ETF Research Center

FUND BASICS
Category	US Equities
Fund Sponsor	Global X
Website	www.globalxfunds.com
Inception date	Apr 15, 2019
Assets (mns)	$463
Currency	USD
Expense ratio	68 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	36
Wgt avg mkt cap (mns)	$90,068
Large cap (>$10bn)	41.4%
Mid cap ($2-10bn)	52.7%
Small cap (<$2bn)	5.9%
Developed mkts	97.3%
Emerging mkts	2.7%

TOP TEN HOLDINGS
Total	43.6 %
SHOPIFY, INC. CLASS A	5.5 %
PAYCOM SOFTWARE INC	4.7 %
PAYLOCITY HOLDING CORP	4.5 %
NETFLIX INC	4.4 %
TWILIO, INC. CLASS A	4.2 %
ANAPLAN, INC.	4.2 %
ZSCALER, INC.	4.1 %
XERO LIMITED	4.0 %
SALESFORCE.COM INC	4.0 %
COUPA SOFTWARE, INC.	3.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	84.8 %
	CANADA	5.5 %
	NEW ZEALAND	4.0 %
	CHINA	3.1 %
	BRITAIN	2.6 %

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.
8.3%	--	--	--	9.1%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$17.29
30d moving avg.	$17.41
Annualized volatility	0.0%
Short interest (ETF)	0.2%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	310
Turnover	1.2%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$25,010

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Global X Cloud Computing ETF ETF based on the alternatives' overlap in portfolio holdings with CLOU. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CLOU

Expense:

68 bp

ALTAR Score™:

1.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CLOU
Ticker	Fund Name	Overlap¹ vs CLOU (%)	Expense ratio (bp)	Savings vs CLOU (bp)	ALTAR Score™ (%)	ALTAR vs CLOU (%)
WCLD	WisdomTree Cloud Computing Fund	32.6	45	23	-0.4	-1.5
SKYY	First Trust Cloud Computing ETF	26.8	60	8	2.5	+1.4
PLAT	WisdomTree Modern Tech Platforms Fund	21.3	45	23	2.2	+1.1
OGIG	O'Shares Global Internet Giants ETF	19.7	48	20	1.1	0.0
FDN	First Trust Dow Jones Internet Index Fund	19.6	52	16	3.1	+2.0
XNTK	SPDR Morgan Stanley Technology ETF	19.5	35	33	4.7	+3.6
AIQ	Global X Future Analytics Tech ETF	18.6	68	0	4.3	+3.2
XITK	SPDR FactSet Innovative Technology ETF	18.1	45	23	0.6	-0.5
TECB	iShares US Tech Breakthrough Multisector ETF	16.3	40	28	4.5	+3.4
ARKW	ARK Web x.0 ETF	16.2	76	-8	-0.5	-1.6
IHAK	iShares Cybersecurity & Tech ETF	15.7	47	21	4.5	+3.3
IGV	iShares North American Tech-Software ETF	14.2	46	22	2.9	+1.8
FFTY	Innovator IBD 50 ETF	14.0	80	-12	4.0	+2.9
ENTR	Entrepreneur 30 Fund	14.0	49	19	2.8	+1.7
CIBR	First Trust NASDAQ CEA Cybersecurity ETF	13.1	60	8	3.6	+2.5
XSW	SPDR S&P Software & Services ETF	12.9	35	33	3.8	+2.7
PNQI	Invesco NASDAQ Internet ETF	12.7	62	6	2.5	+1.4
HACK	ETFMG Prime Cyber Security ETF	12.4	60	8	3.3	+2.2
GDAT	Goldman Sachs Motif Data-Driven World Etf	12.1	50	18	5.7	+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 Cloud Computing ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.3	%
Divided by: Fwd. P/BV	6.9	x
Less: Expense ratio	68	bp
Equals: ALTAR Score	1.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.56

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.