ETF Research Center

QQQA tracks an equal-weighted index of 21 non-financial companies included in the Nasdaq-100 Index identified with the highest price momentum.

FUND BASICS
Category	US Equities
Fund Sponsor	ProShares
Website	www.proshares.com
Inception date	May 18, 2021
Assets (mns)	$11
Currency	USD
Expense ratio	58 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Equal
Index replication
Uses derivatives	Yes
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	22
Wgt avg mkt cap (mns)	$317,982
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	53.4 %
NVIDIA CORP	6.6 %
BROADCOM INC.	5.7 %
QUALCOMM INC	5.5 %
CROWDSTRIKE HOLDINGS, INC. CLASS A	5.5 %
KLA CORPORATION	5.3 %
COSTCO WHOLESALE CORP	5.1 %
MICRON TECHNOLOGY INC	5.1 %
APPLIED MATERIALS INC	5.0 %
CONSTELLATION ENERGY CORPORATION	4.9 %
BOOKING HOLDINGS INC.	4.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
17.2%	29.5%	--	--	3.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.12	82%
MSCI EAFE	0.96	56%
MSCI Emg. Mkts.	0.77	37%

Technical Indicators
Recent close	$40.84
30d moving avg.	$46.23
Annualized volatility	22.3%
Short interest (ETF)	0.1%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.7%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$101,230

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 29 potential alternatives to the ProShares Nasdaq-100 Dorsey Wright Momentum ETF ETF based on the alternatives' overlap in portfolio holdings with QQQA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

QQQA

Expense:

58 bp

ALTAR Score™:

3.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH QQQA
Ticker	Fund Name	Overlap¹ vs QQQA (%)	Expense ratio (bp)	Savings vs QQQA (bp)	ALTAR Score™ (%)	ALTAR vs QQQA (%)
QYLD	Global X NASDAQ 100 Covered Call ETF	34.3	60	-2	4.2	+0.5
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	34.1	60	-2	4.2	+0.5
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	34.1	60	-2	4.3	+0.6
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	33.9	68	-10	4.2	+0.5
QTR	Global X NASDAQ 100 Tail Risk ETF	33.7	26	32	4.6	+0.9
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	33.6	25	33	4.6	+1.0
QYLE	Global X Nasdaq 100 ESG Covered Call ETF	30.8	60	-2	4.4	+0.7
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	30.1	35	23	4.6	+0.9
GARP	iShares MSCI USA Quality GARP ETF	27.6	15	43	4.7	+1.1
MMLG	First Trust Multi-Manager Large Growth ETF	22.5	85	-27	2.5	-1.2
FTQI	First Trust Nasdaq BuyWrite Income ETF	21.3	75	-17	4.1	+0.5
ACIO	Aptus Collared Investment Opportunity ETF	18.2	79	-21	4.3	+0.6
PBP	Invesco S&P 500 BuyWrite ETF	18.1	49	9	4.8	+1.1
XYLD	Global X S&P 500 Covered Call ETF	18.1	60	-2	4.7	+1.0
XRMI	Global X S&P 500 Risk Managed Income ETF	18.0	60	-2	4.7	+1.0
XYLG	Global X S&P 500 Covered Call & Growth ETF	18.0	60	-2	4.7	+1.0
XCLR	Global X S&P 500 Collar 95-110 ETF	17.8	25	33	5.2	+1.5
XTR	Global X S&P 500 Tail Risk ETF	17.8	26	32	5.2	+1.5
SFLR	Innovator Equity Managed Floor ETF	16.9	89	-31	4.3	+0.7
LCG	Sterling Capital Focus Equity ETF	14.8	59	-1	3.9	+0.2
THNQ	ROBO Global Artificial Intelligence ETF	14.2	68	-10	2.0	-1.7
FTHI	First Trust BuyWrite Income ETF	13.5	75	-17	5.9	+2.3
TYLG	Global X Information Technology Covered Call & Growth ETF	13.2	60	-2	4.5	+0.8
SIXH	ETC 6 Meridian Hedged Equity Index Option ETF	12.9	82	-24	6.0	+2.3
XVOL	Acruence Active Hedge U.S. Equity ETF	12.7	83	-25	5.1	+1.5
XYLE	Global X S&P 500 ESG Covered Call ETF	10.1	60	-2	4.8	+1.2
EFIV	SPDR S&P 500 ESG ETF	10.1	10	48	5.3	+1.6
DJIA	Global X Dow 30 Covered Call ETF	3.0	60	-2	5.4	+1.8
DYLG	Global X Dow 30 Covered Call & Growth ETF	3.0	60	-2	5.4	+1.7

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	ProShares Nasdaq-100 Dorsey Wright Momentum ETF
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	22.0	%
Divided by: Fwd. P/BV	5.2	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	3.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	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.