ETF Research Center

The Global X Internet of Things Thematic ETF seeks to invest in companies that stand to potentially benefit from the broader adoption of the Internet of Things (IoT). This includes the development and manufacturing of semiconductors and sensors, integrated products and solutions, and applications serving smart grids, smart homes, connected cars, and the industrial internet.

FUND BASICS
Category	Global Equities
Fund Sponsor	Global X
Website	www.globalxfunds.com
Inception date	Sep 12, 2016
Assets (mns)	$147
Currency	USD
Expense ratio	68 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Value
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	50
Wgt avg mkt cap (mns)	$31,933
Large cap (>$10bn)	56.4%
Mid cap ($2-10bn)	33.6%
Small cap (<$2bn)	10.0%
Developed mkts	93.3%
Emerging mkts	6.7%

TOP TEN HOLDINGS
Total	53.6 %
SKYWORKS SOLUTIONS INC	8.0 %
STMICROELECTRONICS NV	8.0 %
DEXCOM INC	7.3 %
GARMIN LTD	5.9 %
SENSATA TECHNOLOGIES HOLDING	5.3 %
CYPRESS SEMICONDUCTOR CORP	5.2 %
ADVANTECH CO LTD	4.8 %
SILICON LABORATORIES INC	3.4 %
ADT, INC.	3.2 %
AMS AG	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	54.0 %
	SWITZERLAND	18.0 %
	TAIWAN	6.7 %
	BRITAIN	5.7 %
	FRANCE	3.2 %
	AUSTRIA	2.5 %
	NETHERLANDS	2.3 %
	CHINA	2.2 %
	IRELAND	1.7 %
	JAPAN	1.5 %

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.
47.9%	47.9%	--	--	15.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.29	73%
MSCI EAFE	1.26	57%
MSCI Emg. Mkts.	0.88	48%

Technical Indicators
Recent close	$24.32
30d moving avg.	$23.74
Annualized volatility	18.3%
Short interest (ETF)	0.7%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	78
Turnover	1.3%
Bid/Ask (% of price)	0.22%
ADV underlying (mns)	$6,516

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SNSR

Expense:

68 bp

ALTAR Score™:

5.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SNSR
Ticker	Fund Name	Overlap¹ vs SNSR (%)	Expense ratio (bp)	Savings vs SNSR (bp)	ALTAR Score™ (%)	ALTAR vs SNSR (%)
XKII	SPDR Kensho Intelligent Structures	18.8	45	23	5.9	+0.9
XSD	SPDR S&P Semiconductors	17.8	35	33	4.0	-1.0
FTXL	First Trust Nasdaq Semiconductor	16.6	60	8	5.2	+0.1
GMAN	Goldman Sachs Motif Manufacturing Revolution	15.7	50	18	4.4	-0.6
IDRV	iShares Self-driving EV & Tech	15.5	47	21	8.2	+3.2
FONE	First Trust Cea Smartphone	15.4	70	-2	5.6	+0.6
DRIV	Global X Autonomous & Electric Vehicles	14.1	68	0	6.9	+1.9
GRID	First Trust NASDAQ Clean Edge Smart Grid Infrastructure	14.1	70	-2	4.7	-0.3
PSI	Invesco Dynamic Semiconductors	12.3	58	10	5.2	+0.2
QTEC	First Trust NASDAQ 100 Tech	12.1	57	11	5.1	+0.1
FIVG	Defiance Next Gen Connectivity ETF	11.9	30	38	5.1	+0.1
SOXX	iShares PHLX SOX Semiconductor	11.8	46	22	5.4	+0.4
GDAT	Goldman Sachs Motif Data-Driven World	11.7	50	18	5.4	+0.4
PZD	Invesco Cleantech	11.3	68	0	4.4	-0.7
XNTK	SPDR NYSE Technology	11.3	35	33	4.7	-0.3
QTUM	Defiance Quantum	10.9	40	28	5.4	+0.4
DTEC	ALPS Disruptive Technologies	10.5	50	18	3.2	-1.8
SMH	VanEck Vectors Semiconductors	10.5	35	33	5.7	+0.7
KARS	KraneShares Electric Vehicles & Future Mobility Index	10.1	70	-2	6.0	+1.0
JHMT	John Hancock Multifactor Technology	9.9	40	28	5.5	+0.5

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 Internet of Things Thematic
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.2	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	68	bp
Equals: ALTAR Score	5.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	CATEGORY AVERAGE	1.54

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.