ETF Research Center

ProShares Global Listed Private Equity ETF

ALTAR
Score™

10.7%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	7.8x	P/Sales ratio	2.4x
P/BV ratio	1.0x	Div. yield	6.6%

Description
Performance
Comps
Fundamentals
Valuation
Rating

ProShares Global Listed Private Equity ETF is an exchange-traded fund incorporated in the USA. The Fund seeks daily investment results that correspond to the daily performance of the LPX Direct Listed Private Equity Index. This index consists of up to 30 listed private equity companies.

FUND BASICS
Category	Global Equities
Fund Sponsor	ProShare Advisors LLC
Website	www.proshares.com
Inception date	Feb 26, 2013
Assets (mns)	$15
Currency	USD
Expense ratio	81 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	31
Wgt avg mkt cap (mns)	$8,740
Large cap (>$10bn)	12.4%
Mid cap ($2-10bn)	60.4%
Small cap (<$2bn)	27.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	61.7 %
ARES CAPITAL CORP	10.0 %
3I GROUP PLC	9.3 %
MAIN STREET CAPITAL CORP	8.5 %
FS INVESTMENT CORP	7.5 %
ONEX CORPORATION	5.5 %
HERCULES TECHNOLOGY GROWTH	4.7 %
GOLUB CAPITAL BDC INC	4.5 %
HGCAPITAL TRUST PLC	4.4 %
EURAZEO	3.9 %
WENDEL	3.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	50.4 %
	BRITAIN	9.3 %
	FRANCE	7.4 %
	BELGIUM	5.5 %
	CANADA	5.5 %
	SWITZERLAND	1.8 %
	SWEDEN	0.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.2%	0.6%	9.0%	5.8%	6.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.88	69%
MSCI EAFE	0.76	59%
MSCI Emg. Mkts.	0.59	38%

Technical Indicators
Recent close	$27.89
30d moving avg.	$27.88
Annualized volatility	16.1%
Short interest (ETF)	4.2%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.6%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$321

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 165 potential alternatives to the ProShares Global Listed Private Equity ETF ETF based on the alternatives' overlap in portfolio holdings with PEX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PEX

Expense:

81 bp

ALTAR Score™:

10.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PEX
Ticker	Fund Name	Overlap¹ vs PEX (%)	Expense ratio (bp)	Savings vs PEX (bp)	ALTAR Score™ (%)	ALTAR vs PEX (%)
BIZD	VanEck BDC Income ETF	36.5	11	70	11.5	+0.7
LBO	WHITEWOLF Publicly Listed Private Equity ETF	33.1	70	11	8.1	-2.6
PSP	Invesco Global Listed Private Equity ETF	23.0	106	-25	5.7	-5.1
KBWD	Invesco KBW High Dividend Yield Financial ETF	10.6	384	-303	13.2	+2.5
IMFL	Invesco International Developed Dynamic Multifactor ETF	4.0	34	47	6.0	-4.7
PPIE	Putnam PanAgora ESG International Equity ETF	3.7	49	32	7.4	-3.4
OEUR	ALPS O'Shares Europe Quality Dividend ETF	2.7	48	33	6.0	-4.7
JIG	JPMorgan International Growth ETF	2.6	55	26	4.7	-6.0
MDLV	Morgan Dempsey Large Cap Value ETF	2.5	58	23	7.4	-3.3
EUDV	ProShares MSCI Europe Dividend Growers ETF	2.4	55	26	6.3	-4.5
PEY	Invesco High Yield Equity Dividend Achievers ETF	2.3	52	29	10.2	-0.6
EWK	iShares MSCI Belgium ETF	2.2	50	31	4.5	-6.3
CGGO	Capital Group Global Growth Equity ETF	2.2	47	34	4.7	-6.1
RFEU	First Trust Riverfront Dynamic Europe ETF	2.1	83	-2	10.6	-0.1
FKU	First Trust United Kingdom AlphaDEX Fund	2.0	80	1	7.3	-3.4
EUFN	iShares MSCI Europe Financials ETF	1.8	51	30	7.8	-2.9
AVIV	Avantis International Large Cap Value ETF	1.8	25	56	8.5	-2.2
EWU	iShares MSCI United Kingdom ETF	1.8	50	31	8.1	-2.6
FLGB	Franklin FTSE United Kingdom ETF	1.7	9	72	7.5	-3.2
NUDM	Nuveen ESG International Developed Markets Equity ETF	1.7	31	50	6.2	-4.5
FEP	First Trust Europe AlphaDEX Fund	1.7	80	1	9.0	-1.7
FEUZ	First Trust Eurozone AlphaDEX ETF	1.6	80	1	9.0	-1.8
COPY	Tweedy, Browne Insider + Value ETF	1.3	80	1	11.8	+1.1
EFAD	ProShares MSCI EAFE Dividend Growers ETF	1.3	50	31	5.9	-4.8
RFDI	First Trust Riverfront Dynamic Developed International ETF	1.2	83	-2	9.3	-1.5
CGXU	Capital Group International Focus Equity ETF	1.1	54	27	5.5	-5.3
JIRE	JPMorgan International Research Enhanced Equity ETF	1.1	24	57	7.2	-3.6
WLDR	Affinity World Leaders Equity ETF	0.9	67	14	7.3	-3.4
IDHQ	Invesco S&P International Developed High Quality ETF	0.9	29	52	6.6	-4.1
ISMD	Inspire Small/Mid Cap ETF	0.8	54	27	5.5	-5.2
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	0.8	80	1	9.3	-1.4
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	0.8	24	57	7.3	-3.4
IDMO	Invesco S&P International Developed Momentum ETF	0.7	25	56	5.3	-5.5
AVSD	Avantis Responsible International Equity ETF	0.7	23	58	5.6	-5.1
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	0.7	20	61	6.4	-4.4
EUSC	WisdomTree Europe Hedged SmallCap Equity Fund	0.7	58	23	8.8	-2.0
DMXF	iShares ESG Advanced MSCI EAFE ETF	0.6	12	69	5.5	-5.3
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	0.6	14	67	6.2	-4.6
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	0.6	25	56	7.3	-3.5
JSTC	Adasina Social Justice All Cap Global ETF	0.6	89	-8	4.8	-5.9
IMTM	iShares MSCI Intl Momentum Factor ETF	0.6	30	51	5.4	-5.4
FNK	First Trust Mid Cap Value AlphaDEX Fund	0.6	70	11	10.9	+0.1
FDEV	Fidelity International Multifactor ETF	0.6	18	63	7.3	-3.4
WWJD	Inspire International ETF	0.6	80	1	7.3	-3.5
UIVM	VictoryShares International Value Momentum ETF	0.5	35	46	8.8	-1.9
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	0.5	12	69	5.9	-4.8
GSIE	Goldman Sachs ActiveBeta International Equity ETF	0.5	25	56	7.0	-3.7
FYT	First Trust Small Cap Value AlphaDEX Fund	0.5	73	8	10.5	-0.2
IQLT	iShares MSCI Intl Quality Factor ETF	0.5	30	51	6.2	-4.5
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	0.5	80	1	4.9	-5.8
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	0.5	46	35	6.7	-4.1
FLEE	Franklin FTSE Europe ETF	0.5	9	72	7.3	-3.5
AVDE	Avantis International Equity ETF	0.5	23	58	7.3	-3.4
BBEU	JPMorgan BetaBuilders Europe ETF	0.5	9	72	7.2	-3.5
IQSI	IQ Candriam International Equity ETF	0.5	15	66	6.6	-4.2
IVLU	iShares MSCI Intl Value Factor ETF	0.5	30	51	10.3	-0.5
FNY	First Trust Mid Cap Growth AlphaDEX Fund	0.5	70	11	2.8	-7.9
GINN	Goldman Sachs Innovate Equity ETF	0.5	52	29	3.6	-7.1
JPIN	J.P. Morgan Diversified Return International Equity ETF	0.4	37	44	8.2	-2.5
AFMC	First Trust Active Factor Mid Cap ETF	0.4	65	16	8.3	-2.5
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.4	39	42	6.6	-4.1
FNX	First Trust Mid Cap Core AlphaDEX Fund	0.4	60	21	7.3	-3.5
IEUR	iShares Core MSCI Europe ETF	0.4	11	70	7.4	-3.4
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.4	12	69	5.1	-5.6
FENI	Fidelity Enhanced International ETF	0.4	28	53	6.5	-4.3
SPEU	SPDR Portfolio Europe ETF	0.4	7	74	7.4	-3.4
VGK	Vanguard FTSE Europe ETF	0.4	6	75	7.5	-3.3
IEV	iShares Europe ETF	0.4	67	14	6.9	-3.9
ESGD	iShares ESG Aware MSCI EAFE ETF	0.4	20	61	6.7	-4.1
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.4	39	42	7.8	-2.9
IEUS	iShares MSCI Europe Small-Cap ETF	0.4	42	39	7.3	-3.5
DIVI	Franklin International Core Dividend Tilt Index ETF	0.4	9	72	7.9	-2.8
IXG	iShares Global Financials ETF	0.4	42	39	6.5	-4.2
TPIF	Timothy Plan International ETF	0.4	62	19	6.2	-4.6
EFG	iShares MSCI EAFE Growth ETF	0.3	36	45	4.3	-6.4
CEFA	Global X S&P Catholic Values Developed ex-US ETF	0.3	35	46	6.6	-4.1
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	0.3	36	45	6.5	-4.2
INTF	iShares International Equity Factor ETF	0.3	15	66	7.5	-3.2
STXI	Strive International Developed Markets ETF	0.3	29	52	6.6	-4.1
IPKW	Invesco International BuyBack Achievers ETF	0.3	55	26	12.4	+1.7
HFXI	IQ FTSE International Equity Currency Neutral ETF	0.3	20	61	7.0	-3.8
GSID	Goldman Sachs MarketBeta International Equity ETF	0.3	20	61	6.8	-3.9
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	0.3	20	61	6.3	-4.4
BKIE	BNY Mellon International Equity ETF	0.3	4	77	7.0	-3.8
EFA	iShares MSCI EAFE ETF	0.3	35	46	6.7	-4.1
BLES	Inspire Global Hope ETF	0.3	61	20	6.8	-4.0
FAB	First Trust Multi Cap Value AlphaDEX Fund	0.3	67	14	9.8	-0.9
IEFA	iShares Core MSCI EAFE ETF	0.3	7	74	7.0	-3.8
FYX	First Trust Small Cap Core AlphaDEX Fund	0.3	61	20	5.9	-4.8
CIL	VictoryShares International Volatility Wtd ETF	0.3	45	36	6.6	-4.2
IDEV	iShares Core MSCI International Developed Markets ETF	0.2	4	77	6.9	-3.8
SCHF	Schwab International Equity ETF	0.2	6	75	7.2	-3.5
VSGX	Vanguard ESG International Stock ETF	0.2	10	71	7.6	-3.2
VEA	Vanguard FTSE Developed Markets ETF	0.2	3	78	7.1	-3.6
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.2	80	1	10.3	-0.4
EFV	iShares MSCI EAFE Value ETF	0.2	34	47	9.0	-1.7
SPDW	SPDR Portfolio Developed World ex-US ETF	0.2	3	78	6.9	-3.8
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.2	41	40	7.4	-3.4
GLOF	iShares Global Equity Factor ETF	0.2	20	61	6.4	-4.4
SCHC	Schwab International Small-Cap Equity ETF	0.2	11	70	6.5	-4.2
CWI	SPDR MSCI ACWI ex-US ETF	0.2	30	51	7.6	-3.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.2	18	63	7.8	-2.9
DFE	WisdomTree Europe SmallCap Dividend Fund	0.2	58	23	8.0	-2.7
ACWX	iShares MSCI ACWI ex U.S. ETF	0.2	34	47	7.6	-3.1
VXUS	Vanguard Total International Stock ETF	0.2	5	76	7.8	-3.0
IXUS	iShares Core MSCI Total International Stock ETF	0.2	7	74	7.8	-2.9
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.2	9	72	5.6	-5.1
DIM	WisdomTree International MidCap Dividend Fund	0.2	58	23	7.4	-3.3
VEU	Vanguard FTSE All-World ex-US Index Fund	0.2	4	77	8.0	-2.7
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.2	20	61	5.6	-5.2
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	8	73	6.0	-4.7
SCZ	iShares MSCI EAFE Small-Cap ETF	0.2	40	41	6.8	-3.9
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	0.2	45	36	8.7	-2.0
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	0.2	45	36	6.9	-3.8
FAD	First Trust Multi Cap Growth AlphaDEX Fund	0.1	64	17	2.2	-8.5
ISCF	iShares International SmallCap Equity Factor ETF	0.1	23	58	8.1	-2.7
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.1	49	32	6.7	-4.0
QEFA	SPDR MSCI EAFE StrategicFactors ETF	0.1	30	51	7.0	-3.8
QINT	American Century Quality Diversified International ETF	0.1	39	42	7.3	-3.5
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.1	9	72	5.2	-5.6
KLMT	Invesco MSCI Global Climate 500 ETF	0.1	10	71	5.7	-5.1
VIGI	Vanguard International Dividend Appreciation ETF	0.1	10	71	6.3	-4.4
FNDF	Schwab Fundamental International Large Co. Index ETF	0.1	25	56	9.5	-1.3
FNDC	Schwab Fundamental International Small Co. Index ETF	0.1	39	42	5.7	-5.1
TOK	iShares MSCI Kokusai ETF	0.1	26	55	5.0	-5.8
DISV	Dimensional International Small Cap Value ETF	0.1	42	39	8.9	-1.8
DLS	WisdomTree International SmallCap Dividend Fund	0.1	58	23	8.0	-2.8
FESM	Fidelity Enhanced Small Cap ETF	0.1	28	53	7.2	-3.6
URTH	iShares MSCI World ETF	0.1	24	57	5.0	-5.7
EZU	iShares MSCI Eurozone ETF	0.1	52	29	6.7	-4.0
VT	Vanguard Total World Stock ETF	0.1	6	75	5.8	-4.9
ACWI	iShares MSCI ACWI ETF	0.1	32	49	5.5	-5.3
AFSM	First Trust Active Factor Small Cap ETF	0.1	75	6	7.5	-3.2
GWX	SPDR S&P International Small Cap ETF	0.1	40	41	5.9	-4.9
QWLD	SPDR MSCI World StrategicFactors ETF	0.0	30	51	5.9	-4.8
IWN	iShares Russell 2000 Value ETF	0.0	24	57	7.3	-3.5
VTWV	Vanguard Russell 2000 Value ETF	0.0	10	71	7.3	-3.5
DFIS	Dimensional International Small Cap ETF	0.0	39	42	7.2	-3.5
BBSC	JPMorgan BetaBuilders U.S. Small Cap Equity ETF	0.0	9	72	4.2	-6.5
EBI	Longview Advantage ETF	0.0	35	46	6.5	-4.3
PFM	Invesco Dividend Achievers ETF	0.0	53	28	5.2	-5.5
VYMI	Vanguard International High Dividend Yield ETF	0.0	17	64	9.5	-1.3
DTH	WisdomTree International High Dividend Fund	0.0	58	23	8.3	-2.4
AVDV	Avantis International Small Cap Value ETF	0.0	36	45	9.3	-1.4
RSSL	Global X Russell 2000 ETF	0.0	8	73	4.3	-6.4
ISCV	iShares Morningstar Small Cap Value ETF	0.0	6	75	9.2	-1.5
IWM	iShares Russell 2000 ETF	0.0	19	62	4.3	-6.5
VTWO	Vanguard Russell 2000 ETF	0.0	7	74	4.3	-6.4
DXIV	Dimensional International Vector Equity ETF	0.0	34	47	7.7	-3.0
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	0.0	39	42	5.3	-5.5
DFSI	Dimensional International Sustainability Core 1 ETF	0.0	24	57	6.3	-4.5
DFIC	Dimensional International Core Equity 2 ETF	0.0	23	58	7.3	-3.4
FNCL	Fidelity MSCI Financials Index ETF	0.0	8	73	6.3	-4.4
ISCB	iShares Morningstar Small-Cap ETF	0.0	4	77	6.2	-4.6
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.0	30	51	7.7	-3.0
VBR	Vanguard Small Cap Value ETF	0.0	7	74	9.0	-1.7
VFH	Vanguard Financials ETF	0.0	9	72	6.3	-4.4
DFAI	Dimensional International Core Equity Market ETF	0.0	18	63	7.1	-3.7
VB	Vanguard Small-Cap ETF	0.0	5	76	6.1	-4.6
IWV	iShares Russell 3000 ETF	0.0	20	61	4.7	-6.1
VTHR	Vanguard Russell 3000 ETF	0.0	7	74	4.8	-5.9
VTI	Vanguard Total Stock Market ETF	0.0	3	78	4.8	-5.9
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	0.0	40	41	7.4	-3.4
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.0	42	39	5.4	-5.4
TILT	FlexShares Morningstar US Market Factor Tilt Index Fund	0.0	25	56	5.6	-5.2

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	ProShares Global Listed Private Equity ETF
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	11.1	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	81	bp
Equals: ALTAR Score	10.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.58

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.