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)	$16
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)	$29,810
Large cap (>$10bn)	54.5%
Mid cap ($2-10bn)	43.6%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	24.4 %
SSE PLC	2.7 %
TAYLOR WIMPEY PLC	2.7 %
PERSIMMON PLC	2.6 %
BARRATT DEVELOPMENTS PLC	2.4 %
STOCKLAND	2.4 %
EDP-ENERGIAS DE PORTUGAL SA	2.4 %
ZURICH FINANCIAL SERVICES AG	2.4 %
ICADE	2.3 %
SPARK NEW ZEALAND LIMITED	2.3 %
STANDARD LIFE PLC	2.3 %

TOP COUNTRY EXPOSURE
	BRITAIN	28.4 %
	AUSTRALIA	15.7 %
	FRANCE	12.0 %
	HONG KONG	7.8 %
	FINLAND	4.1 %
	ITALY	4.1 %
	SPAIN	4.0 %
	GERMANY	3.9 %
	SWEDEN	3.7 %
	NETHERLANDS	3.6 %

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.
14.6%	14.6%	--	--	9.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.64	42%
MSCI EAFE	0.99	83%
MSCI Emg. Mkts.	0.69	69%

Technical Indicators
Recent close	$16.42
30d moving avg.	$16.27
Annualized volatility	11.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.7%
Bid/Ask (% of price)	0.45%
ADV underlying (mns)	$2,897

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™:

8.5%

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	26.2	40	15	8.9	+0.4
IDV	iShares DJ Int'l Select Dividend	25.9	49	6	8.3	-0.2
FGD	First Trust DJ Global Select Dividend	25.2	58	-3	9.2	+0.7
CID	Victory CEMP International High Div Volatility Wtd	21.5	45	10	8.7	+0.2
RIDV	Invesco International Ultra Dividend Revenue ETF	21.2	42	13	8.9	+0.5
FIDI	Fidelity International High Dividend	19.8	39	16	10.0	+1.6
DVYA	iShares Asia/Pacific Dividend 30	19.3	49	6	8.2	-0.3
FDD	First Trust STOXX European Select Dividend	19.0	57	-2	7.3	-1.1
DTH	WisdomTree DEFA Equity Income	18.3	58	-3	8.3	-0.2
IDHD	Invesco S&P Intl Developed High Div Low Volatility	17.9	30	25	6.3	-2.2
DOO	WisdomTree Int'l Dividend Ex-Financials	17.1	58	-3	7.9	-0.6
EFV	iShares MSCI EAFE Value	16.7	38	17	8.8	+0.4
IQDE	FlexShares Int'l Quality Dividend Defensive	16.3	47	8	8.9	+0.4
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	16.1	20	35	8.4	-0.0
DOL	WisdomTree Int'l Large Cap Dividend	15.2	48	7	7.5	-0.9
IDOG	ALPS International Sector Dividend Dogs	15.1	50	5	8.0	-0.5
IQDF	FlexShares Int'l Quality Dividend	14.8	47	8	8.9	+0.4
DMDV	AAM S&P Developed Markets High Dividend Value	14.4	39	16	9.9	+1.4
GHII	Invesco S&P High Income Infrastructure	14.3	45	10	5.2	-3.3
EUFN	iShares MSCI Europe Financial Sector	13.8	48	7	8.8	+0.3

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:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.4	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	55	bp
Equals: ALTAR Score	8.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.78	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.