Global X Silver Miners ETF
ALTAR
Score™
1.7% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
42.5x P/Sales
ratio
2.5x
P/BV
ratio
1.7x Div.
yield
1.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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
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 %
Total 77.7 %

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 info ** ** ** ** ** ** **
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 %
info 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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.