ETF Research Center

The Global X S&P 500� Quality Dividend ETF invests in U.S. equity securities included in the S&P 500 Index that rank within the top 200 of the index�s universe by both quality score and dividend yield.

FUND BASICS
Category	US Equities
Fund Sponsor	Global X
Website	www.globalxfunds.com
Inception date	Jul 16, 2018
Assets (mns)	$5
Currency	USD
Expense ratio	20 bp
Distributions	Monthly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	70
Wgt avg mkt cap (mns)	$63,834
Large cap (>$10bn)	79.3%
Mid cap ($2-10bn)	20.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	16.1 %
HCP INC	1.7 %
LOCKHEED MARTIN CORP	1.6 %
BLACKROCK INC	1.6 %
PUBLIC STORAGE	1.6 %
T ROWE PRICE GROUP INC	1.6 %
EATON CORP PLC	1.6 %
COCA-COLA CO/THE	1.6 %
AVALONBAY COMMUNITIES INC	1.6 %
CLOROX COMPANY	1.6 %
MOLSON COORS BREWING CO -B	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.9 %
	IRELAND	4.4 %
	SWITZERLAND	1.5 %
	BRITAIN	1.3 %

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.
-5.3%	8.9%	--	--	3.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.18	89%
MSCI EAFE	1.33	82%
MSCI Emg. Mkts.	0.96	70%

Technical Indicators
Recent close	$26.36
30d moving avg.	$26.56
Annualized volatility	19.6%
Short interest (ETF)	3.2%
Relative strength (RSI)	44

Liquidity measures
Avg. volume (thou.)	15
Turnover	7.5%
Bid/Ask (% of price)	0.28%
ADV underlying (mns)	$17,928

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X S&P 500 Quality Dividend ETF ETF based on the alternatives' overlap in portfolio holdings with QDIV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

QDIV

Expense:

20 bp

ALTAR Score™:

7.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH QDIV
Ticker	Fund Name	Overlap¹ vs QDIV (%)	Expense ratio (bp)	Savings vs QDIV (bp)	ALTAR Score™ (%)	ALTAR vs QDIV (%)
USDY	Pacific Global US Equity Income	33.1	29	-9	7.4	-0.2
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	30.5	35	-15	7.7	+0.2
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	30.4	35	-15	7.7	+0.2
OYLD	Invesco Russell 1000 Yield Factor ETF	28.5	19	1	7.4	-0.2
SCHD	Schwab US Dividend Equity	28.4	6	14	7.3	-0.3
VYM	Vanguard High Dividend Yield ETF	27.9	6	14	7.1	-0.5
OUSA	O'Shares FTSE U.S. Quality Dividend	27.7	48	-28	5.9	-1.7
DTN	WisdomTree Dividend Ex-Financials	27.7	38	-18	7.7	+0.2
SPYD	SPDR Portfolio S&P 500 High Dividend	26.8	7	13	8.6	+1.1
SPDV	AAM S&P 500 High Dividend Value	26.8	29	-9	10.0	+2.4
QDF	FlexShares Quality Dividend	26.0	37	-17	7.2	-0.4
RNDV	US Equity Dividend Select	25.7	50	-30	7.7	+0.2
SPHQ	Invesco S&P 500 Quality	25.5	15	5	5.7	-1.9
RPV	Invesco S&P 500 Pure Value ETF	25.4	35	-15	10.6	+3.0
SDOG	ALPS Sector Dividend Dogs	25.3	40	-20	9.3	+1.7
SCHV	Schwab U.S. Large-Cap Value	24.0	4	16	6.9	-0.7
NULV	NuShares ESG Large-Cap Value	23.6	35	-15	6.7	-0.9
DURA	VanEck Vectors Morningstar Durable Dividend	23.6	29	-9	6.8	-0.8
FLAG	Forensic Accounting	23.4	152	-132	8.2	+0.6
HDV	iShares High Dividend	23.1	8	12	7.0	-0.6

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 S&P 500 Quality Dividend ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.7	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	7.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.71	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.