ETF Research Center

The Global X E-commerce ETF seeks to invest in companies positioned to benefit from the increased adoption of E-commerce as a distribution model, including companies whose principal business is in operating E-commerce platforms, providing E-commerce software and services, and/or selling goods and services online.

FUND BASICS
Category	Global Equities
Fund Sponsor	Global X
Website	www.globalxfunds.com
Inception date	Nov 27, 2018
Assets (mns)	$7
Currency	USD
Expense ratio	68 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	39
Wgt avg mkt cap (mns)	$81,986
Large cap (>$10bn)	58.4%
Mid cap ($2-10bn)	34.5%
Small cap (<$2bn)	5.8%
Developed mkts	70.3%
Emerging mkts	29.7%

TOP TEN HOLDINGS
Total	47.2 %
SHOPIFY, INC. CLASS A	5.4 %
NETEASE.COM INC-ADR	5.2 %
VIPSHOP HOLDINGS LTD SPONSORED ADR	5.1 %
ALIBABA GROUP HOLDING LTD. SPONSOR	5.0 %
JD.COM INC-ADR	5.0 %
OCADO GROUP PLC	4.6 %
58.COM INC. SPONSORED ADR CLASS A	4.5 %
COSTAR GROUP INC	4.2 %
BOOKING HOLDINGS INC.	4.2 %
JUST EAT PLC	4.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	45.0 %
	CHINA	31.1 %
	BRITAIN	10.1 %
	CANADA	5.4 %
	ARGENTINA	4.0 %
	JAPAN	3.0 %
	GERMANY	1.0 %
	SOUTH KOREA	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
32.9%	32.9%	--	--	16.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.42	88%
MSCI EAFE	1.75	80%
MSCI Emg. Mkts.	1.22	64%

Technical Indicators
Recent close	$19.50
30d moving avg.	$18.56
Annualized volatility	25.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	86

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.9%
Bid/Ask (% of price)	0.33%
ADV underlying (mns)	$13,267

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EBIZ

Expense:

68 bp

ALTAR Score™:

2.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EBIZ
Ticker	Fund Name	Overlap¹ vs EBIZ (%)	Expense ratio (bp)	Savings vs EBIZ (bp)	ALTAR Score™ (%)	ALTAR vs EBIZ (%)
TTTN	TigerShares China-U.S. Internet Titans	43.8	59	9	3.7	+1.2
PLAT	WisdomTree Modern Tech Platforms	36.4	45	23	2.7	+0.2
PNQI	Invesco Nasdaq Internet	36.0	62	6	2.5	-0.0
IBUY	Amplify Online Retail	33.7	65	3	-0.6	-3.1
ONLN	ProShares Online Retail	30.3	58	10	2.0	-0.5
XWEB	SPDR S&P Internet	27.5	35	33	1.8	-0.7
PGJ	Invesco Golden Dragon China	27.4	70	-2	3.3	+0.8
KWEB	KraneShares CSI China Internet	27.0	76	-8	3.6	+1.1
FDNI	First Trust Dow Jones International Internet	25.2	65	3	3.8	+1.3
EMQQ	Emerging Markets Internet & E-Commerce	25.1	86	-18	3.3	+0.8
GIGE	SoFi Gig Economy	23.1	59	9	0.3	-2.2
GBUY	Goldman Sachs Motif New Age Consumer	21.5	50	18	2.7	+0.3
XBUY	Amplify International Online Retail	21.0	69	-1	0.3	-2.2
FNI	First Trust ISE Chindia	20.5	59	9	3.7	+1.2
KEMQ	KraneShares EM Consumer Focus	20.5	80	-12	8.5	+6.0
CHIQ	Global X MSCI China Consumer Discretionary	18.0	65	3	5.0	+2.5
ARKF	ARK Fintech Innovation	17.9	75	-7	1.8	-0.7
OGIG	O'Shares Global Internet Giants	16.8	48	20	1.2	-1.3
ECON	Columbia Emerging Markets Consumer	14.7	59	9	5.1	+2.7
DWLD	Davis Select Worldwide	14.6	64	4	5.5	+3.0

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 E-commerce
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	12.5	%
Divided by: Fwd. P/BV	4.0	x
Less: Expense ratio	68	bp
Equals: ALTAR Score	2.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.54

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.