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)	$603
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)	$23,719
Large cap (>$10bn)	69.5%
Mid cap ($2-10bn)	18.0%
Small cap (<$2bn)	12.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	70.7 %
ENBRIDGE INC	10.5 %
TRANSCANADA CORP	9.9 %
KINDER MORGAN INC	9.3 %
ONEOK INC	8.7 %
WILLIAMS COS INC	7.3 %
PEMBINA PIPELINE CORP	6.5 %
TARGA RESOURCES CORP	5.2 %
CHENIERE ENERGY INC	4.7 %
ENTERPRISE PRODUCTS PARTNERS	4.4 %
ENERGY TRANSFER EQUITY LP	4.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	72.4 %
	CANADA	27.2 %

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.
8.5%	-2.0%	-5.4%	--	0.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	45%
MSCI EAFE	1.01	38%
MSCI Emg. Mkts.	0.69	28%

Technical Indicators
Recent close	$11.03
30d moving avg.	$11.47
Annualized volatility	18.1%
Short interest (ETF)	0.4%
Short interest (Underlying)	2.8%
Relative strength (RSI)	32

Liquidity measures
Avg. volume (thou.)	869
Turnover	1.6%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$2,087

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X MLP & Energy Infrastructure 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™:

4.1%

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 (%)
ENFR	Alerian Energy Infrastructure	78.3	55	-10	4.1	0.0
USAI	American Energy Independence	77.4	75	-30	2.5	-1.6
TPYP	Tortoise North American Pipeline	71.7	40	5	4.7	+0.6
EMLP	First Trust N. American Energy Infrastructure	41.6	95	-50	5.1	+1.0
TOLZ	ProShares Global Infrastructure	30.8	46	-1	5.2	+1.2
AMZA	InfraCap MLP	29.1	240	-195	6.3	+2.2
AMLP	Alerian MLP ETF	27.1	85	-40	4.8	+0.7
FTXN	First Trust Nasdaq Oil & Gas	22.7	60	-15	2.6	-1.5
GLIF	AGFiQ Global Infrastructure	22.0	45	0	5.3	+1.2
MLPA	Global X MLP	21.3	45	0	5.3	+1.3
XLEY	Cushing Energy & MLP	20.8	65	-20	3.5	-0.6
INFR	Legg Mason Global Infrastructure	18.6	40	5	5.7	+1.6
IGF	iShares S&P Global Infrastructure	17.8	46	-1	4.8	+0.7
GII	SPDR FTSE/Macquarie Global Infrastructure	17.6	40	5	4.8	+0.8
GHII	Invesco S&P High Income Infrastructure	16.5	45	0	4.8	+0.7
JHME	John Hancock Multifactor Energy	16.1	40	5	3.4	-0.7
ZMLP	Direxion Zacks MLP High Income	15.3	65	-20	0.0	-4.1
XLSY	Cushing Energy Supply Chain & MLP	14.9	65	-20	5.4	+1.3
PXI	Invesco Dynamic Energy Sector	14.7	60	-15	-0.8	-4.9
IXC	iShares S&P Global Energy Sector	10.8	46	-1	5.2	+1.1

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

	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

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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 MLP & Energy Infrastructure
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	5.9	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	4.1	%

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.