ETF Research Center

Global X FTSE Argentina 20 ETF seeks to track the performance of the FTSE Argentina 20 Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Global X Management Co LLC
Website	www.globalxfunds.com
Inception date	Mar 02, 2011
Assets (mns)	$69
Currency	USD
Expense ratio	59 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	25
Wgt avg mkt cap (mns)	$10,485
Large cap (>$10bn)	33.1%
Mid cap ($2-10bn)	38.8%
Small cap (<$2bn)	28.2%
Developed mkts	24.3%
Emerging mkts	75.7%

TOP TEN HOLDINGS
Total	71.1 %
MERCADOLIBRE INC	25.1 %
GLOBANT SA	11.7 %
BANCO MACRO SA-ADR	5.5 %
YPF S.A.-SPONSORED ADR	5.2 %
GRUPO FINANCIERO GALICIA-ADR	5.1 %
TELECOM ARGENTINA SA SPONSORED ADR	4.5 %
DESPEGAR.COM, CORP.	3.8 %
ADECOAGRO SA	3.7 %
ARCOS DORADOS HOLDINGS INC-A	3.4 %
SSR MINING INC	3.1 %

TOP COUNTRY EXPOSURE
	ARGENTINA	65.5 %
	LUXEMBOURG	16.8 %
	CHILE	7.4 %
	URUGUAY	3.4 %
	CANADA	3.2 %

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.
-4.0%	-7.7%	7.8%	--	-1.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.06	17%
MSCI EAFE	1.67	34%
MSCI Emg. Mkts.	1.33	38%

Technical Indicators
Recent close	$25.16
30d moving avg.	$26.11
Annualized volatility	31.4%
Short interest (ETF)	1.2%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	55
Turnover	2.0%
Bid/Ask (% of price)	0.32%
ADV underlying (mns)	$379

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

ARGT

Expense:

59 bp

ALTAR Score™:

7.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ARGT
Ticker	Fund Name	Overlap¹ vs ARGT (%)	Expense ratio (bp)	Savings vs ARGT (bp)	ALTAR Score™ (%)	ALTAR vs ARGT (%)
AGT	iShares MSCI Argentina & Global Exposure ETF A	96.1	59	0	6.9	-0.0
DOGS	Arrow Dogs of the World ETF	29.4	134	-75	10.7	+3.8
FRN	Invesco Frontier Markets ETF	16.5	70	-11	10.4	+3.5
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	7.4	86	-27	2.3	-4.7
ECH	iShares MSCI Chile ETF	7.0	59	0	7.4	+0.5
EWEM	Invesco MSCI Emerging Markets Equal Country Weight ETF	5.1	70	-11	8.4	+1.5
XBUY	Amplify International Online Retail ETF	5.0	69	-10	-1.0	-7.9
EBIZ	Global X E-Commerce ETF	4.7	50	9	3.0	-3.9
ARKF	ARK Fintech Innovation ETF	4.5	75	-16	1.4	-5.6
TTTN	UP Fintech China-U.S. Internet Titans ETF	4.5	59	0	3.8	-3.2
PLAT	WisdomTree Modern Tech Platforms Fund	4.5	45	14	2.2	-4.8
AADR	WCM/BNY Mellon Focused Growth ADR ETF	4.1	110	-51	3.8	-3.2
KEMQ	Kraneshares Emerging Markets Consumer Technology Index ETF	4.1	80	-21	7.2	+0.2
PNQI	Invesco NASDAQ Internet ETF	3.7	62	-3	2.5	-4.5
GOEX	Global X Gold Explorers ETF	3.1	65	-6	3.6	-3.4
SGDM	Sprott Gold Miners ETF	3.1	50	9	3.0	-3.9
SIL	Global X Silver Miners ETF	3.1	65	-6	2.8	-4.2
SLVP	iShares MSCI Global Silver Miners ETF	3.1	39	20	1.6	-5.4
SILJ	ETFMG Prime Junior Silver ETF	3.1	69	-10	0.7	-6.3
GOAU	U.S. Global GO GOLD & Precious Metal Miners ETF	3.0	60	-1	2.4	-4.6

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 MSCI Argentina ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.1	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	7.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	CATEGORY AVERAGE	1.48

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.