ETF Research Center

Global X MSCI Greece ETF is an exchange traded fund incorporated in USA. The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Greece Select 25/50 Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Global X Management Co LLC
Website	www.globalxfunds.com
Inception date	Dec 07, 2011
Assets (mns)	$181
Currency	USD
Expense ratio	57 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	30
Wgt avg mkt cap (mns)	$5,920
Large cap (>$10bn)	12.3%
Mid cap ($2-10bn)	70.2%
Small cap (<$2bn)	12.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	74.8 %
NATIONAL BANK OF GREECE S.A.	16.9 %
EUROBANK ERGASIAS SA	12.7 %
PIRAEUS BANK S.A.	10.3 %
ALPHA BANK AE	9.3 %
MYTILINEOS HOLDINGS S.A.	4.5 %
OPAP SA	4.5 %
HELLENIC TELECOMMUNICATIONS ORGANI	4.4 %
JUMBO SA	4.3 %
PUBLIC POWER CORP	4.3 %
TITAN CEMENT INTERNATIONAL N.V.	3.6 %

TOP COUNTRY EXPOSURE
	GREECE	95.3 %
	BELGIUM	3.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
9.8%	6.5%	16.2%	3.0%	1.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	34%
MSCI EAFE	0.92	50%
MSCI Emg. Mkts.	0.69	28%

Technical Indicators
Recent close	$47.32
30d moving avg.	$45.47
Annualized volatility	22.5%
Short interest (ETF)	1.3%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	64
Turnover	1.7%
Bid/Ask (% of price)	0.41%
ADV underlying (mns)	$62

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Global X MSCI Greece ETF ETF based on the alternatives' overlap in portfolio holdings with GREK. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GREK

Expense:

57 bp

ALTAR Score™:

12.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GREK
Ticker	Fund Name	Overlap¹ vs GREK (%)	Expense ratio (bp)	Savings vs GREK (bp)	ALTAR Score™ (%)	ALTAR vs GREK (%)
BETZ	Roundhill Sports Betting & iGaming ETF	4.7	75	-18	2.2	-9.8
FEUZ	First Trust Eurozone AlphaDEX ETF	4.6	80	-23	9.4	-2.6
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	4.5	67	-10	13.4	+1.5
FEP	First Trust Europe AlphaDEX Fund	3.4	80	-23	9.5	-2.4
RFEU	First Trust Riverfront Dynamic Europe ETF	2.5	83	-26	10.1	-1.8
BJK	VanEck Gaming ETF	2.4	65	-8	4.1	-7.9
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	2.2	44	13	11.2	-0.8
OAIM	OneAscent International Equity ETF	2.1	95	-38	6.3	-5.6
SDIV	Global X Superdividend ETF	2.1	58	-1	14.4	+2.4
CRAK	VanEck Oil Refiners ETF	2.1	61	-4	16.4	+4.5
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	2.0	60	-3	8.0	-3.9
DVYE	iShares Emerging Markets Dividend ETF	1.9	49	8	19.2	+7.2
EMM	Global X Emerging Markets ex-China ETF	1.7	75	-18	5.2	-6.8
FTHF	First Trust Emerging Markets Human Flourishing ETF	1.7	75	-18	10.0	-1.9
EELV	Invesco S&P Emerging Markets Low Volatility ETF	1.6	29	28	8.8	-3.2
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	1.5	95	-38	13.4	+1.4
EDIV	SPDR S&P Emerging Markets Dividend ETF	1.4	49	8	11.7	-0.3
EMC	Global X Emerging Markets Great Consumer ETF	1.2	75	-18	8.6	-3.3
RFDI	First Trust Riverfront Dynamic Developed International ETF	1.2	83	-26	10.3	-1.7
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	1.2	70	-13	16.0	+4.1
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.1	45	12	11.3	-0.7
EMXF	iShares ESG Advanced MSCI EM ETF	0.9	16	41	8.6	-3.4
EMGF	iShares Emerging Markets Equity Factor ETF	0.9	25	32	12.7	+0.7
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.9	15	42	0.0	-12.0
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.9	30	27	9.5	-2.4
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.9	33	24	10.8	-1.1
EMXC	iShares MSCI Emerging Markets ex China ETF	0.8	25	32	8.2	-3.8
ESGE	iShares ESG Aware MSCI EM ETF	0.8	25	32	10.9	-1.0
LDEM	iShares ESG MSCI EM Leaders ETF	0.8	17	40	13.1	+1.1
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	0.8	80	-23	5.0	-7.0
IQDF	FlexShares International Quality Dividend Index Fund	0.8	47	10	9.8	-2.2
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.8	25	32	6.5	-5.4
FDEM	Fidelity Emerging Markets Multifactor ETF	0.8	25	32	13.7	+1.8
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.8	88	-31	10.5	-1.5
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.7	70	-13	7.9	-4.0
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	0.7	60	-3	13.6	+1.7
SCHE	Schwab Emerging Markets Equity ETF	0.7	11	46	11.8	-0.2
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.7	65	-8	8.2	-3.7
DFEV	Dimensional Emerging Markets Value ETF	0.7	43	14	14.7	+2.8
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.7	36	21	8.3	-3.6
VWO	Vanguard FTSE Emerging Markets ETF	0.6	8	49	11.1	-0.9
UIVM	VictoryShares International Value Momentum ETF	0.6	35	22	9.6	-2.4
IEMG	iShares Core MSCI Emerging Markets ETF	0.6	9	48	11.2	-0.8
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.6	59	-2	13.9	+2.0
SPEM	SPDR Portfolio Emerging Markets ETF	0.6	7	50	11.1	-0.8
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	0.6	30	27	10.9	-1.1
EEM	iShares MSCI Emerging Markets ETF	0.6	69	-12	11.0	-1.0
TTAI	FCF International Quality ETF	0.6	59	-2	6.9	-5.0
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.6	15	42	8.8	-3.2
BNGE	First Trust S-Network Streaming and Gaming ETF	0.6	70	-13	3.8	-8.1
EVLU	iShares MSCI Emerging Markets Value Factor ETF	0.6	35	22	22.0	+10.1
BCDF	Horizon Kinetics Blockchain Development ETF	0.6	85	-28	4.5	-7.5
BOAT	SonicShares Global Shipping ETF	0.5	69	-12	33.9	+21.9
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.5	70	-13	4.7	-7.3
DEHP	Dimensional Emerging Markets High Profitability ETF	0.5	41	16	6.7	-5.2
AVEM	Avantis Emerging Markets Equity ETF	0.5	33	24	9.9	-2.1
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	0.5	80	-23	10.3	-1.6
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.5	36	21	11.4	-0.5
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.5	41	16	9.6	-2.4
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.5	66	-9	10.4	-1.6
BKEM	BNY Mellon Emerging Markets Equity ETF	0.5	11	46	12.0	+0.1
DFAE	Dimensional Emerging Core Equity Market ETF	0.5	35	22	10.4	-1.6
WWJD	Inspire International ETF	0.5	80	-23	7.7	-4.2
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.4	80	-23	12.1	+0.1
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.4	38	19	10.1	-1.8
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.4	15	42	11.0	-1.0
AVES	Avantis Emerging Markets Value ETF	0.4	36	21	12.4	+0.5
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.4	50	7	11.8	-0.2
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.3	39	18	17.3	+5.3
XCEM	Columbia EM Core ex-China ETF	0.3	16	41	8.7	-3.3
ECON	Columbia Emerging Markets Consumer ETF	0.3	49	8	13.2	+1.3
GLOF	iShares Global Equity Factor ETF	0.3	20	37	7.3	-4.7
BLES	Inspire Global Hope ETF	0.3	61	-4	7.1	-4.8
STXE	Strive Emerging Markets Ex-China ETF	0.2	32	25	8.3	-3.6
VEU	Vanguard FTSE All-World ex-US Index Fund	0.2	8	49	8.6	-3.3
VXUS	Vanguard Total International Stock ETF	0.2	7	50	8.5	-3.5
IXUS	iShares Core MSCI Total International Stock ETF	0.2	7	50	8.5	-3.5
IGRO	iShares International Dividend Growth ETF	0.2	15	42	7.3	-4.6
VSGX	Vanguard ESG International Stock ETF	0.2	12	45	8.4	-3.6
ACWX	iShares MSCI ACWI ex U.S. ETF	0.2	34	23	8.3	-3.6
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.2	41	16	7.4	-4.6
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.1	30	27	8.8	-3.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.1	18	39	8.3	-3.7
VYMI	Vanguard International High Dividend Yield ETF	0.1	22	35	10.2	-1.8
CWI	SPDR MSCI ACWI ex-US ETF	0.1	30	27	8.4	-3.6
FILL	iShares MSCI Global Energy Producers ETF	0.1	39	18	12.2	+0.3
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.1	24	33	8.6	-3.4
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	37	7.6	-4.4
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.1	10	47	7.5	-4.4
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.1	12	45	7.7	-4.3
ACWI	iShares MSCI ACWI ETF	0.1	32	25	6.3	-5.6
VT	Vanguard Total World Stock ETF	0.1	7	50	6.6	-5.3
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	0.1	39	18	4.3	-7.6
JSTC	Adasina Social Justice All Cap Global ETF	0.0	89	-32	4.6	-7.3
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.0	12	45	5.3	-6.6
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.0	7	50	7.2	-4.8
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	48	6.2	-5.7
UEVM	VictoryShares Emerging Markets Value Momentum ETF	0.0	45	12	11.2	-0.7
GVAL	Cambria Global Value ETF	0.0	68	-11	11.4	-0.6

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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 Greece ETF
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	12.3	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	57	bp
Equals: ALTAR Score	12.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	CATEGORY AVERAGE	1.50

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.