ETF Research Center

ProShares S&P 500 Aristocrats ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results, before fees and expenses, that track the performance of the S&P Dividend Aristocrats Index.

FUND BASICS
Category	US Equities
Fund Sponsor	ProShare Advisors LLC
Website	www.proshares.com
Inception date	Oct 10, 2013
Assets (mns)	$6,036
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	57
Wgt avg mkt cap (mns)	$80,924
Large cap (>$10bn)	90.7%
Mid cap ($2-10bn)	9.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	18.9 %
LEGGETT & PLATT INC	2.1 %
ABBVIE INC	1.9 %
CATERPILLAR INC	1.9 %
AIR PRODUCTS & CHEMICALS INC	1.9 %
ILLINOIS TOOL WORKS	1.9 %
WALGREENS BOOTS ALLIANCE INC	1.9 %
CARDINAL HEALTH INC	1.8 %
STANLEY BLACK & DECKER	1.8 %
3M CO	1.8 %
AT&T INC	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.8 %
	BRITAIN	3.6 %
	IRELAND	1.7 %
	SWITZERLAND	1.7 %

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.
21.4%	17.2%	10.7%	--	11.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.85	87%
MSCI EAFE	0.74	55%
MSCI Emg. Mkts.	0.49	40%

Technical Indicators
Recent close	$74.01
30d moving avg.	$72.00
Annualized volatility	11.1%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.9%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	453
Turnover	0.6%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$15,778

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ProShares S&P500 Aristocrats ETF based on the alternatives' overlap in portfolio holdings with NOBL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

NOBL

Expense:

35 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH NOBL
Ticker	Fund Name	Overlap¹ vs NOBL (%)	Expense ratio (bp)	Savings vs NOBL (bp)	ALTAR Score™ (%)	ALTAR vs NOBL (%)
KNG	Cboe Vest S&P 500 Dividend Aristocrats Target Income	99.8	75	-40	5.4	-0.4
SDY	SPDR S&P Dividend ETF	53.3	35	0	6.4	+0.6
PFM	Invesco Dividend Achievers	37.7	54	-19	5.5	-0.4
VSDA	VictoryShares Dividend Accelerator	37.0	35	0	4.8	-1.0
VIG	Vanguard Dividend Appreciation	36.4	6	29	5.5	-0.4
CCOR	Cambria Core Equity	29.4	123	-88	4.6	-1.2
KLCD	KFA Large Cap Quality Dividend Index	28.9	41	-6	5.0	-0.8
FLLV	Franklin Liberty U.S. Low Volatility	27.0	29	6	5.3	-0.6
VYM	Vanguard High Dividend Yield ETF	26.3	6	29	7.3	+1.4
SCHV	Schwab U.S. Large-Cap Value	25.3	4	31	7.0	+1.2
OUSA	O'Shares FTSE U.S. Quality Dividend	25.1	48	-13	5.9	+0.1
HUSV	First Trust Horizon Managed Volatility Domestic	25.0	70	-35	4.7	-1.1
DGRO	iShares Core Dividend Growth	25.0	8	27	6.4	+0.6
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility	24.9	25	10	5.7	-0.1
MGV	Vanguard Mega Cap 300 Value	24.9	7	28	7.1	+1.3
IWX	iShares Russell Top 200 Value	24.6	20	15	7.0	+1.2
LVUS	Hartford Multifactor Low Volatility US Equity	24.3	21	14	5.8	+0.0
VTV	Vanguard Value ETF	23.4	4	31	7.3	+1.4
DLN	WisdomTree Large Cap Dividend	22.6	28	7	6.5	+0.7
OYLD	Invesco Russell 1000 Yield Factor ETF	22.3	19	16	7.1	+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 S&P500 Aristocrats
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	19.1	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	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.