ETF Research Center

The Global X MSCI SuperDividend EAFE ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE Top 50 Dividend Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Global X
Website	www.globalxfunds.com
Inception date	Nov 14, 2016
Assets (mns)	$18
Currency	USD
Expense ratio	55 bp
Distributions	Monthly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	50
Wgt avg mkt cap (mns)	$28,649
Large cap (>$10bn)	51.2%
Mid cap ($2-10bn)	46.9%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	23.6 %
CASINO GUICHARD PERRACHON	2.9 %
TUI AG-DI	2.6 %
STOCKLAND	2.4 %
ZURICH FINANCIAL SERVICES AG	2.3 %
SSE PLC	2.3 %
STANDARD LIFE PLC	2.3 %
NATIONAL AUSTRALIA BANK LTD	2.3 %
POSTE ITALIANE SPA	2.2 %
SPARK NEW ZEALAND LIMITED	2.2 %
EDP-ENERGIAS DE PORTUGAL SA	2.2 %

TOP COUNTRY EXPOSURE
	BRITAIN	24.1 %
	AUSTRALIA	18.6 %
	FRANCE	11.0 %
	HONG KONG	8.0 %
	GERMANY	4.4 %
	ITALY	4.1 %
	SPAIN	4.0 %
	SWEDEN	3.9 %
	FINLAND	3.9 %
	NETHERLANDS	3.9 %

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.
12.0%	7.8%	--	--	8.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.66	44%
MSCI EAFE	0.99	84%
MSCI Emg. Mkts.	0.70	66%

Technical Indicators
Recent close	$16.03
30d moving avg.	$15.89
Annualized volatility	12.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	6
Turnover	0.5%
Bid/Ask (% of price)	0.48%
ADV underlying (mns)	$2,972

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EFAS

Expense:

55 bp

ALTAR Score™:

8.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EFAS
Ticker	Fund Name	Overlap¹ vs EFAS (%)	Expense ratio (bp)	Savings vs EFAS (bp)	ALTAR Score™ (%)	ALTAR vs EFAS (%)
LVHI	Legg Mason International Low Volatility High Dividend	29.0	40	15	9.0	+0.6
IDV	iShares DJ Int'l Select Dividend	24.7	49	6	8.5	+0.1
FGD	First Trust DJ Global Select Dividend	23.8	58	-3	9.3	+0.9
IDOG	ALPS International Sector Dividend Dogs	22.4	50	5	7.4	-1.0
CID	Victory CEMP International High Div Volatility Wtd	20.7	45	10	8.9	+0.5
DVYA	iShares Asia/Pacific Dividend 30	20.3	49	6	8.3	-0.2
IQDE	FlexShares Int'l Quality Dividend Defensive	20.3	47	8	9.8	+1.3
RIDV	Invesco International Ultra Dividend Revenue ETF	19.5	42	13	9.1	+0.7
FIDI	Fidelity International High Dividend	19.2	39	16	10.1	+1.7
IQDF	FlexShares Int'l Quality Dividend	18.1	47	8	9.5	+1.1
DTH	WisdomTree DEFA Equity Income	17.7	58	-3	8.6	+0.2
IDHD	Invesco S&P Intl Developed High Div Low Volatility	17.7	30	25	6.5	-2.0
FDD	First Trust STOXX European Select Dividend	16.7	57	-2	7.6	-0.8
EFV	iShares MSCI EAFE Value	16.5	38	17	9.0	+0.6
DOO	WisdomTree Int'l Dividend Ex-Financials	16.5	58	-3	8.1	-0.4
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	15.3	20	35	8.6	+0.2
DOL	WisdomTree Int'l Large Cap Dividend	15.0	48	7	7.7	-0.7
GHII	Invesco S&P High Income Infrastructure	12.9	45	10	4.9	-3.6
DWX	SPDR S&P International Dividend ETF	12.4	45	10	7.0	-1.4
DMDV	AAM S&P Developed Markets High Dividend Value	12.3	39	16	10.3	+1.8

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 MSCI SuperDividend EAFE
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	11.9	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	55	bp
Equals: ALTAR Score	8.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.79	CATEGORY AVERAGE	1.63

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.