ETF Research Center

Global X SuperDividend Emerging Markets ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx SuperDividend? Emerging Markets Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Global X ETFs/USA
Website	www.globalxfunds.com
Inception date	Mar 16, 2015
Assets (mns)	$18
Currency	USD
Expense ratio	67 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Brown Brothers Harriman & Co
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	50
Wgt avg mkt cap (mns)	$11,110
Large cap (>$10bn)	19.8%
Mid cap ($2-10bn)	66.6%
Small cap (<$2bn)	13.6%
Developed mkts	4.0%
Emerging mkts	96.0%

TOP TEN HOLDINGS
Total	25.4 %
ALDAR PROPERTIES PJSC	2.7 %
MMC NORILSK NICKEL OJSC	2.7 %
TAV HAVALIMANLARI HOLDING AS	2.6 %
GAZPROM OAO	2.6 %
MOSCOW EXCHANGE MICEX-RTS	2.6 %
FIBRA UNO ADMINISTRACION SA	2.5 %
PETROBRAS DISTRIBUIDORA SA	2.5 %
LITE-ON TECHNOLOGY CORP	2.5 %
TELEFONICA BRASIL SA PFD	2.4 %
LUKOIL OAO	2.4 %

TOP COUNTRY EXPOSURE
	RUSSIA	19.7 %
	TAIWAN	11.8 %
	BRAZIL	11.4 %
	SOUTH AFRICA	11.0 %
	CHINA	11.0 %
	TURKEY	6.8 %
	HONG KONG	6.0 %
	UAE	2.7 %
	MEXICO	2.4 %
	PAKISTAN	2.2 %

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.
7.7%	4.6%	--	--	1.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.66	29%
MSCI EAFE	0.94	49%
MSCI Emg. Mkts.	0.89	70%

Technical Indicators
Recent close	$13.00
30d moving avg.	$13.01
Annualized volatility	14.8%
Short interest (ETF)	0.6%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.7%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$984

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SDEM

Expense:

67 bp

ALTAR Score™:

17.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SDEM
Ticker	Fund Name	Overlap¹ vs SDEM (%)	Expense ratio (bp)	Savings vs SDEM (bp)	ALTAR Score™ (%)	ALTAR vs SDEM (%)
REDV	Invesco Emerging Markets Ultra Dividend Revenue ETF	26.3	46	21	17.9	+0.4
DVYE	iShares Emerging Markets Dividend	22.1	49	18	13.6	-3.9
ERUS	iShares MSCI Russia	20.1	59	8	15.6	-1.9
FLRU	Franklin FTSE Russia	18.3	19	48	17.4	-0.1
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	17.2	50	17	13.4	-4.1
ECOW	Pacer Emerging Markets Cash Cows 100	13.7	70	-3	10.9	-6.6
EDOG	ALPS Emerging Sector Dividend Dogs	13.3	60	7	9.3	-8.2
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	12.3	51	16	12.6	-4.9
EEMD	AAM S&P Emerging Markets High Dividend Value	12.0	50	17	12.3	-5.2
EEMO	Invesco S&P Emg Mkts Momentum	10.4	30	37	7.9	-9.7
FLN	First Trust Latin America AlphaDEX	10.3	80	-13	5.1	-12.4
PXH	Invesco FTSE-RAFI Emerging Markets	9.7	50	17	12.3	-5.2
EYLD	Cambria Emerging Shareholder Yield	8.8	66	1	10.9	-6.6
FBZ	First Trust Brazil AlphaDEX	8.7	80	-13	7.1	-10.4
IQDE	FlexShares Int'l Quality Dividend Defensive	8.7	47	20	9.6	-7.9
RFEM	First Trust Riverfront Dynamic Emerging Markets	8.5	95	-28	10.6	-7.0
FEM	First Trust Emerging Markets AlphaDEX	8.4	80	-13	10.8	-6.8
EMGF	iShares Edge MSCI Multifactor Emerging Markets	8.3	45	22	9.9	-7.6
REEM	Invesco Emerging Markets Revenue ETF	7.8	46	21	11.8	-5.7
IQDF	FlexShares Int'l Quality Dividend	7.5	47	20	9.5	-8.1

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 SuperDividend Emg Mkts
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.7	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	67	bp
Equals: ALTAR Score	17.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.49

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.