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)	$47
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	85
Wgt avg mkt cap (mns)	$219,294
Large cap (>$10bn)	89.6%
Mid cap ($2-10bn)	9.6%
Small cap (<$2bn)	0.6%
Developed mkts	89.2%
Emerging mkts	10.9%

TOP TEN HOLDINGS
Total	31.8 %
NVIDIA CORP	3.5 %
AMAZON.COM INC	3.3 %
NETFLIX INC	3.3 %
MICROSOFT CORP	3.2 %
ADOBE SYSTEMS INC	3.2 %
INTL BUSINESS MACHINES CORP	3.1 %
SALESFORCE.COM INC	3.1 %
TENCENT HOLDINGS LTD	3.1 %
INTEL CORP	3.0 %
ALPHABET INC. CLASS A	3.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	70.9 %
	CHINA	10.6 %
	CANADA	4.3 %
	GERMANY	4.0 %
	SOUTH KOREA	3.8 %
	IRELAND	1.8 %
	SWITZERLAND	1.1 %
	TAIWAN	0.8 %
	SWEDEN	0.8 %
	JAPAN	0.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.0%	27.4%	--	--	13.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.35	89%
MSCI EAFE	1.39	70%
MSCI Emg. Mkts.	0.95	54%

Technical Indicators
Recent close	$18.62
30d moving avg.	$19.14
Annualized volatility	21.3%
Short interest (ETF)	0.1%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	22
Turnover	0.9%
Bid/Ask (% of price)	0.35%
ADV underlying (mns)	$45,919

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X Future Analytics Tech ETF 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™:

4.3%

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 Morgan Stanley Technology ETF	49.2	35	33	4.7	+0.4
TECB	iShares US Tech Breakthrough Multisector ETF	45.8	40	28	4.5	+0.2
GDAT	Goldman Sachs Motif Data-Driven World Etf	42.0	50	18	5.7	+1.4
IYW	iShares U.S. Technology ETF	36.1	42	26	5.0	+0.6
IGM	iShares North American Tech ETF	35.7	46	22	4.4	+0.0
SKYY	First Trust Cloud Computing ETF	35.6	60	8	2.5	-1.8
OGIG	O'Shares Global Internet Giants ETF	35.5	48	20	1.1	-3.2
JHMT	John Hancock Multifactor Technology ETF	35.2	40	28	6.0	+1.7
IETC	iShares Evolved U.S. Technology ETF	33.7	18	50	4.5	+0.2
QTEC	First Trust NASDAQ-100 Technology Sector Index Fund	29.1	57	11	5.5	+1.2
KOIN	Innovation Shares NextGen Protocol ETF	28.5	95	-27	4.6	+0.3
QYLD	Global X NASDAQ 100 Covered Call ETF	28.4	60	8	4.6	+0.3
BLCN	Reality Shares Nasdaq NextGen Economy ETF	28.0	68	0	5.2	+0.9
QQQ	Invesco QQQ Trust	27.7	20	48	4.8	+0.5
DRIV	Global X Autonomous & Electric Vehicles ETF	27.6	68	0	7.1	+2.8
VGT	Vanguard Information Technology Index Fund	27.5	10	58	5.2	+0.9
XLK	Technology Select Sector SPDR Fund	27.4	13	55	5.3	+1.0
IXN	iShares Global Tech ETF	27.4	46	22	5.0	+0.7
NUSI	Nationwide Risk-Managed Income ETF	27.1	68	0	4.5	+0.1
FTEC	Fidelity MSCI Information Technology Index ETF	26.9	8	60	5.2	+0.9

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 ETF
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	22.3	%
Divided by: Fwd. P/BV	4.5	x
Less: Expense ratio	68	bp
Equals: ALTAR Score	4.3	%

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.