ETF Research Center

Global X Top Guru Holdings Index ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that generally correspons to the price and performance, before fees and expenses, of the Top Guru Holdings Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Global X Management Co LLC
Website	www.globalxfunds.com
Inception date	Jun 05, 2012
Assets (mns)	$61
Currency	USD
Expense ratio	75 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	58
Wgt avg mkt cap (mns)	$131,699
Large cap (>$10bn)	77.3%
Mid cap ($2-10bn)	21.1%
Small cap (<$2bn)	1.6%
Developed mkts	92.5%
Emerging mkts	7.5%

TOP TEN HOLDINGS
Total	19.5 %
SNAP, INC. CLASS A	2.3 %
ALIBABA GROUP HOLDING LTD. SPONSOR	2.0 %
JD.COM INC-ADR	2.0 %
ADOBE SYSTEMS INC	1.9 %
BERRY PLASTICS GROUP INC	1.9 %
CONAGRA FOODS INC	1.9 %
NETFLIX INC	1.9 %
FACEBOOK	1.9 %
SYMANTEC CORP	1.9 %
XPO LOGISTICS INC	1.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	84.3 %
	CANADA	5.0 %
	CHINA	4.0 %
	BERMUDA	1.8 %
	MEXICO	1.8 %
	BRAZIL	1.7 %
	BRITAIN	1.6 %

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.
31.0%	31.0%	7.1%	--	13.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.10	91%
MSCI EAFE	1.02	64%
MSCI Emg. Mkts.	0.68	50%

Technical Indicators
Recent close	$36.83
30d moving avg.	$36.09
Annualized volatility	14.0%
Short interest (ETF)	0.2%
Short interest (Underlying)	4.2%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.2%
Bid/Ask (% of price)	0.44%
ADV underlying (mns)	$30,479

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

GURU

Expense:

75 bp

ALTAR Score™:

4.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GURU
Ticker	Fund Name	Overlap¹ vs GURU (%)	Expense ratio (bp)	Savings vs GURU (bp)	ALTAR Score™ (%)	ALTAR vs GURU (%)
GVIP	Goldman Sachs Hedge Industry VIP	30.6	45	30	5.2	+0.8
AIQ	Global X Future Analytics Tech	19.7	68	7	4.1	-0.4
OGIG	O'Shares Global Internet Giants	18.1	48	27	1.2	-3.2
SCHG	Schwab U.S. Large-Cap Growth	17.8	4	71	4.5	+0.1
USMC	Principal U.S. Mega-Cap Multi-Factor Index	17.7	12	63	5.1	+0.7
JKE	iShares Morningstar Large Cap Growth	17.3	25	50	3.4	-1.0
IWL	iShares Russell Top 200	17.1	15	60	5.3	+0.9
XLG	Invesco S&P Top 50	17.0	20	55	4.8	+0.4
XNTK	SPDR NYSE Technology	17.0	35	40	4.7	+0.3
SPXV	ProShares S&P 500 Ex-Health Care	17.0	27	48	5.3	+0.9
MGC	Vanguard Mega Cap 300 ETF	16.8	7	68	5.5	+1.1
SPXE	ProShares S&P 500 Ex-Energy	16.6	27	48	5.5	+1.0
OEF	iShares S&P 100	16.5	20	55	5.1	+0.7
PBP	Invesco S&P 500 Buy/Write	16.5	49	26	5.2	+0.8
VOOG	Vanguard S&P 500 Growth	16.5	15	60	4.6	+0.2
NULC	Nuveen ESG Large-Cap ETF	16.4	20	55	5.0	+0.6
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	16.4	20	55	5.5	+1.1
HSPX	Global X S&P 500 Covered Call	16.2	65	10	5.0	+0.6
VV	Vanguard Large-Cap ETF	16.2	4	71	5.5	+1.1
SPY	S&P 500 SPDR	16.2	9	66	5.5	+1.1

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 Top Guru Holdings
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	12.7	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	4.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.42	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.