ETF Research Center

ProShares MSCI EAFE Dividend Growers ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results, before fees and expenses, that track the perfomance of the MSCI EAFE Dividend Masters Index.

FUND BASICS
Category	International Equities
Fund Sponsor	ProShares ETFs/USA
Website	www.proshares.com
Inception date	Aug 19, 2014
Assets (mns)	$131
Currency	USD
Expense ratio	50 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	87
Wgt avg mkt cap (mns)	$32,828
Large cap (>$10bn)	60.9%
Mid cap ($2-10bn)	39.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.2 %
HALMA PLC	1.3 %
RYMAN HEALTHCARE LTD	1.3 %
JD SPORTS FASHION PLC	1.2 %
PADDY POWER PLC	1.2 %
MICRO FOCUS INTERNATIONAL PLC	1.2 %
SARTORIUS STEDIM BIOTECH SA	1.2 %
SPIRAX-SARCO ENGINEERING PLC	1.2 %
PARTNERS GROUP HOLDING AG	1.2 %
HEXAGON AB-B SHS	1.2 %
BUNZL PLC	1.2 %

TOP COUNTRY EXPOSURE
	BRITAIN	24.4 %
	JAPAN	18.0 %
	FRANCE	9.0 %
	AUSTRALIA	7.9 %
	SWITZERLAND	6.9 %
	HONG KONG	5.6 %
	IRELAND	3.5 %
	DENMARK	3.4 %
	GERMANY	3.4 %
	BELGIUM	2.3 %

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.
20.2%	14.1%	3.2%	--	1.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.69	66%
MSCI EAFE	0.87	88%
MSCI Emg. Mkts.	0.58	63%

Technical Indicators
Recent close	$39.94
30d moving avg.	$39.32
Annualized volatility	10.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.2%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$6,019

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ProShares EAFE Dividend Growers ETF based on the alternatives' overlap in portfolio holdings with EFAD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EFAD

Expense:

50 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EFAD
Ticker	Fund Name	Overlap¹ vs EFAD (%)	Expense ratio (bp)	Savings vs EFAD (bp)	ALTAR Score™ (%)	ALTAR vs EFAD (%)
EUDV	ProShares MSCI Europe Dividend Growers	60.7	55	-5	6.8	+0.4
EUMV	iShares MSCI Europe Min Volatility	21.8	25	25	5.1	-1.3
EFAV	iShares MSCI EAFE Minimum Volatility	18.9	20	30	5.7	-0.7
VIGI	Vanguard Int'l Dividend Appreciation	18.5	25	25	5.9	-0.5
QEFA	SPDR MSCI EAFE Quality Mix	18.0	30	20	6.5	+0.1
PIZ	Invesco DWA Dev. Mkts. Technical Leaders	17.8	80	-30	4.1	-2.4
FDEV	Fidelity Targeted International Factor	17.3	39	11	6.8	+0.4
GSEU	Goldman Sachs ActiveBeta Europe Equity	16.9	25	25	6.2	-0.2
IQLT	iShares MSCI Int'l Developed Quality	16.5	30	20	6.0	-0.4
EFG	iShares MSCI EAFE Growth	16.4	40	10	4.9	-1.5
DBEU	Xtrackers Europe Hedged	16.2	45	5	6.4	-0.0
IEV	iShares S&P Europe 350	16.2	59	-9	6.2	-0.2
IGRO	iShares International Dividend Growth	16.2	22	28	7.8	+1.4
FLEH	Franklin FTSE Europe Hedged	15.9	9	41	7.2	+0.8
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	15.9	30	20	6.6	+0.1
FLEE	Franklin FTSE Europe	15.8	9	41	6.8	+0.4
BBEU	JPMorgan BetaBuilders Europe	15.8	9	41	6.7	+0.3
IEUR	iShares Core MSCI Europe	14.7	9	41	6.7	+0.3
VGK	Vanguard FTSE Europe	14.7	9	41	6.7	+0.3
IMTM	iShares MSCI Int'l Developed Momentum	14.5	30	20	5.2	-1.3

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:	ProShares EAFE Dividend Growers
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	13.9	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.73	CATEGORY AVERAGE	1.63

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.