ETF Research Center

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Global X
Website	www.globalxetfs.com
Inception date	Dec 08, 2021
Assets (mns)	$14
Currency	USD
Expense ratio	50 bp
Distributions

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	64
Wgt avg mkt cap (mns)	$4,218
Large cap (>$10bn)	6.9%
Mid cap ($2-10bn)	45.4%
Small cap (<$2bn)	44.2%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	55.9 %
VINGROUP JSC	11.7 %
HOA PHAT GROUP JSC	9.2 %
VINHOMES JSC	8.5 %
MASAN GROUP CORP	5.8 %
JSC BANK FOR FOREIGN TRADE	5.1 %
VIET NAM DAIRY PRODUCTS JSC	4.5 %
SAIGON SECURITIES INC	3.6 %
SAIGON THUONG TIN COMMERCIAL	2.8 %
VINCOM RETAIL JSC	2.5 %
VIETNAM PROSPERI	2.4 %

TOP COUNTRY EXPOSURE
	VIETNAM	99.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
15.7%	10.3%	--	--	-10.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.88	30%
MSCI EAFE	0.86	30%
MSCI Emg. Mkts.	1.04	47%

Technical Indicators
Recent close	$17.51
30d moving avg.	$16.87
Annualized volatility	25.7%
Short interest (ETF)	1.5%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	5
Turnover	0.6%
Bid/Ask (% of price)	0.64%
ADV underlying (mns)	$281

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 2 potential alternatives to the Global X MSCI Vietnam ETF ETF based on the alternatives' overlap in portfolio holdings with VNAM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VNAM

Expense:

50 bp

ALTAR Score™:

8.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VNAM
Ticker	Fund Name	Overlap¹ vs VNAM (%)	Expense ratio (bp)	Savings vs VNAM (bp)	ALTAR Score™ (%)	ALTAR vs VNAM (%)
VNM	VanEck Vietnam ETF	78.3	66	-16	7.7	-0.5
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.1	47	3	5.7	-2.4

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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 MSCI Vietnam 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	15.4	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	8.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	CATEGORY AVERAGE	1.50

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.