4Transfers 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.

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Notes to Financial Statements  (continued)
March 31, 2016
 

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.

The following is a summary of the significant unobservable inputs used as of March 31, 2016 in valuing Level 3 securities:

    
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%
ZTE Corp. Class H $15,914 Adjustment to market based on duration of fair value event, illiquidity discount and comparable benchmark performance Illiquidity Discount 5%

    
India Small Cap ETF Fair Value Valuation Technique Unobservable Input Value of
Unobservable Inputs
Investments in Securities
            
Common Stocks
            
Nagarjuna Fertilizers & Chemicals, LTD. $8,794 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 year ended March 31, 2016. 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 $65,689,051  $ 127,045,383  $5,014,428  $90,101,139 
EM Core ex-China ETF  1,196,464   592,494   817,078   404,080 
EM Quality Dividend ETF  16,976,284   20,233,358      3,141,523 
EM Strategic Opportunities ETF  10,454,210   12,340,558   5,860,701   17,648,020 
Consumer ETF  257,447,183   319,972,805   60,762,206   378,410,517 
Core ETF  2,172,580   1,970,877   814,445    
India Consumer ETF  36,129,402   40,316,448       
India Infrastructure ETF  31,359,686   26,227,823       
India Small Cap ETF  10,466,612   13,928,440       

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Notes to Financial Statements  (continued)
March 31, 2016
 

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 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 EM Core ex-China ETF 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 XCEM Fee 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.

Effective March 1, 2016, EGA entered into a written fee waiver agreement (“EMSO Fee Waiver Agreement”) pursuant to which EGA has agreed to waive its advisory fee to 0.65% of the EM Strategic Opportunities ETF Fund’s average daily net assets. The EMSO Fee Waiver Agreement will remain in effect and will be contractually binding until July 31, 2018. The EMSO Fee Waiver Agreement may be terminated at any time by the Board, but may not be terminated by EGA during the term of the EMSO Fee Waiver Agreement. The EMSO 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%) and the India Consumer ETF (0.89%).

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 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.

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Notes to Financial Statements  (concluded)
March 31, 2016
 

11. SUBSEQUENT EVENTS

On May 10, 2016, EGA entered into an agreement with Columbia Management Investment Advisers, LLC. (“Columbia Threadneedle” or “CTI”) whereby CTI will acquire EGA (the “Transaction”). The completion of the Transaction is subject to certain terms and conditions. If completed, the Transaction will cause a change in control of EGA, which will terminate the current investment advisory agreement between the EGA Emerging Global Shares Trust (the “Trust”), on behalf of each series of the Trust listed on the front cover of this Annual Report (each, a “Fund” and collectively, the “Funds”), and EGA. The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, will vote on: (1) a new investment advisory agreement between the Trust, on behalf of each Fund, and CTI (the “New Agreement”); and (2) the submission of a proposal to the Funds’ shareholders to approve the New Agreement. The New Agreement would become effective for a Fund only if approved by the shareholders of that Fund and if the Transaction is completed. Under the New Agreement, CTI will provide the portfolio management previously provided by EGA.

The Funds have evaluated subsequent events through the date of issuance of this report, and have determined that there are no other material events that impacted the Fund’s financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and
Shareholders of EGA Emerging Global Shares Trust

We have audited the accompanying statements of assets and liabilities or consolidated statements of assets and liabilities of EGShares Beyond BRICs ETF, EGShares EM Core ex-China ETF, EGShares EM Quality Dividend ETF, EGShares EM Strategic Opportunities ETF (formerly EGShares Emerging Markets Domestic Demand ETF), EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Core ETF, EGShares India Consumer ETF, EGShares India Infrastructure ETF, and EGShares India Small Cap ETF, each a series of EGA Emerging Global Shares Trust (the “Funds”), including the schedules of investments or consolidated schedules of investments, as of March 31, 2016 and the related statements of operations or consolidated statements of operations for the year or period then ended and the statements of changes in net assets or consolidated statements of changes in net assets and the related financial highlights or consolidated financial highlights for each of the respective years or periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2016 by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of EGShares Beyond BRICs ETF, EGShares EM Core ex-China ETF, EGShares EM Quality Dividend ETF, EGShares EM Strategic Opportunities ETF, EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Core ETF, EGShares India Consumer ETF, EGShares India Infrastructure ETF, and EGShares India Small Cap ETF, as of March 31, 2016, and the results of their operations for the year or period then ended, and the changes in their net assets and their financial highlights for each of the years or periods presented, in conformity with accounting principles generally accepted in the United States of America.

[GRAPHIC MISSING] 

BBD, LLP

Philadelphia, Pennsylvania
May 26, 2016

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Federal Income Tax Information (Unaudited)
 

Federal Tax Status of Dividends Declared during the Tax Year

For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below.

  
Funds DRD QDI
Beyond BRICs ETF  0.0  63.40
EM Core ex-China ETF  0.0  39.62
EM Quality Dividend ETF  0.0  60.90
EM Strategic Opportunities ETF  0.0  100.00
Consumer ETF  0.0  100.00
Core ETF  0.0  100.00
India Consumer ETF  0.0  0.00
India Infrastructure ETF  0.0  100.00
India Small Cap ETF  0.0  100.00

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Board Review and Approval of Advisory Contracts (Unaudited)

At the February 25, 2016 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 continuance of the investment advisory agreements (collectively, the “Advisory Agreement”) between Emerging Global Advisors, LLC (“EGA”) and the Trust with respect to EGShares Beyond BRICs ETF, EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Core ETF, EGShares EM Strategic Opportunities ETF, EGShares EM Quality Dividend ETF, EGShares India Infrastructure ETF, EGShares India Small Cap ETF and EGShares India Consumer ETF (each, a “Fund,” and collectively, the “Funds”), for the period March 1, 2016 until February 28, 2017. Under the Advisory Agreement, EGA is obligated to pay all of the ordinary operating expenses of each 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) a copy of the Advisory Agreement; (ii) information describing the nature, quality, and extent of the services that EGA provided and expects to provide to the Funds, and the fees that EGA charges for such services; (iii) information concerning the business, operations and compliance program of EGA; (iv) a copy of the current Form ADV for EGA; and (v) a memorandum from 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 advisory fees, expense ratios and performance of the Funds with the advisory fees, expense ratios and performance of other U.S.-listed ETFs having similar investment objectives, indexes and underlying holdings, including other EGA-sponsored funds (the “Peer Group”). The Board discussed the criteria used by EGA for selecting the Peer Group for each Fund. The Board noted that the Peer Group and the Peer Group metrics for each Fund included the Fund itself. The Board, including the Independent Trustees, concluded that the Peer Group 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 provided, and to be provided, to each Fund by EGA; the personnel and operations of EGA; the profitability to EGA under the Advisory Agreement; the expense ratios and investment performance of each Fund; any ancillary benefits realized by EGA due to its relationship with the Funds 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 each Fund:

(a) The nature, extent, and quality of services provided to each Fund by EGA.  The Board reviewed the services that EGA has provided, and is expected to provide, for each Fund. In connection with the advisory services provided to each Fund, the Board noted EGA’s significant responsibilities as the Funds’ investment adviser, including: implementation of the investment management program of each Fund; management of the day-to-day investment and reinvestment of the assets in each 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; management of certain Funds’ wholly owned subsidiaries in Mauritius (each, a “Mauritius Company”); and oversight of general portfolio compliance with relevant law. The Board noted that it had also reviewed and considered most, if not all, of these items at Board meetings throughout the course of the year.

The Board reviewed EGA’s experience, resources, strengths and its prior performance as an adviser and sub-adviser, as applicable, to the Funds. The Board also noted EGA’s procedures to manage potential conflicts of interest and EGA’s belief that management of each series of the Trust does not present a material conflict of interest. Based on their consideration and review of the foregoing information, the Board concluded that each Fund was likely to continue 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 provided and fees charged by EGA and other investment advisers to similar clients, and the cost of the services provided.  The Board compared both the services rendered and the fees paid pursuant to the Advisory Agreement for each Fund to the contractual advisory fees of other registered investment advisers providing services to similar ETFs in the Peer Group. In particular, the Board compared each Fund’s advisory fee and expense ratio to the advisory fees and net expense ratios (i.e., expense ratios after any fee waivers and/or expense reimbursements) of the ETFs in each Fund’s Peer Group as of December 31, 2015.

The Board noted that the advisory fee of the EGShares Beyond BRICs ETF was above the median and average, but below the maximum, advisory fees of the ETFs in the Fund’s Peer Group. The Board considered the Fund’s expense ratio both before and after the written agreement by EGA to waive all or a portion of its advisory fee and assume certain expenses of the Fund so that EGA’s advisory fee does not exceed a certain percentage of the Fund’s average daily net assets (the “BBRC Fee Waiver Agreement”), which is in addition to

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Board Review and Approval of Advisory Contracts (Unaudited) (continued)
 

EGA’s obligation under the Fund’s Unified Fee. The Board noted that the expense ratio of the Fund without consideration of the BBRC Fee Waiver Agreement was above the median and average, but below the maximum, net expense ratios of the ETFs in the Fund’s Peer Group. The Board also noted that the net expense ratio of the Fund (i.e., after consideration of the BBRC Fee Waiver Agreement) was below the median and average net expense ratios of the ETFs in the Fund’s Peer Group.

The Board noted that the advisory fee of the EGShares EM Strategic Opportunities ETF was above the median and average, but below the maximum, advisory fees of the ETFs in the Fund’s Peer Group. The Board considered the Fund’s expense ratio both before and after the written agreement by EGA to waive all or a portion of its advisory fee and assume certain expenses of the Fund so that EGA’s advisory fee does not exceed a certain percentage of the Fund’s average daily net assets (the “EMSO Fee Waiver Agreement”), which is in addition to EGA’s obligation under the Fund’s Unified Fee. The Board noted that the expense ratio of the Fund both with and without consideration of the EMSO Fee Waiver Agreement was above the median and average, but below the maximum, net expense ratios of the ETFs in the Fund’s Peer Group, although the Board noted that the EMSO Fee Waiver Agreement brought the Fund’s expense ratio within 0.02 percentage points of the median net expense ratio of the ETFs in the Fund’s Peer Group.

The Board noted that the advisory fees of the EGShares Emerging Markets Consumer ETF, EGShares EM Quality Dividend ETF and EGShares Emerging Markets Core ETF were above the median and average, but below the maximum, advisory fees of the ETFs in each Fund’s Peer Group. The Board also noted that the expense ratios of these Funds were above the median and average, but below the maximum, net expense ratios of the ETFs in each Fund’s Peer Group.

The Board noted that the advisory fee of the EGShares India Consumer ETF was equal to the maximum advisory fee of the ETFs in the Fund’s Peer Group. The Board also noted that the expense ratio of the Fund was above the median and average, but below the maximum, net expense ratios of the ETFs in the Fund’s Peer Group.

The Board noted that the advisory fees of the EGShares India Infrastructure ETF and EGShares India Small Cap ETF were above the median and average, but below the maximum, advisory fees of the ETFs in each Fund’s Peer Group. The Board also noted that the expense ratios of these Funds were above the average, but equal to the median, net expense ratios of the ETFs in each Fund’s Peer Group.

The Board considered the appropriateness of the advisory fees and expense ratios of the Funds under the Unified Fee compared to the advisory fees and net expense ratios of the ETFs in each Fund’s Peer Group. The Board received information regarding the costs, including operational costs borne by EGA under the Unified Fee, and profitability of EGA in connection with serving as adviser to each Fund. The Board also received information regarding the additional costs of operating the Funds that invest in a related Mauritius Company in order to invest directly in Indian companies, which increases the operational costs for those Funds. The Board noted EGA’s assumption of the contractual obligation to limit each Fund’s ordinary operating expenses through the Unified Fee, which cannot be changed without shareholder approval. The Board also noted EGA’s commitment to further waive its advisory fees and assume certain expenses for EGShares Beyond BRICs ETF and EGShares EM Strategic Opportunities ETF under the BBRC Fee Waiver Agreement and EMSO Fee Waiver Agreement, respectively.

The Board concluded that the advisory fees paid to EGA with respect to each Fund were fair and reasonable after considering: (i) each Fund’s advisory fee and expense ratio with those of the ETFs in each Fund’s Peer Group; (ii) the nature, quality and extent of services provided by EGA; (iii) the costs incurred by EGA in rendering those services and absorbing the Funds’ ordinary operating expenses under the Unified Fee; and (iv) EGA’s further waiver of its advisory fees and assumption of certain expenses under the BBRC Fee Waiver Agreement and EMSO Fee Waiver Agreement for EGShares Beyond BRICs ETF and EGShares EM Strategic Opportunities ETF, respectively.

(c) EGA’s profitability and the extent to which economies of scale were realized as each Fund grew and whether fee levels reflect such economies of scale.  The Board received information and reviewed EGA’s profitability with respect to each Fund and the payments made by EGA relating to each Fund’s ordinary operating expenses as a result of the Unified Fee. The Board acknowledged EGA’s contractual obligation to limit each Fund’s expenses through the Unified Fee, its willingness to further waive fees for EGShares Beyond BRICs ETF and EGShares EM Strategic Opportunities ETF in order to cap the costs paid by those Funds’ shareholders, and the effect of such obligation and commitments, respectively, on EGA’s profitability, each based on information presented to the Board.

The Board considered economies of scale and the asset level of each Fund. Although certain of the Funds were not yet at a sufficient size to be experiencing economies of scale, the Board noted 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 noted that breakpoints had been established for EGShares Emerging Markets Consumer ETF. The Board received information regarding EGA’s financial condition and reviewed EGA’s financial statements.

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Board Review and Approval of Advisory Contracts (Unaudited) (concluded)
 

The Board considered fall-out benefits received by EGA from its relationship with the Funds and the Trust. EGA acknowledged positive reputational benefits from the success of the Trust’s series, including benefits to EGA Indices, a separate group within EGA, which sponsors indexes for EGShares EM Quality Dividend ETF and another series of the Trust.

Based upon their consideration of all these factors, the Board concluded that EGA’s level of profitability with respect to each of the Funds was reasonable in view of the nature, quality and extent of services provided by EGA to the Funds.

(d) Investment performance of EGA.  The Board considered the investment performance of the Funds, 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). The Board noted that EGA discussed at each quarterly meeting the factors contributing to each Fund’s investment performance. In particular, the Board considered the investment performance of each Fund relative to its stated investment objective 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 the Fund’s investment objective, and EGA’s success in achieving each Fund’s objective. The Board also compared each Fund’s tracking difference and tracking error to the tracking difference and tracking error of the ETFs in such Fund’s Peer Group.

The Board noted that the tracking difference for each of EGShares Beyond BRICs ETF, EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Core ETF, EGShares EM Strategic Opportunities ETF, EGShares EM Quality Dividend ETF, EGShares India Infrastructure ETF and EGShares India Small Cap ETF was within the range of tracking differences of the ETFs in each Fund’s Peer Group.

The Board noted that the absolute value of the tracking difference for EGShares India Consumer ETF was the highest absolute tracking difference in the Fund’s Peer Group.

The Board noted that the tracking error for EGShares EM Strategic Opportunities ETF and EGShares India Infrastructure ETF was below the median and average tracking error of the ETFs in each Fund’s Peer Group.

The Board noted that the tracking error for the EGShares Beyond BRICs ETF, EGShares EM Quality Dividend ETF, EGShares Emerging Markets Core ETF, EGShares India Consumer ETF and EGShares India Small Cap ETF was above the median and average, but below the maximum, tracking error of the ETFs in each Fund’s Peer Group.

The Board noted that the tracking error for the EGShares Emerging Markets Consumer ETF was above the median, but below the average, tracking error of the ETFs in the Fund’s Peer Group.

The Board noted that some of the higher tracking errors and tracking differences were attributable to changes in underlying indexes and/or the smaller size of certain Funds. The Board also received and considered information about the premium/discount history of the Funds, which illustrated the number of times that the market price of the Funds trading on the secondary market closed above or below the NAV of the Funds, and by how much, measured in basis points. The Board concluded that the investment performance of each Fund was consistent with its stated investment objective.

Conclusion.  No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, such as the Unified Fee and the reports that the Board had received and reviewed throughout the year, the Board, including the Independent Trustees, concluded that the advisory fees and expense ratios of the Funds were reasonable in relation to the services provided, and to be provided, by EGA to each Fund, as well as the costs incurred and benefits gained by EGA in providing such services. As a result, the Board, including the Independent Trustees, determined that the approval of the continuance of the Advisory Agreement with EGA was in the best interest of each Fund and its shareholders.

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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 19th 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 19th Street, New York, NY 10011. The information below is as of March 31, 2016.

     
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. 16 Daxor Corp. (Medical Products and Biotechnology), since 2004.
Ron Safir, 1951 Trustee Since 2009 Retired, since 2008. 16 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. 16 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. 16 None
1Each Trustee holds office for an indefinite term.
2The “Fund Complex” consists of sixteen funds. As of March 31, 2016, nine funds were operational.
3Mr. Holderith is considered to be an “interested person” of the Trust as defined in the 1940 Act, due to his relationship with EGA, the Funds’ Advisor.

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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.
1Officers of the Trust are appointed by the Trustees and serve at the pleasure of the Board.
2From September 2014 until October 9, 2015, Joseph Signora was the Chief Compliance Officer of the Trust.

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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.

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[GRAPHIC MISSING] 

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 EM Core ex-China ETF

EGShares EM Quality Dividend ETF

EGShares EM Strategic Opportunities ETF
(formerly known as EGShares Emerging Markets Domestic Demand ETF)

EGShares Emerging Markets Consumer ETF

EGShares Emerging Markets Core 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.

 

(a)The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

 

(c)There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description.

 

(d)The Registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

 

(f)Pursuant to Item 12(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

 

Item 3. Audit Committee Financial Expert.

 

The Registrant’s Board of Trustees has determined that its Audit Committee has one “audit committee financial expert”, as that term is defined under Items 3(b) and 3(c), serving on its Audit Committee. Mr. Robert Willens, the Registrant’s audit committee financial expert, is “independent”, as that term is defined under Item 3(a)(2).

 

Item 4. Principal Accountant Fees and Services.

 

Audit Fees

 

(a)The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $110,750 for 2016 and $118,500 for 2015.

 

  

 

 

Audit-Related Fees

 

(b)The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2016 and $0 for 2015.

 

Tax Fees

 

(c)The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $18,000 for 2016 and $20,000 for 2015. The Tax Fees represent services provided in connection with the preparation of tax returns and year-end distribution review.

 

All Other Fees

 

(d)The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2016 and $0 for 2015.

 

(e)(1)Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

 

Per Rule 2-01(c)(7)(A) and the charter of the Registrant’s Audit Committee, the Audit Committee approves and recommends the principal accountant for the Registrant, pre-approves (i) the principal accountant’s provision of all audit and permissible non-audit services to the Registrant (including the fees and other compensation to be paid to the principal accountant), and (ii) the principal accountant’s provision of any permissible non-audit services to the Registrant’s investment adviser (the “Adviser”), sub-adviser or any entity controlling, controlled by, or under common control with any investment adviser or sub-adviser, if the engagement relates directly to the operations of the financial reporting of the Trust.

 

(e)(2)The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

 

(b)N/A

 

(c)100%

 

(d)N/A

 

  

 

 

(f)The percentage of hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

 

(g)The aggregate non-audit fees billed by the Registrant‘s accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant was $0 for 2016 and $0 for 2015.

 

(h)Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. All of the Board’s independent Trustees, Robert Willens, Ron Safir and Jeffrey D. Haroldson, are members of Audit Committee.

 

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)Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

 

(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  6/2/16

 

 

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  6/2/16

 

 

By (Signature and Title)* /s/ Susan M. Ciccarone                  

Susan M. Ciccarone, Chief Financial Officer

(principal financial officer)

 

Date  6/2/16

 

 

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