ETF Research Center

The ProShares MSCI Europe Dividend Growers ETF tracks an index of European companies with a history of stable dividend growth

FUND BASICS
Category	International Equities
Fund Sponsor	ProShares
Website	www.proshares.com
Inception date	Sep 10, 2015
Assets (mns)	$9
Currency	USD
Expense ratio	55 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	56
Wgt avg mkt cap (mns)	$44,114
Large cap (>$10bn)	78.0%
Mid cap ($2-10bn)	22.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	20.0 %
SARTORIUS STEDIM BIOTECH SA	2.2 %
SSE PLC	2.1 %
KINGSPAN GROUP PLC	2.0 %
UCB SA	2.0 %
AVEVA GROUP PLC	2.0 %
NOVOZYMES A/S-UNSPONS ADR	2.0 %
PARTNERS GROUP HOLDING AG	2.0 %
HALMA PLC	1.9 %
LEGAL & GENERAL GROUP PLC	1.9 %
COLOPLAST A/S CLASS B	1.9 %

TOP COUNTRY EXPOSURE
	BRITAIN	37.4 %
	FRANCE	13.6 %
	SWITZERLAND	10.9 %
	DENMARK	5.7 %
	IRELAND	5.4 %
	GERMANY	5.2 %
	BELGIUM	3.7 %
	SPAIN	3.6 %
	SWEDEN	3.6 %
	NETHERLANDS	3.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-0.9%	16.9%	--	--	6.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.78	64%
MSCI EAFE	0.98	83%
MSCI Emg. Mkts.	0.65	64%

Technical Indicators
Recent close	$45.25
30d moving avg.	$44.90
Annualized volatility	11.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.5%
Bid/Ask (% of price)	0.28%
ADV underlying (mns)	$3,907

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EUDV

Expense:

55 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EUDV
Ticker	Fund Name	Overlap¹ vs EUDV (%)	Expense ratio (bp)	Savings vs EUDV (bp)	ALTAR Score™ (%)	ALTAR vs EUDV (%)
EFAD	ProShares EAFE Dividend Growers	61.8	50	5	6.0	-0.2
EUMV	iShares MSCI Europe Min Volatility	24.3	25	30	5.1	-1.1
GSEU	Goldman Sachs ActiveBeta Europe Equity	19.0	25	30	6.3	+0.0
IEV	iShares S&P Europe 350	18.5	59	-4	6.2	-0.1
DBEU	Xtrackers Europe Hedged	18.3	45	10	6.1	-0.1
BBEU	JPMorgan BetaBuilders Europe	18.0	9	46	6.7	+0.4
FLEE	Franklin FTSE Europe	17.9	9	46	6.7	+0.4
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	17.8	30	25	6.4	+0.1
FLEH	Franklin FTSE Europe Hedged	17.7	9	46	6.5	+0.3
VIGI	Vanguard Int'l Dividend Appreciation	17.5	25	30	5.6	-0.6
QEFA	SPDR MSCI EAFE Quality Mix	17.3	30	25	6.4	+0.2
IEUR	iShares Core MSCI Europe	16.8	9	46	6.7	+0.4
RFEU	First Trust Riverfront Dynamic Europe	16.8	83	-28	6.5	+0.3
FEU	SPDR DJ Stoxx 50	16.4	9	46	6.7	+0.4
IQLT	iShares MSCI Int'l Developed Quality	16.3	30	25	5.9	-0.3
OEUR	O'Shares FTSE Europe Quality Dividend	16.3	48	7	6.3	+0.1
EUDG	WisdomTree Europe Dividend	16.3	58	-3	6.0	-0.3
VGK	Vanguard FTSE Europe	16.2	9	46	6.7	+0.5
EFG	iShares MSCI EAFE Growth	16.1	40	15	4.5	-1.8
EFAV	iShares MSCI EAFE Minimum Volatility	15.7	20	35	5.5	-0.8

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	ProShares MSCI Europe 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	15.8	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	55	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.73	CATEGORY AVERAGE	1.64

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.