ETF Research Center

The PGIM QMA Strategic Alpha Small-Cap Growth ETF is an actively managed portfolio of US small-cap growth equities.

FUND BASICS
Category	US Equities
Fund Sponsor	PGIM Investments
Website	www.pgim.com
Inception date	Nov 13, 2018
Assets (mns)	$11
Currency	USD
Expense ratio	29 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	564
Wgt avg mkt cap (mns)	$1,521
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	29.4%
Small cap (<$2bn)	70.6%
Developed mkts	99.9%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	2.0 %
ATRECA, INC. CLASS A	0.2 %
MCBC HOLDINGS INC	0.2 %
LOGICBIO THERAPEUTICS, INC.	0.2 %
INTEGRATED ELECTRICAL SERVIC	0.2 %
COHEN & STEERS INC	0.2 %
PLEXUS CORP	0.2 %
NATIONAL VISION HOLDINGS, INC.	0.2 %
AMN HEALTHCARE SERVICES INC	0.2 %
INSTALLED BUILDING PRODUCTS	0.2 %
BOISE CASCADE CO	0.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.4 %
	BERMUDA	1.0 %
	BRITAIN	0.7 %
	CANADA	0.5 %
	MONACO	0.3 %
	IRELAND	0.2 %
	PUERTO RICO	0.2 %
	BRITISH VIRGIN ISLANDS	0.2 %
	CAYMAN ISLANDS	0.2 %
	LUXEMBOURG	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.7%	22.7%	--	--	8.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.24	92%
MSCI EAFE	1.57	88%
MSCI Emg. Mkts.	1.06	66%

Technical Indicators
Recent close	$54.01
30d moving avg.	$54.32
Annualized volatility	21.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$7,439

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the PGIM QMA Strategic Alpha Small-Cap Growth ETF based on the alternatives' overlap in portfolio holdings with PQSG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PQSG

Expense:

29 bp

ALTAR Score™:

1.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PQSG
Ticker	Fund Name	Overlap¹ vs PQSG (%)	Expense ratio (bp)	Savings vs PQSG (bp)	ALTAR Score™ (%)	ALTAR vs PQSG (%)
IWO	iShares Russell 2000 Growth	43.4	24	5	0.8	-0.4
VTWG	Vanguard Russell 2000 Growth	42.6	20	9	0.8	-0.3
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	40.4	20	9	5.6	+4.5
IWM	iShares Russell 2000	36.6	19	10	3.5	+2.4
VTWO	Vanguard Russell 2000	35.9	15	14	3.6	+2.5
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	34.9	29	0	4.7	+3.6
EWSC	Invesco S&P Small Cap 600 Equal Weight	33.2	40	-11	5.6	+4.5
CSF	Compass EMP US Discovery 500 Enhanced Vol.	30.2	35	-6	7.1	+6.0
CSA	Victory CEMP US Small Cap Volatility Wtd	30.2	35	-6	7.0	+5.9
ISMD	Inspire Small/Mid Cap Impact	29.7	61	-32	4.8	+3.7
TPSC	Timothy Plan US Small Cap Core	28.8	52	-23	6.7	+5.6
IJR	iShares Core S&P Small-Cap	28.7	7	22	6.1	+5.0
SLY	SPDR S&P 600 Small Cap	28.6	15	14	6.0	+4.9
VIOO	Vanguard S&P Small-Cap 600	28.2	15	14	5.8	+4.7
FLQS	Franklin LibertyQ U.S. Small Cap Equity	27.2	35	-6	6.0	+4.9
FYX	First Trust Small Cap Core Alphadex	27.1	66	-37	5.4	+4.3
SPSM	SPDR Portfolio Small Cap	27.0	5	24	4.7	+3.5
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	27.0	39	-10	4.7	+3.5
SCHA	Schwab U.S. Small-Cap	26.4	4	25	4.8	+3.7
IJT	iShares S&P 600 SmallCap Growth	26.2	25	4	4.5	+3.4

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:	PGIM QMA Strategic Alpha Small-Cap Growth
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	3.4	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	1.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	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.