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)	$58
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)	$122,957
Large cap (>$10bn)	81.2%
Mid cap ($2-10bn)	16.9%
Small cap (<$2bn)	1.9%
Developed mkts	93.2%
Emerging mkts	6.8%

TOP TEN HOLDINGS
Total	20.5 %
GRUPO TELEVISA SA-SPONS ADR	2.3 %
VALEANT PHARMACEUTICALS INTE	2.1 %
XPO LOGISTICS INC	2.1 %
CIGNA CORP	2.0 %
SPIRIT AEROSYSTEMS HOLD-CL A	2.0 %
DAVITA INC	2.0 %
CHARTER COMMUNICATIONS, INC. CLASS	2.0 %
CITIGROUP INC	2.0 %
NEUROCRINE BIOSCIENCES INC	2.0 %
LIBERTY BROADBAND CORP. CLASS C	1.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	84.5 %
	CANADA	5.0 %
	CHINA	3.5 %
	BERMUDA	1.8 %
	BRITAIN	1.7 %
	MEXICO	1.7 %
	BRAZIL	1.6 %

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.
29.8%	17.4%	6.5%	--	13.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.11	92%
MSCI EAFE	1.02	64%
MSCI Emg. Mkts.	0.74	54%

Technical Indicators
Recent close	$35.33
30d moving avg.	$34.97
Annualized volatility	14.0%
Short interest (ETF)	0.0%
Short interest (Underlying)	4.2%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.2%
Bid/Ask (% of price)	0.33%
ADV underlying (mns)	$31,448

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™:

4.6%

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	31.5	45	30	5.4	+0.8
USMC	Principal U.S. Mega-Cap Multi-Factor Index	17.3	12	63	5.4	+0.8
IWL	iShares Russell Top 200	16.7	15	60	5.7	+1.1
OEF	iShares S&P 100	16.7	20	55	5.5	+0.9
XLG	Invesco S&P Top 50	16.5	20	55	5.2	+0.6
SCHG	Schwab U.S. Large-Cap Growth	16.5	4	71	4.9	+0.3
MGC	Vanguard Mega Cap 300 ETF	16.4	7	68	5.8	+1.2
SPXV	ProShares S&P 500 Ex-Health Care	16.2	27	48	5.7	+1.1
SPXE	ProShares S&P 500 Ex-Energy	16.0	27	48	5.9	+1.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	15.9	20	55	5.9	+1.3
VOOG	Vanguard S&P 500 Growth	15.8	15	60	5.0	+0.4
IVW	iShares S&P 500 Growth	15.8	18	57	4.9	+0.3
SPYG	SPDR Portfolio S&P 500 Growth	15.8	4	71	5.1	+0.4
PRID	InsightShares LGBT Employment Equality	15.8	65	10	5.4	+0.7
PBP	Invesco S&P 500 Buy/Write	15.8	49	26	5.5	+0.8
HSPX	Global X S&P 500 Covered Call	15.6	65	10	5.3	+0.7
SPY	S&P 500 SPDR	15.6	9	66	5.9	+1.3
IVV	iShares Core S&P 500	15.6	4	71	5.9	+1.3
JKE	iShares Morningstar Large Cap Growth	15.6	25	50	4.0	-0.6
SPXT	ProShares S&P 500 Ex-Technology	15.6	27	48	6.0	+1.3

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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	2.4	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	4.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.42	CATEGORY AVERAGE	1.56

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.