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    <link:label id="lab_ck0001432353_GeographicRiskRiskOfInvestingInTaiwanMember_documentation_en-US" xlink:label="lab_ck0001432353_GeographicRiskRiskOfInvestingInTaiwanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Geographic Risk, Risk Of Investing In Taiwan Member</link:label>
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    <link:label id="lab_ck0001432353_AssociatedRisksRelatedToInvestingInMLCCElectronicComponentsCompaniesMember_label_en-US" xlink:label="lab_ck0001432353_AssociatedRisksRelatedToInvestingInMLCCElectronicComponentsCompaniesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Associated Risks Related To Investing In MLCC &amp; Electronic Components Companies Member</link:label>
    <link:label id="lab_ck0001432353_AssociatedRisksRelatedToInvestingInMLCCElectronicComponentsCompaniesMember_documentation_en-US" xlink:label="lab_ck0001432353_AssociatedRisksRelatedToInvestingInMLCCElectronicComponentsCompaniesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Associated Risks Related To Investing In MLCC &amp; Electronic Components Companies Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_AssociatedRisksRelatedToInvestingInMLCCElectronicComponentsCompaniesMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_AssociatedRisksRelatedToInvestingInMLCCElectronicComponentsCompaniesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_AssociatedRisksRelatedToInvestingInMLCCElectronicComponentsCompaniesMember" xlink:to="lab_ck0001432353_AssociatedRisksRelatedToInvestingInMLCCElectronicComponentsCompaniesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_CustodyRiskMember_label_en-US" xlink:label="lab_ck0001432353_CustodyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Custody Risk Member</link:label>
    <link:label id="lab_ck0001432353_CustodyRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_CustodyRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Custody Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_CustodyRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_CustodyRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_CustodyRiskMember" xlink:to="lab_ck0001432353_CustodyRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_SwapAgreementsRiskMember_label_en-US" xlink:label="lab_ck0001432353_SwapAgreementsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Swap Agreements Risk Member</link:label>
    <link:label id="lab_ck0001432353_SwapAgreementsRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_SwapAgreementsRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Swap Agreements Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_SwapAgreementsRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_SwapAgreementsRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_SwapAgreementsRiskMember" xlink:to="lab_ck0001432353_SwapAgreementsRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_AssetClassRiskU.S.TreasuryObligationsRiskMember_label_en-US" xlink:label="lab_ck0001432353_AssetClassRiskU.S.TreasuryObligationsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Class Risk, U.S. Treasury Obligations Risk Member</link:label>
    <link:label id="lab_ck0001432353_AssetClassRiskU.S.TreasuryObligationsRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_AssetClassRiskU.S.TreasuryObligationsRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Asset Class Risk, U.S. Treasury Obligations Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_AssetClassRiskU.S.TreasuryObligationsRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_AssetClassRiskU.S.TreasuryObligationsRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_AssetClassRiskU.S.TreasuryObligationsRiskMember" xlink:to="lab_ck0001432353_AssetClassRiskU.S.TreasuryObligationsRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_LiquidityRiskMember_label_en-US" xlink:label="lab_ck0001432353_LiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liquidity Risk Member</link:label>
    <link:label id="lab_ck0001432353_LiquidityRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_LiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Liquidity Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_LiquidityRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_LiquidityRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_LiquidityRiskMember" xlink:to="lab_ck0001432353_LiquidityRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_AssetClassRiskMember_label_en-US" xlink:label="lab_ck0001432353_AssetClassRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Class Risk Member</link:label>
    <link:label id="lab_ck0001432353_AssetClassRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_AssetClassRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Asset Class Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_AssetClassRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_AssetClassRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_AssetClassRiskMember" xlink:to="lab_ck0001432353_AssetClassRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_OperationalRiskMember_label_en-US" xlink:label="lab_ck0001432353_OperationalRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operational Risk Member</link:label>
    <link:label id="lab_ck0001432353_OperationalRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_OperationalRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Operational Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_OperationalRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_OperationalRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_OperationalRiskMember" xlink:to="lab_ck0001432353_OperationalRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_GeographicRiskMember_label_en-US" xlink:label="lab_ck0001432353_GeographicRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographic Risk Member</link:label>
    <link:label id="lab_ck0001432353_GeographicRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_GeographicRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Geographic Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_GeographicRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_GeographicRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_GeographicRiskMember" xlink:to="lab_ck0001432353_GeographicRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_NewFundRiskMember_label_en-US" xlink:label="lab_ck0001432353_NewFundRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">New Fund Risk Member</link:label>
    <link:label id="lab_ck0001432353_NewFundRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_NewFundRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">New Fund Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_NewFundRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_NewFundRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_NewFundRiskMember" xlink:to="lab_ck0001432353_NewFundRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_C000279680Member_label_en-US" xlink:label="lab_ck0001432353_C000279680Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Global X MLCC &amp; Electronic Components ETF Class</link:label>
    <link:label id="lab_ck0001432353_C000279680Member_documentation_en-US" xlink:label="lab_ck0001432353_C000279680Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Global X MLCC &amp; Electronic Components ETF Class</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_C000279680Member" xlink:href="ck0001432353-20260909.xsd#ck0001432353_C000279680Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_C000279680Member" xlink:to="lab_ck0001432353_C000279680Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_AssetClassRiskETFInvestmentRiskMember_label_en-US" xlink:label="lab_ck0001432353_AssetClassRiskETFInvestmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Class Risk, ETF Investment Risk Member</link:label>
    <link:label id="lab_ck0001432353_AssetClassRiskETFInvestmentRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_AssetClassRiskETFInvestmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Asset Class Risk, ETF Investment Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_AssetClassRiskETFInvestmentRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_AssetClassRiskETFInvestmentRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_AssetClassRiskETFInvestmentRiskMember" xlink:to="lab_ck0001432353_AssetClassRiskETFInvestmentRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_GlobalXFundsMember_label_en-US" xlink:label="lab_ck0001432353_GlobalXFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Global X Funds Member</link:label>
    <link:label id="lab_ck0001432353_GlobalXFundsMember_documentation_en-US" xlink:label="lab_ck0001432353_GlobalXFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Global X Funds Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_GlobalXFundsMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_GlobalXFundsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_GlobalXFundsMember" xlink:to="lab_ck0001432353_GlobalXFundsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_TradingHaltRiskMember_label_en-US" xlink:label="lab_ck0001432353_TradingHaltRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Halt Risk Member</link:label>
    <link:label id="lab_ck0001432353_TradingHaltRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_TradingHaltRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trading Halt Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_TradingHaltRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_TradingHaltRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_TradingHaltRiskMember" xlink:to="lab_ck0001432353_TradingHaltRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_OutboundInvestmentRestrictionsRiskMember_label_en-US" xlink:label="lab_ck0001432353_OutboundInvestmentRestrictionsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Outbound Investment Restrictions Risk Member</link:label>
    <link:label id="lab_ck0001432353_OutboundInvestmentRestrictionsRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_OutboundInvestmentRestrictionsRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Outbound Investment Restrictions Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_OutboundInvestmentRestrictionsRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_OutboundInvestmentRestrictionsRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_OutboundInvestmentRestrictionsRiskMember" xlink:to="lab_ck0001432353_OutboundInvestmentRestrictionsRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_CybersecurityRiskMember_label_en-US" xlink:label="lab_ck0001432353_CybersecurityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cybersecurity Risk Member</link:label>
    <link:label id="lab_ck0001432353_CybersecurityRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_CybersecurityRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cybersecurity Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_CybersecurityRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_CybersecurityRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_CybersecurityRiskMember" xlink:to="lab_ck0001432353_CybersecurityRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_AssetClassRiskEquitySecuritiesRiskMember_label_en-US" xlink:label="lab_ck0001432353_AssetClassRiskEquitySecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Class Risk, Equity Securities Risk Member</link:label>
    <link:label id="lab_ck0001432353_AssetClassRiskEquitySecuritiesRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_AssetClassRiskEquitySecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Asset Class Risk, Equity Securities Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_AssetClassRiskEquitySecuritiesRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_AssetClassRiskEquitySecuritiesRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_AssetClassRiskEquitySecuritiesRiskMember" xlink:to="lab_ck0001432353_AssetClassRiskEquitySecuritiesRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_IssuerRiskMember_label_en-US" xlink:label="lab_ck0001432353_IssuerRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issuer Risk Member</link:label>
    <link:label id="lab_ck0001432353_IssuerRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_IssuerRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Issuer Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_IssuerRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_IssuerRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_IssuerRiskMember" xlink:to="lab_ck0001432353_IssuerRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_CurrencyRiskMember_label_en-US" xlink:label="lab_ck0001432353_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency Risk Member</link:label>
    <link:label id="lab_ck0001432353_CurrencyRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Currency Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_CurrencyRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_CurrencyRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_CurrencyRiskMember" xlink:to="lab_ck0001432353_CurrencyRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_TaxRiskMember_label_en-US" xlink:label="lab_ck0001432353_TaxRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Risk Member</link:label>
    <link:label id="lab_ck0001432353_TaxRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_TaxRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_TaxRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_TaxRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_TaxRiskMember" xlink:to="lab_ck0001432353_TaxRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_GeographicRiskRiskOfInvestingInEmergingMarketsMember_label_en-US" xlink:label="lab_ck0001432353_GeographicRiskRiskOfInvestingInEmergingMarketsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographic Risk, Risk Of Investing In Emerging Markets Member</link:label>
    <link:label id="lab_ck0001432353_GeographicRiskRiskOfInvestingInEmergingMarketsMember_documentation_en-US" xlink:label="lab_ck0001432353_GeographicRiskRiskOfInvestingInEmergingMarketsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Geographic Risk, Risk Of Investing In Emerging Markets Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_GeographicRiskRiskOfInvestingInEmergingMarketsMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_GeographicRiskRiskOfInvestingInEmergingMarketsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_GeographicRiskRiskOfInvestingInEmergingMarketsMember" xlink:to="lab_ck0001432353_GeographicRiskRiskOfInvestingInEmergingMarketsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_CapitalizationRiskLargeCapitalizationCompaniesRiskMember_label_en-US" xlink:label="lab_ck0001432353_CapitalizationRiskLargeCapitalizationCompaniesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capitalization Risk, Large-Capitalization Companies Risk Member</link:label>
    <link:label id="lab_ck0001432353_CapitalizationRiskLargeCapitalizationCompaniesRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_CapitalizationRiskLargeCapitalizationCompaniesRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capitalization Risk, Large-Capitalization Companies Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_CapitalizationRiskLargeCapitalizationCompaniesRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_CapitalizationRiskLargeCapitalizationCompaniesRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_CapitalizationRiskLargeCapitalizationCompaniesRiskMember" xlink:to="lab_ck0001432353_CapitalizationRiskLargeCapitalizationCompaniesRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_CounterpartyRiskMember_label_en-US" xlink:label="lab_ck0001432353_CounterpartyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparty Risk Member</link:label>
    <link:label id="lab_ck0001432353_CounterpartyRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_CounterpartyRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Counterparty Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_CounterpartyRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_CounterpartyRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_CounterpartyRiskMember" xlink:to="lab_ck0001432353_CounterpartyRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_TurnoverRiskMember_label_en-US" xlink:label="lab_ck0001432353_TurnoverRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Turnover Risk Member</link:label>
    <link:label id="lab_ck0001432353_TurnoverRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_TurnoverRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Turnover Risk Member</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ck0001432353_TurnoverRiskMember" xlink:href="ck0001432353-20260909.xsd#ck0001432353_TurnoverRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ck0001432353_TurnoverRiskMember" xlink:to="lab_ck0001432353_TurnoverRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ck0001432353_CapitalizationRiskMember_label_en-US" xlink:label="lab_ck0001432353_CapitalizationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capitalization Risk Member</link:label>
    <link:label id="lab_ck0001432353_CapitalizationRiskMember_documentation_en-US" xlink:label="lab_ck0001432353_CapitalizationRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capitalization Risk Member</link:label>
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