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)	$46
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	51
Wgt avg mkt cap (mns)	$1,790
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	35.8%
Small cap (<$2bn)	64.3%
Developed mkts	96.1%
Emerging mkts	3.9%

TOP TEN HOLDINGS
Total	42.4 %
SSR MINING INC	5.1 %
B2GOLD CORP	5.0 %
NOVAGOLD RESOURCES INC	4.9 %
CENTAMIN EGYPT LTD	4.8 %
ALAMOS GOLD INC	4.7 %
SARACEN MINERAL HOLDINGS LTD	4.4 %
ENDEAVOUR MINING CORPORATION	3.5 %
ELDORADO GOLD CORP	3.5 %
ALACER GOLD CORP	3.4 %
PRETIUM RESOURCES INC	3.2 %

TOP COUNTRY EXPOSURE
	CANADA	56.0 %
	AUSTRALIA	21.0 %
	BRITAIN	14.3 %
	UNITED STATES	3.5 %
	TURKEY	1.4 %
	INDONESIA	1.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-1.0%	21.4%	18.3%	--	-10.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.01	0%
MSCI EAFE	0.30	2%
MSCI Emg. Mkts.	0.41	7%

Technical Indicators
Recent close	$27.47
30d moving avg.	$25.90
Annualized volatility	23.4%
Short interest (ETF)	0.2%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.5%
Bid/Ask (% of price)	1.20%
ADV underlying (mns)	$304

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X Gold Explorers ETF 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™:

3.6%

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 ETF	46.0	50	15	3.7	+0.1
SGDM	Sprott Gold Miners ETF	29.3	50	15	3.0	-0.5
GOAU	U.S. Global GO GOLD & Precious Metal Miners ETF	28.4	60	5	2.4	-1.1
GDXJ	VanEck Vectors Junior Gold Miners ETF	26.1	53	12	3.3	-0.2
RING	iShares MSCI Global Gold Miners ETF	21.0	39	26	3.4	-0.1
SLVP	iShares MSCI Global Silver Miners ETF	20.7	39	26	1.6	-2.0
GDX	VanEck Vectors Gold Miners ETF	12.7	52	13	2.8	-0.7
SILJ	ETFMG Prime Junior Silver ETF	10.7	69	-4	0.7	-2.9
SIL	Global X Silver Miners ETF	10.2	65	0	2.8	-0.8
EGPT	VanEck Vectors Egypt Index ETF	4.8	98	-33	10.3	+6.7
AIIQ	AI Powered International Equity ETF	4.3	79	-14	5.1	+1.6
RSXJ	VanEck Vectors Russia Small-Cap ETF	3.9	76	-11	15.8	+12.3
AVDV	Avantis International Small Cap Value ETF	3.6	36	29	8.4	+4.8
XME	SPDR S&P Metals & Mining ETF	3.5	35	30	3.4	-0.1
ARGT	Global X MSCI Argentina ETF	3.1	59	6	7.0	+3.4
AGT	iShares MSCI Argentina & Global Exposure ETF A	3.1	59	6	6.9	+3.4
ISCF	iShares Edge MSCI Multifactor Intl Small-Cap ETF	2.8	40	25	7.7	+4.2
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	2.3	80	-15	10.9	+7.3
SCHC	Schwab International Small-Cap Equity ETF	2.3	12	53	6.8	+3.3
GWX	SPDR S&P International Small Cap ETF	1.9	40	25	5.8	+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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 ETF
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	5.0	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	3.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.37	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.