ETF Research Center

The Global X SuperDividend U.S. ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the INDXX SuperDividend U.S. Low Volatility Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Global X Management Co LLC
Website	www.globalxfunds.com
Inception date	Mar 12, 2013
Assets (mns)	$558
Currency	USD
Expense ratio	45 bp
Distributions	Monthly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	48
Wgt avg mkt cap (mns)	$27,818
Large cap (>$10bn)	20.3%
Mid cap ($2-10bn)	22.5%
Small cap (<$2bn)	57.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.1 %
BUCKLE INC/THE	3.2 %
COMPASS DIVERSIFIED HOLDINGS	3.1 %
PATTERN ENERGY GROUP INC	2.8 %
SOUTHERN CO	2.7 %
AT&T INC	2.7 %
AIRCASTLE LTD	2.6 %
SHIP FINANCE INTL LTD	2.5 %
PENNYMAC MORTGAGE INVESTMENT	2.5 %
VECTOR GROUP LTD	2.5 %
CHIMERA INVESTMENT CORPORATION	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.8 %
	BERMUDA	2.5 %
	BRITAIN	0.1 %

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.
12.5%	4.2%	2.3%	--	4.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.57	56%
MSCI EAFE	0.56	45%
MSCI Emg. Mkts.	0.32	24%

Technical Indicators
Recent close	$23.28
30d moving avg.	$23.40
Annualized volatility	9.2%
Short interest (ETF)	0.4%
Short interest (Underlying)	5.2%
Relative strength (RSI)	42

Liquidity measures
Avg. volume (thou.)	161
Turnover	0.7%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$4,899

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DIV

Expense:

45 bp

ALTAR Score™:

7.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DIV
Ticker	Fund Name	Overlap¹ vs DIV (%)	Expense ratio (bp)	Savings vs DIV (bp)	ALTAR Score™ (%)	ALTAR vs DIV (%)
PEY	Invesco High Yield Equity Dividend Acheivers	22.5	53	-8	6.7	-0.7
SPHD	Invesco S&P 500 High Dividend	18.6	30	15	7.8	+0.3
XSHD	Invesco S&P SmallCap High Div Low Volatility	18.5	30	15	8.1	+0.6
FDL	First Trust Morningstar Dividend Leaders	16.6	45	0	8.6	+1.1
SDIV	Global X Superdividend	16.1	58	-13	11.0	+3.6
LVHD	Legg Mason Low Volatility High Dividend ETF	15.4	27	18	6.8	-0.7
DHS	WisdomTree Equity Income	15.0	38	7	7.2	-0.2
FDVV	Fidelity Core Dividend	14.9	29	16	7.3	-0.1
MORT	VanEck Vectors Mortgage REIT	14.6	42	3	10.7	+3.2
SDOG	ALPS Sector Dividend Dogs	14.2	40	5	9.3	+1.8
REM	iShares Mortgage Real Estate Capped	14.0	48	-3	10.4	+3.0
DTN	WisdomTree Dividend Ex-Financials	13.4	38	7	7.8	+0.4
SPYD	SPDR Portfolio S&P 500 High Dividend	12.8	7	38	9.2	+1.8
KBWD	Invesco KBW High Dividend Financial	12.8	242	-197	10.0	+2.6
JKF	iShares Morningstar Large Value	12.5	25	20	7.7	+0.3
FXU	First Trust Utilities Alphadex	12.1	63	-18	5.4	-2.1
DEW	WisdomTree Global Equity Income	12.0	58	-13	8.4	+0.9
SRET	Global X SuperDividend REIT	11.8	59	-14	9.9	+2.4
WBIY	WBI Power Factor High Dividend	11.5	70	-25	9.8	+2.4
OYLD	Invesco Russell 1000 Yield Factor ETF	11.4	19	26	7.1	-0.4

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

	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

Content on this tab for subscribers only

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 SuperDividend US ETF
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	12.2	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	7.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.74	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.