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)	$6,750
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	64
Wgt avg mkt cap (mns)	$84,127
Large cap (>$10bn)	91.8%
Mid cap ($2-10bn)	8.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	16.7 %
ABBVIE INC	1.7 %
CARDINAL HEALTH INC	1.7 %
ALBEMARLE CORP	1.7 %
COLGATE-PALMOLIVE CO	1.7 %
CINCINNATI FINANCIAL CORP	1.7 %
CHUBB LIMITED	1.7 %
ILLINOIS TOOL WORKS	1.6 %
CINTAS CORP	1.6 %
PRAXAIR INC	1.6 %
ROSS STORES INC	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.0 %
	BRITAIN	4.6 %
	SWITZERLAND	1.7 %
	IRELAND	1.5 %

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.
-2.6%	17.7%	10.9%	--	11.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.86	85%
MSCI EAFE	0.80	62%
MSCI Emg. Mkts.	0.53	47%

Technical Indicators
Recent close	$76.06
30d moving avg.	$75.51
Annualized volatility	11.3%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.9%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	648
Turnover	0.7%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$18,343

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ProShares S&P 500 Dividend Aristocrats ETF 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™:

5.7%

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	99.7	75	-40	5.3	-0.4
TMDV	ProShares Russell US Dividend Growers	59.0	35	0	4.9	-0.8
SDY	SPDR S&P Dividend ETF	55.4	35	0	6.4	+0.7
VSDA	VictoryShares Dividend Accelerator	37.1	35	0	4.7	-1.1
PFM	Invesco Dividend Achievers	37.1	54	-19	5.2	-0.5
VIG	Vanguard Dividend Appreciation	34.6	6	29	5.2	-0.5
KLCD	KFA Large Cap Quality Dividend Index	31.3	41	-6	5.0	-0.7
FLLV	Franklin Liberty U.S. Low Volatility	27.8	29	6	5.0	-0.7
CCOR	Core Alternative ETF	26.0	123	-88	4.6	-1.1
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility	25.7	25	10	5.7	-0.0
VYM	Vanguard High Dividend Yield ETF	25.3	6	29	7.1	+1.4
SCHV	Schwab U.S. Large-Cap Value	25.0	4	31	6.9	+1.2
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	24.8	19	16	6.6	+0.9
LVUS	Hartford Multifactor Low Volatility US Equity	24.3	19	16	5.7	-0.0
OUSA	O'Shares FTSE U.S. Quality Dividend	24.2	48	-13	5.9	+0.2
HUSV	First Trust Horizon Managed Volatility Domestic	23.9	70	-35	4.6	-1.1
IWX	iShares Russell Top 200 Value	23.5	20	15	6.8	+1.1
MGV	Vanguard Mega Cap 300 Value	23.1	7	28	7.0	+1.3
DEF	Invesco Defensive Equity	22.4	55	-20	4.6	-1.1
FLQL	Franklin LibertyQ U.S. Equity	22.3	15	20	6.5	+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 S&P 500 Dividend Aristocrats ETF
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	18.8	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.70	CATEGORY AVERAGE	1.56

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.