ETF Research Center

The Global X U.S. Infrastructure Development ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the INDXX U.S. Infrastructure Development Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Global X
Website	www.globalxfunds.com
Inception date	Mar 08, 2017
Assets (mns)	$176
Currency	USD
Expense ratio	47 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	93
Wgt avg mkt cap (mns)	$17,099
Large cap (>$10bn)	48.5%
Mid cap ($2-10bn)	40.0%
Small cap (<$2bn)	11.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	32.7 %
MARTIN MARIETTA MATERIALS	3.6 %
VULCAN MATERIALS CO	3.6 %
KANSAS CITY SOUTHERN	3.5 %
ARCONIC INC.	3.3 %
EATON CORP PLC	3.3 %
ROCKWELL AUTOMATION INC	3.2 %
FASTENAL CO	3.1 %
JACOBS ENGINEERING GROUP INC	3.0 %
EMERSON ELECTRIC CO	3.0 %
NORFOLK SOUTHERN CORP	3.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.7 %
	IRELAND	3.3 %
	BRITAIN	1.7 %

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.
23.7%	11.0%	--	--	5.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.43	85%
MSCI EAFE	1.35	63%
MSCI Emg. Mkts.	0.94	49%

Technical Indicators
Recent close	$17.19
30d moving avg.	$16.88
Annualized volatility	19.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	36
Turnover	0.4%
Bid/Ask (% of price)	0.22%
ADV underlying (mns)	$4,810

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X U.S. Infrastructure Development ETF based on the alternatives' overlap in portfolio holdings with PAVE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PAVE

Expense:

47 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PAVE
Ticker	Fund Name	Overlap¹ vs PAVE (%)	Expense ratio (bp)	Savings vs PAVE (bp)	ALTAR Score™ (%)	ALTAR vs PAVE (%)
IFRA	iShares U.S. Infrastructure	23.1	40	7	5.9	+0.1
RGI	Invesco S&P Equal Weight Industrials	22.5	40	7	6.7	+0.8
FXZ	First Trust Materials Alphadex	18.0	64	-17	8.2	+2.4
JHMI	John Hancock Multifactor Industrials	17.4	40	7	6.7	+0.8
FIDU	Fidelity Industrials	17.3	8	39	6.0	+0.2
VIS	Vanguard Industrials	16.8	10	37	6.3	+0.5
XLI	Industrials Select Sector SPDR	16.5	13	34	6.2	+0.4
FXR	First Trust Industrials/Producer Durables	15.2	62	-15	7.0	+1.2
JHMA	John Hancock Multifactor Materials	15.0	40	7	7.6	+1.8
IYJ	iShares DJ US Industrials	15.0	42	5	5.4	-0.4
IYT	iShares Transportation Average	12.2	42	5	8.8	+3.0
XLTY	Cushing Transportation & MLP	12.2	65	-18	7.9	+2.0
XTN	SPDR S&P Transportation	12.0	35	12	8.4	+2.6
FMAT	Fidelity MSCI Materials	11.4	8	39	8.8	+2.9
VAW	Vanguard Materials	11.3	10	37	8.7	+2.9
AIRR	First Trust RBA American Industrial Renaissance	11.1	70	-23	5.4	-0.4
TPHD	Timothy Plan High Dividend Stock	11.0	52	-5	6.8	+0.9
FTXR	First Trust Nasdaq Transportation	10.6	60	-13	10.5	+4.7
PKB	Invesco Dynamic Building & Construction	10.6	60	-13	6.5	+0.7
FLM	First Trust ISE Global Engineering & Construction	9.9	70	-23	7.7	+1.9

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

	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 U.S. Infrastructure Development
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	13.2	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.55

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.