ETF Research Center

The Global X Future Analytics Tech ETF (AIQ) tracks companies that are likely to benefit from the further development and use of artificial intelligence.

FUND BASICS
Category	Global Equities
Fund Sponsor	Global X Funds
Website	www.globalxfunds.com
Inception date	May 11, 2018
Assets (mns)	$44
Currency	USD
Expense ratio	68 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	84
Wgt avg mkt cap (mns)	$198,584
Large cap (>$10bn)	89.0%
Mid cap ($2-10bn)	9.8%
Small cap (<$2bn)	1.0%
Developed mkts	89.2%
Emerging mkts	10.8%

TOP TEN HOLDINGS
Total	33.2 %
SALESFORCE.COM INC	3.8 %
NVIDIA CORP	3.6 %
QUALCOMM INC	3.4 %
ALPHABET INC. CLASS A	3.3 %
SIEMENS AG-REG	3.3 %
INTEL CORP	3.3 %
MICROSOFT CORP	3.2 %
RAYTHEON COMPANY	3.2 %
ALIBABA GROUP HOLDING LTD. SPONSOR	3.1 %
NETFLIX INC	3.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	74.9 %
	CHINA	9.0 %
	CANADA	4.2 %
	GERMANY	3.7 %
	IRELAND	2.4 %
	SWITZERLAND	1.2 %
	SOUTH KOREA	1.0 %
	JAPAN	1.0 %
	TAIWAN	0.9 %
	BERMUDA	0.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
35.1%	22.9%	--	--	10.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.36	90%
MSCI EAFE	1.46	74%
MSCI Emg. Mkts.	1.13	64%

Technical Indicators
Recent close	$17.08
30d moving avg.	$16.83
Annualized volatility	22.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	12
Turnover	0.5%
Bid/Ask (% of price)	0.37%
ADV underlying (mns)	$38,782

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X Future Analytics Tech ETF based on the alternatives' overlap in portfolio holdings with AIQ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AIQ

Expense:

68 bp

ALTAR Score™:

4.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AIQ
Ticker	Fund Name	Overlap¹ vs AIQ (%)	Expense ratio (bp)	Savings vs AIQ (bp)	ALTAR Score™ (%)	ALTAR vs AIQ (%)
XNTK	SPDR NYSE Technology	46.5	35	33	5.7	+1.1
GDAT	Goldman Sachs Motif Data-Driven World	40.2	50	18	6.0	+1.4
OGIG	O'Shares Global Internet Giants	35.3	48	20	1.5	-3.1
JHMT	John Hancock Multifactor Technology	34.5	40	28	6.1	+1.5
IYW	iShares US Technology	33.7	42	26	5.3	+0.7
SKYY	First Trust Cloud Computing	33.4	60	8	2.4	-2.2
IGM	iShares S&P N. American Technology	33.2	46	22	4.6	+0.1
IETC	iShares Evolved U.S. Technology	31.8	18	50	4.9	+0.3
QTEC	First Trust NASDAQ 100 Tech	29.1	57	11	6.1	+1.5
IGV	iShares N. American Tech-Software	28.4	46	22	3.1	-1.5
BLCN	Reality Shares NASDAQ NextGen Economy	28.4	68	0	5.6	+1.0
QTUM	Defiance Quantum	27.0	40	28	6.5	+1.9
KOIN	Innovation Shares NextGen Protocol	26.2	95	-27	4.7	+0.2
ARKW	ARK Web x.O	26.2	75	-7	-0.8	-5.3
IRBO	iShares Robotics and Artificial Intelligence	25.7	47	21	2.0	-2.6
RYT	Invesco S&P Equal Weight Technology	25.7	40	28	6.5	+1.9
VGT	Vanguard Info Tech ETF	25.3	10	58	5.5	+0.9
FTEC	Fidelity MSCI Info Technology	25.3	8	60	5.5	+0.9
XLK	Technology Select Sector SPDR	25.1	13	55	5.7	+1.1
QYLD	Global X NASDAQ 100 Covered Call ETF	24.8	60	8	4.8	+0.2

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Global X Future Analytics Tech
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	22.0	%
Divided by: Fwd. P/BV	4.2	x
Less: Expense ratio	68	bp
Equals: ALTAR Score	4.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.