ETF Research Center

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 28, 2013
Assets (mns)	$21
Currency	USD
Expense ratio	313 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	30
Wgt avg mkt cap (mns)	$4,194
Large cap (>$10bn)	11.0%
Mid cap ($2-10bn)	42.3%
Small cap (<$2bn)	42.9%
Developed mkts	99.6%
Emerging mkts	0.4%

TOP TEN HOLDINGS
Total	63.1 %
3I GROUP PLC	10.4 %
ARES CAPITAL CORP	10.0 %
ONEX CORPORATION	9.5 %
WENDEL	6.6 %
FS INVESTMENT CORP	5.8 %
EURAZEO	4.7 %
MAIN STREET CAPITAL CORP	4.5 %
GOLUB CAPITAL BDC INC	4.4 %
PROSPECT CAPITAL CORP	3.7 %
ROCKET INTERNET SE	3.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	48.0 %
	BRITAIN	11.8 %
	FRANCE	11.3 %
	CANADA	9.5 %
	GERMANY	5.2 %
	SWITZERLAND	2.8 %
	BELGIUM	2.2 %
	SWEDEN	1.5 %
	MALTA	0.5 %

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.
-0.4%	14.5%	7.5%	--	7.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.76	65%
MSCI EAFE	0.91	76%
MSCI Emg. Mkts.	0.54	47%

Technical Indicators
Recent close	$35.03
30d moving avg.	$34.77
Annualized volatility	11.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.2%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$176

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Proshares Global Listed Private Equity 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:

313 bp

ALTAR Score™:

3.0%

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 Vectors BDC Income	45.9	962	-649	0.8	-2.2
PSP	Invesco Global Listed Private Equity	36.4	178	135	3.4	+0.4
KBWD	Invesco KBW High Dividend Financial	13.7	242	71	8.0	+5.0
FCAN	First Trust Canada	4.4	80	233	5.6	+2.6
KNOW	Direxion All-Cap Insider Sentiment	2.8	59	254	7.7	+4.7
FKU	First Trust United Kingdom	2.4	80	233	8.9	+5.9
SMEZ	SPDR Euro Stoxx Small Cap	2.2	46	267	5.2	+2.2
DIV	Global X SuperDividend US ETF	2.2	45	268	7.4	+4.4
EUDV	ProShares MSCI Europe Dividend Growers	1.7	55	258	6.3	+3.3
FEP	First Trust Europe AlphaDEX	1.6	80	233	7.2	+4.2
EWGS	iShares MSCI Germany Small Cap	1.5	59	254	5.2	+2.2
FEUZ	First Trust Eurozone AlphaDex	1.5	80	233	7.0	+4.0
FDT	First Trust Developed Markets ex-US AlphaDEX	1.3	80	233	8.1	+5.1
EUFN	iShares MSCI Europe Financial Sector	1.2	48	265	8.6	+5.6
EFAD	ProShares EAFE Dividend Growers	1.1	50	263	6.1	+3.1
INTF	iShares FactorSelect MSCI International	1.1	30	283	7.9	+4.9
OEUR	O'Shares FTSE Europe Quality Dividend	1.0	48	265	6.3	+3.3
IPKW	Invesco International BuyBack Achievers Portfolio	1.0	55	258	9.1	+6.1
EBIZ	Global X E-commerce	1.0	68	245	2.7	-0.3
VAMO	Cambria Value & Momentum	0.9	64	249	6.9	+3.9

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Global Listed Private Equity
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	6.3	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	313	bp
Equals: ALTAR Score	3.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	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.