ETF Research Center

The Global X Copper Miners ETF is an exchange-traded fund incorporated in the USA. The seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Copper Miners Index ("Underlying Index").

FUND BASICS
Category	Global Equities
Fund Sponsor	Global X Management Co LLC
Website	www.globalxfunds.com
Inception date	Apr 20, 2010
Assets (mns)	$79
Currency	USD
Expense ratio	65 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	27
Wgt avg mkt cap (mns)	$8,260
Large cap (>$10bn)	33.6%
Mid cap ($2-10bn)	40.2%
Small cap (<$2bn)	21.4%
Developed mkts	72.1%
Emerging mkts	27.9%

TOP TEN HOLDINGS
Total	50.9 %
ZIJIN MINING GROUP CO LTD-H	6.3 %
FREEPORT-MCMORAN COPPER	5.6 %
KGHM POLSKA MIEDZ S.A.	5.1 %
SOUTHERN COPPER CORP	5.1 %
KAZAKHMYS PLC	5.0 %
GRUPO MEXICO SAB DE CV-SER B	5.0 %
JIANGXI COPPER COMPANY LTD-H	4.8 %
FIRST QUANTUM MINERALS LTD	4.7 %
LUNDIN MINING CORP	4.6 %
OZ MINERALS LTD	4.6 %

TOP COUNTRY EXPOSURE
	CANADA	19.9 %
	BRITAIN	12.2 %
	CHINA	11.1 %
	UNITED STATES	10.7 %
	AUSTRALIA	6.8 %
	HONG KONG	6.2 %
	POLAND	5.1 %
	MEXICO	5.0 %
	SWITZERLAND	4.5 %
	INDIA	4.1 %

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.
-13.9%	-13.5%	0.5%	--	-6.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.25	28%
MSCI EAFE	1.69	42%
MSCI Emg. Mkts.	1.53	60%

Technical Indicators
Recent close	$18.59
30d moving avg.	$19.12
Annualized volatility	28.8%
Short interest (ETF)	0.6%
Relative strength (RSI)	41

Liquidity measures
Avg. volume (thou.)	68
Turnover	1.6%
Bid/Ask (% of price)	0.30%
ADV underlying (mns)	$424

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

COPX

Expense:

65 bp

ALTAR Score™:

7.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH COPX
Ticker	Fund Name	Overlap¹ vs COPX (%)	Expense ratio (bp)	Savings vs COPX (bp)	ALTAR Score™ (%)	ALTAR vs COPX (%)
PICK	iShares MSCI Global Select Metals & Mining	14.8	39	26	8.0	+0.8
BATT	Amplify Advanced Battery Metals & Materials	12.3	72	-7	0.9	-6.4
CHIM	Global X MSCI China Materials	9.9	65	0	10.0	+2.8
NANR	SPDR S&P N. American Nat. Resources	7.6	35	30	4.6	-2.7
GRES	Index IQ Global Resources	5.5	77	-12	6.8	-0.5
EPU	iShares MSCI All Peru Capped	5.1	59	6	5.6	-1.7
FCAN	First Trust Canada	5.0	80	-15	5.6	-1.7
FLMX	Franklin FTSE Mexico	5.0	19	46	6.7	-0.5
XME	SPDR Metals & Mining ETF	4.9	35	30	3.3	-4.0
FRN	Invesco Frontier Markets	4.8	70	-5	10.4	+3.2
PACA	Xtrackers MSCI Latin America Pacific Alliance	4.7	45	20	6.5	-0.8
EPOL	iShares MSCI Poland Investable	4.7	63	2	10.0	+2.7
GUNR	Flexshares Global Upstream Natural Resources	4.5	46	19	6.1	-1.2
GNR	SPDR S&P Global Nat. Resources	4.4	40	25	6.9	-0.4
MXI	iShares S&P Global Materials	4.3	46	19	6.5	-0.8
KARS	KraneShares Electric Vehicles & Future Mobility Index	4.3	70	-5	5.2	-2.1
EWW	iShares MSCI Mexico	4.3	47	18	6.4	-0.9
SLX	VanEck Vectors Steel	4.1	56	9	15.9	+8.6
REDV	Invesco Emerging Markets Ultra Dividend Revenue ETF	3.9	46	19	15.2	+7.9
JHMA	John Hancock Multifactor Materials	3.7	40	25	7.3	+0.1

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	6.9	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	7.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.