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)	$21
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)	$12,226
Large cap (>$10bn)	23.4%
Mid cap ($2-10bn)	70.7%
Small cap (<$2bn)	5.8%
Developed mkts	3.8%
Emerging mkts	96.2%

TOP TEN HOLDINGS
Total	25.0 %
MMC NORILSK NICKEL OJSC	3.1 %
KWG PROPERTY HOLDING LTD	2.6 %
FIBRA UNO ADMINISTRACION SA	2.5 %
WALSIN TECHNOLOGY CORP	2.5 %
LUKOIL OAO	2.5 %
ALDAR PROPERTIES PJSC	2.4 %
GAZPROM OAO	2.4 %
TELEFONICA BRASIL SA PFD	2.4 %
TAV HAVALIMANLARI HOLDING AS	2.3 %
EREGLI DEMIR VE CELIK FABRIK	2.3 %

TOP COUNTRY EXPOSURE
	RUSSIA	21.0 %
	TAIWAN	12.7 %
	CHINA	11.1 %
	BRAZIL	10.9 %
	SOUTH AFRICA	9.9 %
	TURKEY	6.6 %
	HONG KONG	6.5 %
	MEXICO	2.5 %
	UAE	2.5 %
	ARGENTINA	2.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
17.6%	17.6%	--	--	2.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.69	29%
MSCI EAFE	0.98	48%
MSCI Emg. Mkts.	0.93	74%

Technical Indicators
Recent close	$14.18
30d moving avg.	$13.72
Annualized volatility	15.6%
Short interest (ETF)	1.6%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	13
Turnover	0.9%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$1,298

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™:

15.8%

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	28.4	46	21	14.1	-1.8
DVYE	iShares Emerging Markets Dividend	23.5	49	18	12.2	-3.7
ERUS	iShares MSCI Russia	20.8	59	8	13.6	-2.2
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	18.8	50	17	12.5	-3.3
FLRU	Franklin FTSE Russia	16.9	19	48	15.3	-0.5
EDOG	ALPS Emerging Sector Dividend Dogs	16.0	60	7	8.9	-7.0
EEMD	AAM S&P Emerging Markets High Dividend Value	15.3	50	17	11.3	-4.6
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	14.9	51	16	11.9	-3.9
EEMO	Invesco S&P Emg Mkts Momentum	10.7	30	37	7.5	-8.4
EYLD	Cambria Emerging Shareholder Yield	10.4	66	1	10.4	-5.5
FEM	First Trust Emerging Markets AlphaDEX	10.3	80	-13	9.8	-6.1
IQDE	FlexShares Int'l Quality Dividend Defensive	10.2	47	20	8.7	-7.1
FLN	First Trust Latin America AlphaDEX	9.8	80	-13	4.9	-10.9
ECOW	Pacer Emerging Markets Cash Cows 100	9.4	70	-3	9.9	-6.0
PXH	Invesco FTSE-RAFI Emerging Markets	9.2	50	17	11.4	-4.4
RFEM	First Trust Riverfront Dynamic Emerging Markets	8.9	95	-28	9.4	-6.4
EMGF	iShares Edge MSCI Multifactor Emerging Markets	8.8	45	22	9.1	-6.8
IQDF	FlexShares Int'l Quality Dividend	8.7	47	20	8.7	-7.1
CHIR	Global X MSCI China Real Estate	7.6	65	2	13.4	-2.4
DEM	WisdomTree Emerg Mkts High Yield Equity	7.5	63	4	11.3	-4.6

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

	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	1.0	x
Less: Expense ratio	67	bp
Equals: ALTAR Score	15.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.48

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.