Weakness in Global X Gold Explorers ETF's People and Process Pillar ratings limits this strategy to a Morningstar Medalist Rating of Neutral. The portfolio maintains a cost advantage over competitors, priced within the lowest fee quintile among peers.  

 The equity team managing the passive strategy earns a Low People Pillar. The strategy earns a Below Average Process Pillar rating.  High volatility exposure is attributed to companies with a higher standard deviation of returns. And a low yield exposure is rooted in holding fewer stocks with high dividend or buyback yields -- instead, typically holding stocks in an early stage of development. The strategy's parent organization earns the firm an Average Parent Pillar rating, and this rating is inherited from vehicles belonging to the same branding entity and is indirectly assigned by an analyst.

Analyst Rating

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10X Genomics

Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category benchmark on a risk-adjusted basis over the long term. Global X Gold Explorers ETF earns a Below Average Process Pillar rating. The process is bolstered by tracking an index. Historical data, like Morningstar's Active/Passive Barometer, finds that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. However, the rating is limited by the fund's weak long-term risk-adjusted performance. This can be seen in its five-year alpha calculated relative to the category index, which suggests that the process has struggled over that period. The parent firm's subpar risk-adjusted performance, as shown by its average 10-year Morningstar Rating of 2.1 stars, also limits the process. A lower star rating suggests that the firm has struggled to outperform on a risk-adjusted basis.

The investment strategy as stated in the fund's prospectus is:  The investment seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Gold Explorers & Developers Total Return Index.  The fund invests at least 80% of its total assets in the securities of the index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the underlying index. The underlying index is a free float-adjusted, and liquidity-tested and market capitalization-weighted index that is designed to measure broad-based equity market performance of global companies involved in gold exploration. It is non-diversified. 

 The portfolio has allocations in its top two sectors, basic materials and technology, that are similar to the category. The sectors with low exposure compared to category peers are utilities and financial services; however, the allocations are similar to the category. The portfolio has 54 holdings and is about as top-heavy as the category average, with 36.2% of assets in the top 10 holdings. And in closing, in terms of portfolio turnover, looking at year-over-year movements, 20% of the fund's holdings have changed, whether through increasing, decreasing, or changing a position.

Below Average

Process

Global X’s equity team receives a Low People Pillar rating. The largest detractor from the rating is the parent firm's five-year success ratio of 30%. The measure indicates the percentage of a firm's funds that survived and outperformed their respective category's median return for the period. The parent's relatively low success ratio suggests that the firm could do better across its fund lineup. The parent firm's five-year retention rate of 67% also holds the rating back. The experience of the management team, which averages four years at this fund, limits the rating as well.

People

Mirae Asset Global Investments is a Korean asset manager and a key player in the Asian financial market. It is a wholly owned subsidiary of Mirae Asset Financial Group, founded by Hyeon Joo Park. Park’s leadership and entrepreneurial spirit have been the driving force behind the global rise of Mirae, and he holds a majority stake in the business. 
Mirae Asset has grown significantly over the years (USD 198 billion as of December 2022) across a diversified platform, of which about 60% of assets are managed in South Korea. We believe that Mirae’s core mutual fund business in the Asia-Pac region is relatively strong. It has a collaborative structure, a strong and large investment team, low manager turnover, competitive fees, and a disciplined approach to product-development pointing toward better stewardship practices relative to peers in these markets. However, this is in stark contrast to its exchange-traded fund business, which accounts for 41% of the total assets. 
The firm’s ETF lineup focuses largely on high-risk thematic strategies that seem gimmicky, emphasizing short-term asset-gathering. The firm appears to leverage trending topics such as robotics and artificial intelligence, virtual reality and gaming, and cloud computing. There’s a notable concern regarding the potential liquidation of these funds since they seem to be designed around investment fads. Furthermore, these products are often expensive, especially compared with broadly diversified index funds and ETFs. Unsurprisingly, Mirae's reflexive product-development strategy has led to an increase in fund closures.
Our experience engaging with the MAGI team to gather critical information for the parent assessment has not been as positive. It hasn’t been as transparent in its disclosures, and unlike its peers, its responsiveness has been inadequate. We prefer firms with a more transparent corporate culture. Overall, these actions hold us back, and the firm retains its Parent Pillar rating of Average.

Average

Parent

Global X Gold Explorers ETF

GOEX tracks a market-cap-weighted index of global stocks in the gold mining industry as an explorer or developer.

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Gold miner sector-related exchange traded funds jumped Thursday as risk aversion and inflation concerns helped strengthen gold bullion. Among the better performing non-leveraged ETFs of Thursday, the Global X Gold Explorers ETF (GOEX) jumped 7.2%, VanEck Vectors Gold Miners ETF (NYSEArca: GDXJ) increased 6.7%, the Sprott Gold Miners ETF (SGDM) rose 5.3%, the Sprott Junior Gold Miners [.

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It's been a comeback story for gold so far this year as the precious metal recently hit a one-month peak, which should help bolster gold-related ETFs like the Global X Gold Explorers ETF (GOEX), and so far, it has. Rising inflation is bringing investors back to gold as the capital markets de-risk in order to [.

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As the Federal Reserve continues to implement a wait-and-see strategy on interest rates, gold is creeping higher and funds like the Global X Gold Explorers ETF (GOEX) are gaining strength. Inflation fears continue to circulate in the capital markets, allowing bullish gold investors to boost the fund's near-term performance.

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Miners have played a significant role as a backdoor play on precious metals, and a pair of Global X ETFs have seen strong performances the past month. The Global X Silver Miners ETF (SIL) boasts a cumulative gain of about 17% while the Global X Gold Explorers ETF (GOEX) is up about 15%.

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