ETF Research Center

The Global X Nasdaq-100 Covered Call ETF tracks an index that holds Nasdaq 100 stocks and sells options on those stocks to collect the premiums.

FUND BASICS
Category	US Equities
Fund Sponsor	Mirae Asset Global Investments
Website	us.horizonsetfs.com
Inception date	Dec 12, 2013
Assets (mns)	$846
Currency	USD
Expense ratio	60 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Fixed
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	103
Wgt avg mkt cap (mns)	$551,751
Large cap (>$10bn)	99.9%
Mid cap ($2-10bn)	0.1%
Small cap (<$2bn)	0.0%
Developed mkts	98.5%
Emerging mkts	1.5%

TOP TEN HOLDINGS
Total	56.5 %
APPLE INC	12.5 %
MICROSOFT CORP	11.8 %
AMAZON.COM INC	8.8 %
FACEBOOK	5.0 %
ALPHABET INC. CLASS C	4.8 %
ALPHABET INC. CLASS A	4.2 %
INTEL CORP	2.8 %
COMCAST CORP-CL A	2.3 %
PEPSICO INC	2.2 %
CISCO SYSTEMS INC	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.8 %
	CHINA	1.2 %
	NETHERLANDS	0.6 %
	BRITAIN	0.6 %
	ARGENTINA	0.3 %
	ISRAEL	0.2 %

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.
20.7%	11.1%	--	--	9.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.69	78%
MSCI EAFE	0.62	53%
MSCI Emg. Mkts.	0.43	41%

Technical Indicators
Recent close	$23.41
30d moving avg.	$23.23
Annualized volatility	9.4%
Short interest (ETF)	0.2%
Short interest (Underlying)	2.4%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	353
Turnover	1.0%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$57,165

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X NASDAQ 100 Covered Call ETF ETF based on the alternatives' overlap in portfolio holdings with QYLD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

QYLD

Expense:

60 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH QYLD
Ticker	Fund Name	Overlap¹ vs QYLD (%)	Expense ratio (bp)	Savings vs QYLD (bp)	ALTAR Score™ (%)	ALTAR vs QYLD (%)
QQQ	Invesco QQQ	99.7	20	40	5.2	+0.4
IGM	iShares S&P N. American Technology	66.3	46	14	4.6	-0.2
IETC	iShares Evolved U.S. Technology	63.5	18	42	4.8	+0.1
MGK	Vanguard Mega Cap 300 Growth	59.6	7	53	5.0	+0.3
ONEQ	Fidelity NASDAQ Composite	58.7	21	39	3.9	-0.8
IWY	iShares Russell Top 200 Growth	58.3	20	40	5.0	+0.3
IYW	iShares US Technology	57.4	42	18	5.2	+0.4
TMFC	Motley Fool 100 Index	56.9	50	10	4.3	-0.5
VUG	Vanguard Growth ETF	53.3	4	56	4.9	+0.1
IWF	iShares Russell 1000 Growth	50.3	19	41	5.0	+0.2
QQEW	First Trust NASDAQ 100 Equal Weight	50.0	60	0	5.9	+1.1
QQQE	Direxion NASDAQ-100 Equal Weight	50.0	35	25	0.0	-4.8
VONG	Vanguard Russell 1000 Growth	50.0	12	48	5.1	+0.3
XOUT	GraniteShares XOUT US Large Cap	48.0	60	0	5.1	+0.3
SCHG	Schwab U.S. Large-Cap Growth	47.3	4	56	4.9	+0.1
FTEC	Fidelity MSCI Info Technology	46.8	8	52	5.5	+0.7
VGT	Vanguard Info Tech ETF	46.8	10	50	5.4	+0.7
XLK	Technology Select Sector SPDR	46.5	13	47	5.6	+0.8
IXN	iShares S&P Global Technology	46.5	46	14	5.3	+0.5
JKE	iShares Morningstar Large Cap Growth	46.0	25	35	4.0	-0.8

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 NASDAQ 100 Covered Call 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	25.6	%
Divided by: Fwd. P/BV	4.8	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	4.8	%

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.