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)	$9,319
Large cap (>$10bn)	32.4%
Mid cap ($2-10bn)	30.2%
Small cap (<$2bn)	37.4%
Developed mkts	23.1%
Emerging mkts	76.9%

TOP TEN HOLDINGS
Total	71.0 %
MERCADOLIBRE INC	23.0 %
TENARIS SA	13.4 %
GLOBANT SA	9.8 %
YPF S.A.-SPONSORED ADR	4.5 %
ARCOS DORADOS HOLDINGS INC-A	3.8 %
GRUPO FINANCIERO GALICIA-ADR	3.6 %
PAN AMERICAN SILVER CORP	3.5 %
BANCO MACRO SA-ADR	3.2 %
TELECOM ARGENTINA SA SPONSORED ADR	3.1 %
ADECOAGRO SA	3.1 %

TOP COUNTRY EXPOSURE
	ARGENTINA	63.9 %
	LUXEMBOURG	15.5 %
	CHILE	8.5 %
	URUGUAY	4.0 %
	CANADA	2.9 %

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.
1.6%	-6.0%	3.5%	--	-2.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	16%
MSCI EAFE	1.62	33%
MSCI Emg. Mkts.	1.35	37%

Technical Indicators
Recent close	$23.52
30d moving avg.	$22.46
Annualized volatility	31.1%
Short interest (ETF)	3.9%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	55
Turnover	1.9%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$483

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X FTSE Argentina 20 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™:

7.3%

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	96.8	59	0	7.3	0.0
DOGS	Arrow Dogs of the World	17.3	164	-105	7.7	+0.4
FRN	Invesco Frontier Markets	14.6	70	-11	11.2	+3.9
SIL	Global X Silver Miners ETF	6.4	65	-6	1.7	-5.7
SLVP	iShares MSCI Global Silver Miners	6.4	39	20	0.5	-6.9
SILJ	ETFMG Prime Junior Silver	6.4	69	-10	-0.8	-8.1
ECH	iShares MSCI Chile Capped	5.9	59	0	6.5	-0.9
EMQQ	Emerging Markets Internet & E-Commerce	5.9	86	-27	3.9	-3.5
EBIZ	Global X E-commerce	3.8	68	-9	2.8	-4.5
TTTN	TigerShares China-U.S. Internet Titans	3.7	59	0	3.9	-3.4
ARKF	ARK Fintech Innovation	3.7	75	-16	1.8	-5.5
KEMQ	KraneShares EM Consumer Focus	3.6	80	-21	7.8	+0.4
XBUY	Amplify International Online Retail	3.5	69	-10	0.7	-6.6
AADR	WCM/BNY Mellon Focused Growth	3.5	110	-51	3.1	-4.3
PLAT	WisdomTree Modern Tech Platforms	3.4	45	14	2.8	-4.6
EPU	iShares MSCI All Peru Capped	3.4	59	0	4.3	-3.1
PNQI	Invesco Nasdaq Internet	3.1	62	-3	2.8	-4.5
ARKW	ARK Web x.O	2.9	75	-16	-0.8	-8.1
SGDM	Sprott Gold Miners	2.9	50	9	2.8	-4.6
GOEX	Global X Gold Explorers	2.9	65	-6	2.3	-5.0

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 FTSE Argentina 20
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	8.9	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	7.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.49

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.