ETF Research Center

Global X Gold Explorers ETF seeks to track the performance of the Solactive Global Gold Explorers Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Global X Management Co LLC
Website	www.globalxfunds.com
Inception date	Nov 04, 2010
Assets (mns)	$41
Currency	USD
Expense ratio	65 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	50
Wgt avg mkt cap (mns)	$1,882
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	22.7%
Small cap (<$2bn)	77.3%
Developed mkts	95.4%
Emerging mkts	4.6%

TOP TEN HOLDINGS
Total	41.9 %
SSR MINING INC	4.7 %
PRETIUM RESOURCES INC	4.4 %
B2GOLD CORP	4.3 %
KIRKLAND LAKE GOLD LTD.	4.2 %
ALAMOS GOLD INC	4.2 %
CENTAMIN EGYPT LTD	4.2 %
SARACEN MINERAL HOLDINGS LTD	4.2 %
NOVAGOLD RESOURCES INC	4.0 %
REGIS RESOURCES LTD	3.8 %
ALACER GOLD CORP	3.7 %

TOP COUNTRY EXPOSURE
	CANADA	56.0 %
	AUSTRALIA	21.1 %
	BRITAIN	13.1 %
	UNITED STATES	4.8 %
	TURKEY	1.6 %
	INDONESIA	1.3 %

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.
27.9%	37.4%	21.6%	--	-11.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.01	0%
MSCI EAFE	0.31	2%
MSCI Emg. Mkts.	0.44	6%

Technical Indicators
Recent close	$24.07
30d moving avg.	$24.38
Annualized volatility	24.6%
Short interest (ETF)	0.3%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.5%
Bid/Ask (% of price)	1.37%
ADV underlying (mns)	$304

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

GOEX

Expense:

65 bp

ALTAR Score™:

2.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GOEX
Ticker	Fund Name	Overlap¹ vs GOEX (%)	Expense ratio (bp)	Savings vs GOEX (bp)	ALTAR Score™ (%)	ALTAR vs GOEX (%)
SGDJ	ALPS Sprott Junior Gold Miners	47.1	50	15	2.2	-0.2
GDXJ	VanEck Vectors Jr. Gold Miners	40.7	53	12	2.5	+0.0
SGDM	Sprott Gold Miners	27.5	50	15	2.8	+0.4
RING	iShares MSCI Global Gold Miners	22.7	39	26	2.9	+0.5
GOAU	U.S. Global GO GOLD and Precious Metal Miners	21.1	60	5	3.7	+1.3
SLVP	iShares MSCI Global Silver Miners	20.4	39	26	0.6	-1.8
GDX	VanEck Vectors Gold Miners ETF	19.6	52	13	2.4	0.0
SILJ	ETFMG Prime Junior Silver	11.5	69	-4	-0.7	-3.1
SIL	Global X Silver Miners ETF	11.0	65	0	1.9	-0.5
XME	SPDR Metals & Mining ETF	4.7	35	30	2.7	+0.2
AIIQ	AI Powered International Equity	4.5	79	-14	4.4	+2.0
FCAN	First Trust Canada	4.2	80	-15	5.0	+2.5
EGPT	VanEck Vectors Egypt Index	4.2	98	-33	7.3	+4.9
FFTY	Innovator IBD 50 Fund	3.4	80	-15	3.9	+1.4
AGT	iShares MSCI Argentina & Global Exposure	3.0	59	6	6.0	+3.6
RSXJ	VanEck Vectors Russia Small	3.0	76	-11	9.4	+7.0
ARGT	Global X FTSE Argentina 20	3.0	59	6	6.0	+3.6
DOGS	Arrow Dogs of the World	2.9	164	-99	7.8	+5.3
AVDV	Avantis International Small Cap Value	2.6	36	29	7.1	+4.7
ISCF	iShares FactorSelect MSCI Intl Small-Cap	2.1	40	25	7.0	+4.6

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 Gold Explorers
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	3.2	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	2.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.37	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.