ETF Research Center

Global X MLP & Energy Infrastructure ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive MLP & Energy Infrastructure Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Global X Management Co LLC
Website	www.globalxfunds.com
Inception date	Aug 07, 2013
Assets (mns)	$754
Currency	USD
Expense ratio	45 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	31
Wgt avg mkt cap (mns)	$23,444
Large cap (>$10bn)	67.4%
Mid cap ($2-10bn)	18.0%
Small cap (<$2bn)	14.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	69.5 %
TRANSCANADA CORP	9.8 %
KINDER MORGAN INC	9.5 %
ENBRIDGE INC	9.5 %
ONEOK INC	8.5 %
PEMBINA PIPELINE CORP	7.1 %
WILLIAMS COS INC	6.7 %
TALLGRASS ENERGY GP LP CLASS A	4.9 %
ENERGY TRANSFER EQUITY LP	4.8 %
TARGA RESOURCES CORP	4.5 %
ENTERPRISE PRODUCTS PARTNERS	4.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	73.2 %
	CANADA	26.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-5.0%	-2.5%	-3.5%	--	0.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	44%
MSCI EAFE	1.09	39%
MSCI Emg. Mkts.	0.78	35%

Technical Indicators
Recent close	$11.37
30d moving avg.	$11.93
Annualized volatility	19.2%
Short interest (ETF)	0.5%
Short interest (Underlying)	2.8%
Relative strength (RSI)	39

Liquidity measures
Avg. volume (thou.)	674
Turnover	1.0%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$2,125

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 18 potential alternatives to the Global X MLP & Energy Infrastructure ETF ETF based on the alternatives' overlap in portfolio holdings with MLPX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

MLPX

Expense:

45 bp

ALTAR Score™:

4.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MLPX
Ticker	Fund Name	Overlap¹ vs MLPX (%)	Expense ratio (bp)	Savings vs MLPX (bp)	ALTAR Score™ (%)	ALTAR vs MLPX (%)
YMLP	VanEck Vectors High Income MLP ETF	81.6	45	0	4.8	+0.1
ENFR	Alerian Energy Infrastructure ETF	77.7	55	-10	4.7	+0.0
USAI	Pacer American Energy Independence ETF	75.9	75	-30	3.5	-1.2
TPYP	Tortoise North American Pipeline Fund	67.0	40	5	4.8	+0.1
EMLP	First Trust North American Energy Infrastructure Fund	41.8	95	-50	4.5	-0.2
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	29.8	46	-1	4.8	+0.1
AMLP	The Alerian MLP ETF	29.1	85	-40	6.9	+2.2
AMZA	InfraCap MLP ETF	26.6	240	-195	5.8	+1.1
MLPA	Global X MLP ETF	22.9	45	0	7.5	+2.8
FTXN	First Trust Nasdaq Oil & Gas ETF	22.0	60	-15	5.3	+0.6
GLIF	AGFiQ Global Infrastructure ETF	21.7	45	0	4.7	+0.1
GHII	Invesco S&P High Income Infrastructure ETF	20.0	45	0	5.0	+0.3
INFR	Legg Mason Global Infrastructure ETF	18.2	40	5	5.3	+0.6
PXI	Invesco DWA Energy Momentum ETF	18.0	60	-15	3.0	-1.7
IGF	iShares Global Infrastructure ETF	18.0	46	-1	4.6	-0.1
GII	SPDR S&P Global Infrastructure ETF	17.8	40	5	4.7	0.0
JHME	John Hancock Multifactor Energy ETF	17.1	40	5	4.3	-0.4
IXC	iShares Global Energy ETF	12.8	46	-1	6.1	+1.4

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 MLP & Energy Infrastructure 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	6.6	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	4.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	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.