ETF Research Center

Global X Dorsey Wright Thematic ETF

ALTAR
Score™

3.3%

Recommen-
dation

UNDERWEIGHT

2025E 2026E
P/E ratio	22.5x	P/Sales ratio	3.1x
P/BV ratio	3.7x	Div. yield	0.4%

Description
Performance
Comps
Fundamentals
Valuation
Rating

GXTG seeks to provide broad exposure to structurally disruptive macro-trends through a portfolio of ETFs selected from the Global X Thematic Growth family.

FUND BASICS
Category	Global Equities
Fund Sponsor	Global X
Website	www.globalxfunds.com
Inception date	Oct 25, 2019
Assets (mns)	$9
Currency	USD
Expense ratio	50 bp
Distributions	Semi-annual

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	5
Wgt avg mkt cap (mns)	$260,031
Large cap (>$10bn)	46.6%
Mid cap ($2-10bn)	39.9%
Small cap (<$2bn)	12.9%
Developed mkts	69.2%
Emerging mkts	30.5%

TOP TEN HOLDINGS
Total	100.0 %
GLOBAL X LITHIUM	23.0 %
GLOBAL X E-COMMERCE ETF	22.1 %
GLOBAL X ART INTEL & TECH	21.4 %
GLOBAL X HYDROGEN ETF	18.6 %
GLOBAL X BLOCKCHAIN ETF	14.9 %
CASH	0.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	44.3 %
	CHINA	17.0 %
	BRITAIN	7.7 %
	SOUTH KOREA	6.4 %
	CANADA	5.4 %
	AUSTRALIA	4.2 %
	JAPAN	3.6 %
	GERMANY	1.5 %
	TAIWAN	0.9 %
	ISRAEL	0.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
8.4%	0.3%	-8.6%	--	0.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.11	71%
MSCI EAFE	1.10	50%
MSCI Emg. Mkts.	1.14	61%

Technical Indicators
Recent close	$25.39
30d moving avg.	$26.50
Annualized volatility	23.3%
Short interest (ETF)	0.1%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$12,024

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 1 potential alternatives to the Global X Dorsey Wright Thematic ETF ETF based on the alternatives' overlap in portfolio holdings with GXDW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GXDW

Expense:

50 bp

ALTAR Score™:

3.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GXDW
Ticker	Fund Name	Overlap¹ vs GXDW (%)	Expense ratio (bp)	Savings vs GXDW (bp)	ALTAR Score™ (%)	ALTAR vs GXDW (%)
XNAV	FundX Aggressive ETF	4.4	141	-91	4.2	+0.9

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 Dorsey Wright Thematic 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	11.9	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	3.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.19	CATEGORY AVERAGE	1.58

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.