ETF Research Center

The Global X Silvers Miners ETF is an exchange-traded fund incorporated in the USA. The seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Silver Miners Index ("Underlying Index").

FUND BASICS
Category	Global Equities
Fund Sponsor	Global X Management Co LLC
Website	www.globalxfunds.com
Inception date	Apr 20, 2010
Assets (mns)	$532
Currency	USD
Expense ratio	65 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	25
Wgt avg mkt cap (mns)	$4,932
Large cap (>$10bn)	23.5%
Mid cap ($2-10bn)	39.9%
Small cap (<$2bn)	36.6%
Developed mkts	62.7%
Emerging mkts	37.3%

TOP TEN HOLDINGS
Total	77.7 %
SILVER WHEATON CORP	23.3 %
POLYMETAL INTERNATIONAL PLC	12.2 %
KOREA ZINC CO LTD	8.6 %
COEUR D'ALENE MINES CORP	5.4 %
PAN AMERICAN SILVER CORP	5.2 %
CIA DE MINAS BUENAVENTUR-ADR	4.8 %
FIRST MAJESTIC SILVER CORP	4.7 %
SSR MINING INC	4.7 %
INDUSTRIAS PENOLES SAB DE CV	4.5 %
FRESNILLO PLC	4.2 %

TOP COUNTRY EXPOSURE
	CANADA	49.4 %
	RUSSIA	12.1 %
	UNITED STATES	11.9 %
	SOUTH KOREA	8.3 %
	BRITAIN	6.3 %
	PERU	5.8 %
	MEXICO	4.1 %

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.
19.1%	30.9%	2.7%	--	-3.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.12	0%
MSCI EAFE	0.49	5%
MSCI Emg. Mkts.	0.61	13%

Technical Indicators
Recent close	$30.94
30d moving avg.	$29.79
Annualized volatility	23.7%
Short interest (ETF)	1.4%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	147
Turnover	0.9%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$198

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SIL

Expense:

65 bp

ALTAR Score™:

1.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SIL
Ticker	Fund Name	Overlap¹ vs SIL (%)	Expense ratio (bp)	Savings vs SIL (bp)	ALTAR Score™ (%)	ALTAR vs SIL (%)
SLVP	iShares MSCI Global Silver Miners	71.2	39	26	0.5	-1.2
SILJ	ETFMG Prime Junior Silver	39.0	69	-4	-0.8	-2.4
GOAU	U.S. Global GO GOLD and Precious Metal Miners	14.8	60	5	3.5	+1.8
GDXJ	VanEck Vectors Jr. Gold Miners	11.4	53	12	2.4	+0.7
EPU	iShares MSCI All Peru Capped	11.2	59	6	4.3	+2.6
GOEX	Global X Gold Explorers	10.9	65	0	2.3	+0.6
XME	SPDR Metals & Mining ETF	10.8	35	30	2.2	+0.5
RING	iShares MSCI Global Gold Miners	7.1	39	26	2.8	+1.2
ARGT	Global X FTSE Argentina 20	6.4	59	6	7.3	+5.7
AGT	iShares MSCI Argentina & Global Exposure	6.4	59	6	7.3	+5.7
DOGS	Arrow Dogs of the World	6.0	164	-99	7.7	+6.0
SGDM	Sprott Gold Miners	5.6	50	15	2.8	+1.1
SGDJ	ALPS Sprott Junior Gold Miners	4.3	50	15	2.1	+0.4
GDX	VanEck Vectors Gold Miners ETF	4.0	52	13	2.4	+0.8
NANR	SPDR S&P N. American Nat. Resources	3.0	35	30	4.1	+2.4
RSX	VanEck Vectors Russia ETF	2.9	65	0	12.6	+10.9
PACA	Xtrackers MSCI Latin America Pacific Alliance	2.5	45	20	6.4	+4.7
PYZ	Invesco Dynamic Basic Materials Sector	2.2	60	5	5.9	+4.2
GRES	Index IQ Global Resources	1.3	77	-12	6.1	+4.4
FKO	First Trust South Korea AlphaDEX	1.2	80	-15	11.5	+9.8

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 Silver Miners 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	3.7	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	1.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.44	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.