ETF Research Center

The Global X FinTech Thematic ETF tracks a market-cap-weighted index of companies in developed markets that derive significant revenues from providing financial technology products and services.

FUND BASICS
Category	Global Equities
Fund Sponsor	Global X
Website	www.globalxfunds.com
Inception date	Sep 12, 2016
Assets (mns)	$410
Currency	USD
Expense ratio	68 bp
Distributions	Annually

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	33
Wgt avg mkt cap (mns)	$26,963
Large cap (>$10bn)	57.8%
Mid cap ($2-10bn)	34.9%
Small cap (<$2bn)	7.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	61.1 %
FISERV INC	14.0 %
FIDELITY NATIONAL INFORMATIO	6.2 %
ADYEN NV	5.6 %
INTUIT INC	5.3 %
XERO LIMITED	5.3 %
GUIDEWIRE SOFTWARE INC	5.2 %
SQUARE, INC. CLASS A	5.1 %
PAYPAL HOLDINGS INC	4.9 %
BLACK KNIGHT FINANCIAL SERVICES, I	4.8 %
SS&C TECHNOLOGIES HOLDINGS	4.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	63.4 %
	BRAZIL	6.9 %
	NETHERLANDS	5.6 %
	GERMANY	5.5 %
	NEW ZEALAND	5.3 %
	AUSTRALIA	4.5 %
	SWITZERLAND	4.4 %
	DENMARK	3.0 %
	JAPAN	0.3 %
	CHINA	0.2 %

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.
38.2%	24.5%	--	--	26.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.22	63%
MSCI EAFE	1.04	39%
MSCI Emg. Mkts.	0.75	32%

Technical Indicators
Recent close	$30.04
30d moving avg.	$29.32
Annualized volatility	18.5%
Short interest (ETF)	0.8%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	82
Turnover	0.6%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$3,514

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Global X FinTech Thematic ETF based on the alternatives' overlap in portfolio holdings with FINX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FINX

Expense:

68 bp

ALTAR Score™:

3.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FINX
Ticker	Fund Name	Overlap¹ vs FINX (%)	Expense ratio (bp)	Savings vs FINX (bp)	ALTAR Score™ (%)	ALTAR vs FINX (%)
TPAY	Tortoise Digital Payments Infrastructure Fund	33.2	40	28	5.1	+1.9
IPAY	ETFMG Prime Mobile Payments	32.2	75	-7	5.9	+2.6
GFIN	Goldman Sachs Motif Finance Reimagined	20.6	50	18	4.8	+1.6
ARKF	ARK Fintech Innovation	18.6	75	-7	1.8	-1.5
LEND	Amplify CrowdBureau Peer to Peer Lending & Crowdfunding	18.4	65	3	14.1	+10.9
DTEC	ALPS Disruptive Technologies	14.8	50	18	3.4	+0.2
GIGE	SoFi Gig Economy	12.2	59	9	0.4	-2.9
MILN	Global X Millennials Thematic	11.9	50	18	2.9	-0.3
FPX	First Trust US IPO	10.3	59	9	5.4	+2.2
ARKW	ARK Web x.O	9.3	75	-7	-0.8	-4.0
XNTK	SPDR NYSE Technology	8.4	35	33	5.6	+2.4
KOIN	Innovation Shares NextGen Protocol	8.1	95	-27	4.7	+1.4
ARKK	ARK Innovation	8.1	75	-7	-4.4	-7.6
IYJ	iShares DJ US Industrials	8.1	42	26	5.4	+2.1
IGV	iShares N. American Tech-Software	7.8	46	22	3.1	-0.2
XSW	SPDR S&P Software & Services	6.9	35	33	4.1	+0.8
SHE	SPDR SSGA Gender Diversity	6.4	20	48	6.2	+2.9
GVIP	Goldman Sachs Hedge Industry VIP	5.9	45	23	5.4	+2.1
FTEC	Fidelity MSCI Info Technology	5.8	8	60	5.5	+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 FinTech Thematic
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	20.1	%
Divided by: Fwd. P/BV	5.1	x
Less: Expense ratio	68	bp
Equals: ALTAR Score	3.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	CATEGORY AVERAGE	1.55

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.