ETF Research Center

The Global X Conscious Companies ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Concinnity Conscious Companies Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Global X
Website	www.globalxfunds.com
Inception date	Jul 11, 2016
Assets (mns)	$415
Currency	USD
Expense ratio	43 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-End Investment Co
Custodian
Weighting	Equal
Index replication
Uses derivatives	Yes
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	166
Wgt avg mkt cap (mns)	$394,293
Large cap (>$10bn)	96.7%
Mid cap ($2-10bn)	3.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.3 %
APPLE INC	6.1 %
MICROSOFT CORP	4.4 %
AMAZON.COM INC	3.5 %
ALPHABET INC. CLASS A	2.4 %
FACEBOOK	1.2 %
DISCOVERY COMMUNICATIONS-A	0.8 %
APPLIED MATERIALS INC	0.8 %
LAM RESEARCH CORP	0.7 %
F5 NETWORKS INC	0.7 %
MICRON TECHNOLOGY INC	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.3 %
	CANADA	1.0 %
	IRELAND	0.5 %
	BRITAIN	0.0 %

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.
17.5%	17.5%	--	--	15.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	98%
MSCI EAFE	0.96	85%
MSCI Emg. Mkts.	0.78	73%

Technical Indicators
Recent close	$28.06
30d moving avg.	$27.50
Annualized volatility	19.4%
Short interest (ETF)	0.1%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	27
Turnover	0.2%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$139,010

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the Global X Conscious Companies ETF ETF based on the alternatives' overlap in portfolio holdings with KRMA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

KRMA

Expense:

43 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH KRMA
Ticker	Fund Name	Overlap¹ vs KRMA (%)	Expense ratio (bp)	Savings vs KRMA (bp)	ALTAR Score™ (%)	ALTAR vs KRMA (%)
ESGV	Vanguard ESG U.S. Stock ETF	56.1	12	31	4.5	-0.4
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	55.0	15	28	4.7	-0.2
ESGU	iShares MSCI USA ESG Optimized ETF	54.7	15	28	4.4	-0.4
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	54.2	20	23	4.6	-0.3
MGC	Vanguard Mega Cap Index Fund	53.2	7	36	4.6	-0.3
IWL	iShares Russell Top 200 ETF	52.6	15	28	4.4	-0.5
PBP	Invesco S&P 500 BuyWrite ETF	52.5	49	-6	4.3	-0.5
BKLC	BNY Mellon US Large Cap Core Equity ETF	52.3	0	43	4.4	-0.4
XYLG	Global X S&P 500 Covered Call & Growth ETF	51.9	60	-17	4.4	-0.5
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	51.8	20	23	4.8	-0.1
SPY	SPDR S&P 500 ETF Trust	51.7	9	34	4.7	-0.2
IVV	iShares Core S&P 500 ETF	51.7	3	40	4.7	-0.1
SPLG	SPDR Portfolio Large Cap ETF	51.6	3	40	4.7	-0.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	51.4	9	34	4.8	-0.1
SPXE	ProShares S&P 500 Ex-Energy ETF	51.4	27	16	4.6	-0.2
VOO	VANGUARD S&P 500 ETF	51.2	3	40	4.8	-0.0
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	51.1	7	36	4.5	-0.3
XVV	iShares ESG Screened S&P 500 ETF	50.9	8	35	4.9	+0.0
PBUS	Invesco PureBeta MSCI USA ETF	50.7	4	39	4.6	-0.3
VV	Vanguard Large-Cap Index Fund	50.7	4	39	4.6	-0.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	50.6	2	41	4.6	-0.2
RESP	WisdomTree US ESG Fund of Benef Interest	50.5	28	15	5.0	+0.2
EFIV	SPDR S&P 500 ESG ETF	50.5	10	33	4.6	-0.3
SNPE	Xtrackers S&P 500 ESG ETF	50.5	10	33	4.6	-0.3
SCHX	Schwab U.S. Large-Cap ETF	49.9	3	40	4.6	-0.3
CATH	Global X S&P 500 Catholic Values Custom ETF	49.9	29	14	4.6	-0.3
SPTM	SPDR Portfolio Total Stock Market ETF	49.7	3	40	4.8	-0.1
SPXN	ProShares S&P 500 Ex-Financials ETF	49.4	27	16	4.3	-0.5
IWB	iShares Russell 1000 ETF	49.4	15	28	4.5	-0.4
SCHK	Schwab 1000 Index ETF	49.3	5	38	4.6	-0.3
IYY	iShares Dow Jones U.S. ETF	48.9	20	23	4.4	-0.4
EPS	WisdomTree U.S. Earnings 500 Fund	48.5	8	35	5.9	+1.1
VTHR	Vanguard Russell 3000 Index Fund	48.5	10	33	4.4	-0.5
IWV	iShares Russell 3000 ETF	47.3	20	23	4.3	-0.6
SPXV	ProShares S&P 500 Ex-Health Care ETF	47.3	27	16	4.3	-0.6
XOUT	GraniteShares XOUT U.S. Large Cap ETF	47.2	60	-17	3.6	-1.3
SCHB	Schwab U.S. Broad Market ETF	47.1	3	40	4.5	-0.4
ITOT	iShares Core S&P Total U.S. Stock Market ETF	46.9	3	40	4.4	-0.5
JHML	John Hancock Multifactor Large Cap ETF	46.8	29	14	4.9	+0.0
SFY	SoFi Select 500 ETF	46.8	0	43	4.6	-0.3
SUSA	iShares MSCI USA ESG Select ETF	46.7	25	18	4.2	-0.6
VONE	Vanguard Russell 1000 ETF	46.7	8	35	4.6	-0.3
DFAU	Dimensional US Core Equity Market ETF	46.3	12	31	4.7	-0.2
VTI	Vanguard Total Stock Market Index Fund	46.0	3	40	4.4	-0.4
ESG	FlexShares STOXX US ESG Impact Index Fund	45.8	32	11	4.5	-0.4
NACP	Impact Shares NAACP Minority Empowerment ETF	45.6	49	-6	4.7	-0.2
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	45.5	15	28	0.0	-4.8
OEF	iShares S&P 100 ETF	45.4	20	23	4.2	-0.7
QUS	SPDR MSCI USA StrategicFactors ETF	45.1	15	28	5.3	+0.4
IQSU	IQ Candriam ESG US Equity ETF	45.0	9	34	4.5	-0.3
MMTM	SPDR S&P 1500 Momentum Tilt ETF	45.0	12	31	4.0	-0.9
VOOG	Vanguard S&P 500 Growth ETF	44.4	10	33	3.9	-1.0
AFLG	First Trust Active Factor Large Cap ETF	44.2	55	-12	4.7	-0.2
AVUS	Avantis U.S. Equity ETF	43.9	15	28	4.8	-0.0
SPYG	SPDR Portfolio S&P 500 Growth ETF	43.5	4	39	3.6	-1.2
IVW	iShares S&P 500 Growth ETF	43.5	18	25	3.5	-1.4
JQUA	JPMorgan U.S. Quality Factor ETF	43.4	12	31	5.1	+0.2
IUSG	iShares Core S&P US Growth ETF	42.7	4	39	3.6	-1.2
DIVB	iShares U.S. Dividend & Buyback ETF	42.5	25	18	5.9	+1.1
WOMN	Impact Shares YWCA Women's Empowerment ETF	42.3	75	-32	3.5	-1.3
FVAL	Fidelity Value Factor ETF	41.7	29	14	6.8	+1.9
IUS	Invesco Strategic US ETF	41.2	19	24	5.5	+0.6
HIPR	Direxion High Growth ETF	40.8	40	3	3.8	-1.1
KOKU	Xtrackers MSCI Kokusai Equity ETF	40.5	9	34	5.0	+0.2
DYNF	BlackRock U.S. Equity Factor Rotation ETF	40.4	30	13	5.3	+0.4
TOK	iShares MSCI Kokusai ETF	40.4	25	18	4.9	+0.0
QLC	FlexShares US Quality Large Cap Index Fund	40.4	32	11	4.4	-0.4
DLN	WisdomTree U.S. LargeCap Dividend Fund	40.3	28	15	6.1	+1.3
IWY	iShares Russell Top 200 Growth ETF	40.1	20	23	3.5	-1.3
IWF	iShares Russell 1000 Growth ETF	40.1	19	24	3.4	-1.4
SPXT	ProShares S&P 500 Ex-Technology ETF	39.9	27	16	4.9	+0.0
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	39.7	25	18	5.7	+0.9
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	39.6	49	-6	3.4	-1.5
VONG	Vanguard Russell 1000 Growth Index Fund	39.6	8	35	3.5	-1.3
DSI	iShares MSCI KLD 400 Social ETF	39.5	25	18	4.6	-0.3
FQAL	Fidelity Quality Factor ETF	39.0	29	14	5.0	+0.1
RECS	Columbia Research Enhanced Core ETF	38.9	15	28	5.1	+0.2
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	38.2	25	18	4.9	+0.0
PRF	Invesco FTSE RAFI US 1000 ETF	38.1	39	4	5.7	+0.9
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	37.9	10	33	4.8	-0.0
VOOV	Vanguard S&P 500 Value ETF	37.8	10	33	6.6	+1.8
DTD	WisdomTree U.S.Total Dividend Fund	37.8	28	15	6.2	+1.4
SUSL	iShares ESG MSCI USA Leaders ETF	37.8	10	33	4.8	-0.0
URTH	iShares MSCI World ETF	37.6	24	19	5.0	+0.1
VUG	Vanguard Growth Index Fund	37.5	4	39	3.5	-1.4
MGK	Vanguard Mega Cap Growth ETF	37.3	7	36	3.6	-1.2
FLQL	Franklin LibertyQ U.S. Equity ETF	37.2	15	28	5.9	+1.1
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	37.2	25	18	5.7	+0.8
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	37.0	19	24	5.3	+0.5
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	36.9	30	13	5.1	+0.2
DGRO	iShares Core Dividend Growth ETF	36.8	8	35	6.0	+1.2
RWL	Invesco S&P 500 Revenue ETF	36.8	39	4	6.3	+1.4
EQWL	Invesco Russell Top 200 Equal Weight ETF	36.3	25	18	5.6	+0.8
ESGG	FlexShares STOXX Global ESG Impact Index Fund	36.2	42	1	4.6	-0.3
ROUS	Hartford Multifactor US Equity ETF	36.0	19	24	5.8	+1.0
RAFE	PIMCO RAFI ESG U.S. ETF	35.6	30	13	6.7	+1.9
XLG	Invesco S&P 500 Top 50 ETF	35.3	20	23	4.0	-0.8

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 Conscious Companies ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	19.2	%
Divided by: Fwd. P/BV	3.6	x
Less: Expense ratio	43	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.49

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.