ETF Research Center

Global X MLP ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the Solactive MLP Composite Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Global X Management Co LLC
Website	www.globalxfunds.com
Inception date	Apr 18, 2012
Assets (mns)	$1,661
Currency	USD
Expense ratio	45 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	C Corporation
Custodian	Brown Brothers Harriman & Co
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	20
Wgt avg mkt cap (mns)	$25,479
Large cap (>$10bn)	60.6%
Mid cap ($2-10bn)	20.5%
Small cap (<$2bn)	11.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	94.5 %
ENERGY TRANSFER, L.P.	14.1 %
ENTERPRISE PRODUCTS PARTNERS	13.3 %
MPLX LP	12.2 %
WESTERN GAS EQUITY PARTNERS LP	10.3 %
PLAINS ALL AMER PIPELINE LP	9.4 %
ENLINK MIDSTREAM LLC	8.6 %
SUNOCO LP	8.3 %
HESS MIDSTREAM LP - CLASS A	8.2 %
CHENIERE ENERGY PARTNERS LP	5.9 %
USA COMPRESSION PARTNERS LP	4.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	106.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
9.3%	11.4%	8.9%	0.6%	2.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.53	28%
MSCI EAFE	0.46	21%
MSCI Emg. Mkts.	0.26	7%

Technical Indicators
Recent close	$49.62
30d moving avg.	$48.04
Annualized volatility	17.6%
Short interest (ETF)	0.3%
Short interest (Underlying)	1.8%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	112
Turnover	0.3%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$567

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 71 potential alternatives to the Global X MLP ETF ETF based on the alternatives' overlap in portfolio holdings with MLPA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

MLPA

Expense:

45 bp

ALTAR Score™:

5.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MLPA
Ticker	Fund Name	Overlap¹ vs MLPA (%)	Expense ratio (bp)	Savings vs MLPA (bp)	ALTAR Score™ (%)	ALTAR vs MLPA (%)
AMLP	Alerian MLP ETF	93.4	85	-40	5.0	-0.1
AMZA	InfraCap MLP ETF	91.0	164	-119	4.2	-0.9
ENFR	Alerian Energy Infrastructure ETF	29.6	35	10	4.0	-1.1
UMI	USCF Midstream Energy Income Fund ETF	29.4	85	-40	3.7	-1.4
MLPX	Global X MLP & Energy Infrastructure ETF	25.1	45	0	3.8	-1.3
EIPI	FT Energy Income Partners Enhanced Income ETF	24.6	110	-65	5.1	+0.0
NDIV	Amplify Natural Resources Dividend Income ETF	24.5	59	-14	8.5	+3.4
EINC	VanEck Energy Income ETF	23.8	48	-3	3.6	-1.5
USAI	Pacer American Energy Independence ETF	22.8	75	-30	3.0	-2.1
EMLP	First Trust North American Energy Infrastructure Fund	22.2	95	-50	4.5	-0.6
EIPX	FT Energy Income Partners Strategy ETF	19.4	95	-50	6.0	+1.0
TPYP	Tortoise North American Pipeline Fund	17.4	40	5	4.2	-0.9
TBG	TBG Dividend Focus ETF	7.9	59	-14	6.8	+1.7
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	7.8	46	-1	4.9	-0.2
DIV	Global X SuperDividend US ETF	7.7	45	0	7.9	+2.8
DFRA	Donoghue Forlines Yield Enhanced Real Asset ETF	7.6	69	-24	8.1	+3.0
CVY	Invesco Zacks Multi-Asset Income ETF	7.1	106	-61	9.8	+4.7
MBOX	Freedom Day Dividend ETF	6.0	39	6	7.4	+2.3
FCG	First Trust Natural Gas ETF	4.3	60	-15	11.8	+6.7
ICAP	InfraCap Equity Income Fund ETF	3.6	171	-126	6.0	+0.9
VRAI	Virtus Real Asset Income ETF	3.3	55	-10	8.0	+2.9
PXJ	Invesco Oil & Gas Services ETF	3.0	63	-18	0.9	-4.2
ECLN	First Trust EIP Carbon Impact ETF	3.0	96	-51	4.3	-0.8
FLDZ	RiverNorth Patriot ETF	2.6	75	-30	5.2	+0.1
DSTL	Distillate US Fundamental Stability & Value ETF	2.3	39	6	7.6	+2.5
KVLE	KraneShares Value Line Dynamic Dividend Equity Index ETF	2.2	56	-11	5.9	+0.8
BLCV	iShares Large Cap Value Active ETF	2.2	53	-8	8.1	+3.1
GVIP	Goldman Sachs Hedge Industry VIP ETF	2.1	45	0	4.8	-0.3
SCAP	InfraCap Small Cap Income ETF	1.7	135	-90	8.5	+3.4
ECML	Euclidean Fundamental Value ETF	1.5	95	-50	12.2	+7.2
PWV	Invesco Large Cap Value ETF	1.5	55	-10	6.9	+1.8
BFOR	ALPS Barron's 400 ETF	1.4	65	-20	5.6	+0.5
VCLN	Virtus Duff & Phelps Clean Energy ETF	1.3	59	-14	3.9	-1.2
WBIY	WBI Power Factor High Dividend ETF	1.0	100	-55	11.2	+6.1
ABCS	Alpha Blue Capital US Small-Mid Cap Dynamic ETF	1.0	27	18	0.0	-5.1
CZA	Invesco Zacks Mid-Cap ETF	0.9	72	-27	5.6	+0.5
KRUZ	Unusual Whales Subversive Republican Trading ETF	0.9	75	-30	5.4	+0.3
JOET	Virtus Terranova US Quality Momentum ETF	0.8	29	16	4.7	-0.4
IFRA	iShares U.S. Infrastructure ETF	0.7	30	15	5.9	+0.9
SMCF	Themes US Small Cap Cash Flow Champions ETF	0.7	29	16	10.2	+5.1
RNEW	VanEck Green Infrastructure ETF	0.6	45	0	-1.5	-6.6
SMMV	iShares MSCI USA Small-Cap Min Vol Factor ETF	0.5	20	25	4.0	-1.1
PFM	Invesco Dividend Achievers ETF	0.5	53	-8	5.3	+0.2
VDE	Vanguard Energy ETF	0.4	10	35	6.4	+1.3
FENY	Fidelity MSCI Energy Index ETF	0.4	8	37	6.4	+1.3
RVRB	Reverb ETF	0.4	30	15	4.7	-0.4
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	0.3	17	28	4.7	-0.4
JHSC	John Hancock Multifactor Small Cap ETF	0.2	42	3	6.6	+1.5
THRO	iShares U.S. Thematic Rotation Active ETF	0.2	90	-45	3.9	-1.2
DFAS	Dimensional U.S. Small Cap ETF	0.2	26	19	5.5	+0.4
AVLV	Avantis U.S. Large Cap Value ETF	0.1	15	30	7.1	+2.0
AVUV	Avantis U.S. Small Cap Value ETF	0.1	25	20	8.8	+3.8
QGRO	American Century U.S. Quality Growth ETF	0.1	29	16	4.4	-0.7
BKMC	BNY Mellon US Mid Cap Core Equity ETF	0.1	4	41	5.6	+0.5
STXM	Strive Mid-Cap ETF	0.1	18	27	6.1	+1.0
PTL	Inspire 500 ETF	0.1	9	36	5.6	+0.5
TXS	Texas Capital Texas Equity Index ETF	0.1	49	-4	4.7	-0.4
AVUS	Avantis U.S. Equity ETF	0.1	15	30	5.6	+0.5
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.0	47	-2	5.5	+0.4
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	24	3.8	-1.3
DFAC	Dimensional U.S. Core Equity 2 ETF	0.0	17	28	5.3	+0.2
JHMM	John Hancock Multifactor Mid Cap ETF	0.0	42	3	6.1	+1.0
DCOR	Dimensional US Core Equity 1 ETF	0.0	14	31	5.3	+0.2
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.0	11	34	4.9	-0.2
STXV	Strive 1000 Value ETF	0.0	18	27	7.5	+2.5
DFAU	Dimensional US Core Equity Market ETF	0.0	12	33	5.0	-0.1
DFUS	Dimensional U.S. Equity ETF	0.0	9	36	4.9	-0.2
DFSU	Dimensional US Sustainability Core 1 ETF	0.0	18	27	5.4	+0.3
DFUV	Dimensional US Marketwide Value ETF	0.0	22	23	7.2	+2.1
AVSC	Avantis U.S Small Cap Equity ETF	0.0	25	20	4.7	-0.4
BSVO	EA Bridgeway Omni Small-Cap Value ETF	0.0	47	-2	8.0	+2.9

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
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 MLP 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	16.0	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	5.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.57

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.