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)	$78,664
Large cap (>$10bn)	35.2%
Mid cap ($2-10bn)	58.3%
Small cap (<$2bn)	6.5%
Developed mkts	97.5%
Emerging mkts	2.5%

TOP TEN HOLDINGS
Total	41.9 %
PAYCOM SOFTWARE INC	4.7 %
XERO LIMITED	4.3 %
ANAPLAN, INC.	4.3 %
PAYLOCITY HOLDING CORP	4.2 %
COUPA SOFTWARE, INC.	4.1 %
NETFLIX INC	4.1 %
TWILIO, INC. CLASS A	4.1 %
WORKDAY INC-CLASS A	4.1 %
ZSCALER, INC.	4.0 %
SALESFORCE.COM INC	4.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	86.5 %
	NEW ZEALAND	4.3 %
	CANADA	4.0 %
	BRITAIN	2.8 %
	CHINA	2.5 %

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.
2.1%	--	--	--	2.1%

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

Technical Indicators
Recent close	$15.59
30d moving avg.	$15.23
Annualized volatility	0.0%
Short interest (ETF)	0.1%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	193
Turnover	0.7%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$19,315

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Global X Cloud Computing 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 (%)
SKYY	First Trust Cloud Computing	24.6	60	8	2.4	+1.3
TCLD	Tortoise Cloud Infrastructure Fund	20.5	40	28	5.1	+4.0
PLAT	WisdomTree Modern Tech Platforms	20.3	45	23	2.8	+1.6
OGIG	O'Shares Global Internet Giants	19.8	48	20	1.5	+0.3
ENTR	ERShares Entrepreneur 30	19.7	49	19	3.9	+2.8
FDN	First Trust DJ Internet	19.3	52	16	3.4	+2.2
AIQ	Global X Future Analytics Tech	19.0	68	0	4.6	+3.5
ARKW	ARK Web x.O	15.2	75	-7	-0.8	-1.9
XNTK	SPDR NYSE Technology	15.1	35	33	5.7	+4.5
BUG	Global X Cybersecurity	14.1	50	18	1.1	0.0
IGV	iShares N. American Tech-Software	13.9	46	22	3.1	+2.0
PSJ	Invesco Dynamic Software	13.8	58	10	3.2	+2.1
WCLD	WisdomTree Cloud Computing	13.8	45	23	-0.3	-1.4
XSW	SPDR S&P Software & Services	13.5	35	33	4.1	+3.0
IHAK	iShares Cybersecurity & Tech	12.9	47	21	3.0	+1.9
XITK	SPDR FactSet Innovative Technology	12.8	45	23	2.4	+1.2
PXQ	Invesco Dynamic Networking	12.6	63	5	4.2	+3.1
GVIP	Goldman Sachs Hedge Industry VIP	12.5	45	23	5.4	+4.3
PNQI	Invesco Nasdaq Internet	12.3	62	6	2.8	+1.7

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 Cloud Computing
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	11.4	%
Divided by: Fwd. P/BV	6.3	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	1.44	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.