ETF Research Center

The ProShares Equities for Rising Rates ETF tracks an index of 50 US-listed large-cap stocks that are anticipated to perform favorably during periods of rising interest rates.

FUND BASICS
Category	US Equities
Fund Sponsor	ProShares
Website	www.proshares.com
Inception date	Jul 24, 2017
Assets (mns)	$3
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	50
Wgt avg mkt cap (mns)	$55,432
Large cap (>$10bn)	94.8%
Mid cap ($2-10bn)	5.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	29.6 %
MORGAN STANLEY	3.2 %
BANK OF AMERICA CORP	3.1 %
JPMORGAN CHASE & CO	3.1 %
GOLDMAN SACHS GROUP INC	2.9 %
RAYMOND JAMES FINANCIAL INC	2.9 %
REGIONS FINANCIAL CORP	2.9 %
SCHWAB (CHARLES) CORP	2.9 %
HUNTINGTON BANCSHARES INC	2.9 %
UNITED RENTALS INC	2.9 %
PRUDENTIAL FINANCIAL INC	2.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.2 %
	BRITAIN	1.5 %

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.
7.6%	-8.9%	--	--	1.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.45	76%
MSCI EAFE	1.62	74%
MSCI Emg. Mkts.	1.14	57%

Technical Indicators
Recent close	$41.86
30d moving avg.	$39.93
Annualized volatility	22.8%
Short interest (ETF)	0.1%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	1
Turnover	1.4%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$11,535

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EQRR

Expense:

35 bp

ALTAR Score™:

8.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EQRR
Ticker	Fund Name	Overlap¹ vs EQRR (%)	Expense ratio (bp)	Savings vs EQRR (bp)	ALTAR Score™ (%)	ALTAR vs EQRR (%)
FTA	First Trust Large Cap Value	31.5	62	-27	8.7	+0.6
SPVU	Invesco S&P 500 Value	27.0	13	22	11.1	+3.0
PXLV	Invesco Fundamental Pure Large Value	22.3	39	-4	8.5	+0.4
XLSY	Cushing Energy Supply Chain & MLP	21.9	65	-30	5.6	-2.5
SLT	Salt TruBeta High Exposure	19.6	29	6	6.5	-1.7
FXN	First Trust Energy Alphadex	19.6	63	-28	4.5	-3.6
MAGA	Point Bridge GOP Stock Tracker	19.1	72	-37	6.5	-1.6
PXLG	Invesco Fundamental Pure Large Growth	18.9	35	0	8.2	+0.1
ESGS	Columbia Sustainable U.S. Equity Income	18.1	35	0	8.4	+0.3
SPYB	SPDR S&P 500 Buyback	18.0	35	0	7.4	-0.7
RWW	Invesco S&P Financials Revenue	17.9	45	-10	7.4	-0.7
JHME	John Hancock Multifactor Energy	17.9	40	-5	3.4	-4.7
FEX	First Trust Large Cap Core Alphadex	17.9	61	-26	6.4	-1.7
RYE	Invesco S&P Equal Weight Energy ETF	17.6	40	-5	3.6	-4.5
RPV	Invesco S&P 500 Pure Value ETF	17.5	35	0	9.8	+1.7
RGI	Invesco S&P Equal Weight Industrials	17.3	40	-5	6.7	-1.5
FVAL	Fidelity Value Factor	17.1	29	6	8.2	+0.1
ESGL	Invesco ESG Revenue ETF	16.8	40	-5	7.8	-0.3
VLUE	iShares MSCI USA Value Factor	16.6	15	20	11.0	+2.9
XLI	Industrials Select Sector SPDR	16.2	13	22	6.2	-2.0

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:	ProShares Equities for Rising Rates
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.3	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	8.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.55

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.