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)	$3
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)	$70,140
Large cap (>$10bn)	58.0%
Mid cap ($2-10bn)	34.3%
Small cap (<$2bn)	6.3%
Developed mkts	73.2%
Emerging mkts	26.8%

TOP TEN HOLDINGS
Total	44.4 %
NETEASE.COM INC-ADR	5.1 %
VIPSHOP HOLDINGS LTD SPONSORED ADR	4.8 %
ALIBABA GROUP HOLDING LTD. SPONSOR	4.7 %
JD.COM INC-ADR	4.7 %
OCADO GROUP PLC	4.6 %
BOOKING HOLDINGS INC.	4.4 %
58.COM INC. SPONSORED ADR CLASS A	4.1 %
GODADDY, INC. CLASS A	4.1 %
COSTAR GROUP INC	4.1 %
SHOPIFY, INC. CLASS A	4.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	47.3 %
	CHINA	30.2 %
	BRITAIN	9.9 %
	CANADA	4.0 %
	JAPAN	3.8 %
	ARGENTINA	3.3 %
	GERMANY	1.2 %
	SOUTH KOREA	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
26.3%	--	--	--	12.3%

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

Technical Indicators
Recent close	$17.11
30d moving avg.	$17.44
Annualized volatility	0.0%
Short interest (ETF)	2.6%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	2
Turnover	1.0%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$11,432

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™:

3.2%

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 (%)
IBUY	Amplify Online Retail	40.4	65	3	2.4	-0.8
TTTN	TigerShares China-U.S. Internet Titans	39.5	59	9	4.0	+0.8
PNQI	Invesco Nasdaq Internet	34.9	62	6	2.9	-0.4
PLAT	WisdomTree Modern Tech Platforms	32.8	45	23	2.9	-0.4
ONLN	ProShares Online Retail	31.3	58	10	2.9	-0.4
XWEB	SPDR S&P Internet	26.5	35	33	2.2	-1.1
PGJ	Invesco Golden Dragon China	26.0	70	-2	4.5	+1.2
EMQQ	Emerging Markets Internet & E-Commerce	25.7	86	-18	4.4	+1.2
KWEB	KraneShares CSI China Internet	24.3	76	-8	5.0	+1.8
FDNI	First Trust Dow Jones International Internet	24.2	65	3	4.7	+1.5
GIGE	SoFi Gig Economy	23.1	59	9	0.5	-2.7
GBUY	Goldman Sachs Motif New Age Consumer	22.5	50	18	3.6	+0.4
FNI	First Trust ISE Chindia	20.4	59	9	4.3	+1.1
KEMQ	KraneShares EM Consumer Focus	19.8	80	-12	8.9	+5.7
CHIQ	Global X MSCI China Consumer Discretionary	18.2	65	3	5.4	+2.2
XBUY	Amplify International Online Retail	17.4	69	-1	1.4	-1.8
ARKF	ARK Fintech Innovation	16.2	75	-7	2.0	-1.3
OGIG	O'Shares Global Internet Giants	16.1	48	20	1.6	-1.7
FDN	First Trust DJ Internet	14.0	52	16	3.4	+0.2
CQQQ	Invesco China Technology	13.5	70	-2	5.4	+2.2

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	13.1	%
Divided by: Fwd. P/BV	3.4	x
Less: Expense ratio	68	bp
Equals: ALTAR Score	3.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	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.