ETF Research Center

Global X Uranium ETF seeks to track the performance of Solactive Uranium Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Global X Management Co LLC
Website	www.globalxfunds.com
Inception date	Nov 05, 2010
Assets (mns)	$189
Currency	USD
Expense ratio	69 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	29
Wgt avg mkt cap (mns)	$16,650
Large cap (>$10bn)	40.9%
Mid cap ($2-10bn)	25.1%
Small cap (<$2bn)	34.1%
Developed mkts	80.3%
Emerging mkts	19.7%

TOP TEN HOLDINGS
Total	66.6 %
CAMECO CORP	20.0 %
URANIUM PARTICIPATION CORP	6.7 %
NEXGEN ENERGY LTD.	5.6 %
ITOCHU CORP	5.4 %
CHEIL INDUSTRIES INC	5.3 %
MACQUARIE GROUP LTD	5.0 %
SUMITOMO CORP	4.8 %
BARRICK GOLD CORP	4.7 %
HYUNDAI ENGINEERING & CONST	4.5 %
GS ENGINEERING & CONSTRUCT	4.5 %

TOP COUNTRY EXPOSURE
	CANADA	45.6 %
	SOUTH KOREA	18.1 %
	JAPAN	14.5 %
	BRITAIN	8.6 %
	AUSTRALIA	5.8 %
	UNITED STATES	2.5 %
	CHINA	0.5 %
	SOUTH AFRICA	0.4 %
	HONG KONG	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-6.0%	-8.3%	2.2%	--	-15.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.88	11%
MSCI EAFE	1.10	14%
MSCI Emg. Mkts.	0.81	13%

Technical Indicators
Recent close	$10.99
30d moving avg.	$11.08
Annualized volatility	32.4%
Short interest (ETF)	1.4%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	84
Turnover	0.5%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$686

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

URA

Expense:

69 bp

ALTAR Score™:

1.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH URA
Ticker	Fund Name	Overlap¹ vs URA (%)	Expense ratio (bp)	Savings vs URA (bp)	ALTAR Score™ (%)	ALTAR vs URA (%)
PICK	iShares MSCI Global Select Metals & Mining	8.6	39	30	7.6	+6.0
MXI	iShares S&P Global Materials	6.7	46	23	6.9	+5.3
NLR	VanEck Vectors Nuclear Energy	6.0	60	9	9.9	+8.3
GUNR	Flexshares Global Upstream Natural Resources	5.5	46	23	5.7	+4.1
FIVA	Fidelity International Value Factor	5.1	39	30	9.5	+7.9
RING	iShares MSCI Global Gold Miners	5.1	39	30	2.9	+1.3
EUDG	WisdomTree Europe Dividend	5.1	58	11	6.5	+4.9
NANR	SPDR S&P N. American Nat. Resources	4.9	35	34	4.2	+2.6
INTF	iShares FactorSelect MSCI International	4.7	30	39	8.4	+6.8
SGDM	Sprott Gold Miners	4.7	50	19	2.8	+1.2
GDX	VanEck Vectors Gold Miners ETF	4.7	52	17	2.5	+0.9
EWU	iShares MSCI United Kingdom	4.6	47	22	7.5	+5.9
IPKW	Invesco International BuyBack Achievers Portfolio	4.3	55	14	9.0	+7.4
QGBR	SPDR MSCI UK Quality Mix	4.3	14	55	7.9	+6.3
FLGB	Franklin FTSE United Kingdom	4.2	9	60	7.9	+6.3
GRES	Index IQ Global Resources	4.0	77	-8	6.2	+4.6
IDY	Pacific Global International Equity Income	3.5	39	30	8.2	+6.6
EWJV	iShares MSCI Japan Value	3.4	15	54	10.2	+8.6
FJP	First Trust Japan AlphaDEX	3.4	80	-11	9.0	+7.4
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	3.3	20	49	8.6	+7.0

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 Uranium
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	2.3	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	69	bp
Equals: ALTAR Score	1.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	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.