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)	$13
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)	$393,305
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	50.6 %
DIAMONDBACK ENERGY INC	5.3 %
NETFLIX INC	5.2 %
COSTCO WHOLESALE CORP	5.2 %
PACCAR INC	5.2 %
AMAZON.COM INC	5.0 %
META PLATFORMS INC	5.0 %
BOOKING HOLDINGS INC.	5.0 %
COPART INC	4.9 %
KLA CORPORATION	4.9 %
BROADCOM INC.	4.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.5 %
	BRITAIN	4.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.6%	24.8%	--	--	3.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.12	77%
MSCI EAFE	0.86	45%
MSCI Emg. Mkts.	0.74	33%

Technical Indicators
Recent close	$48.38
30d moving avg.	$44.08
Annualized volatility	22.5%
Short interest (ETF)	0.1%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.8%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$78,672

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 30 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™:

3.6%

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	37.5	60	-2	4.1	+0.5
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	37.4	60	-2	4.1	+0.5
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	37.1	60	-2	4.0	+0.4
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	36.7	25	33	4.4	+0.8
QTR	Global X NASDAQ 100 Tail Risk ETF	36.7	26	32	4.3	+0.7
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	36.4	68	-10	4.0	+0.4
QYLE	Global X Nasdaq 100 ESG Covered Call ETF	31.9	60	-2	4.3	+0.7
GARP	iShares MSCI USA Quality GARP ETF	30.5	15	43	4.7	+1.1
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	28.1	35	23	4.3	+0.7
FTQI	First Trust Nasdaq BuyWrite Income ETF	26.6	75	-17	3.3	-0.3
MMLG	First Trust Multi-Manager Large Growth ETF	21.6	85	-27	1.8	-1.8
ACIO	Aptus Collared Investment Opportunity ETF	19.2	79	-21	4.0	+0.4
PBP	Invesco S&P 500 BuyWrite ETF	18.9	49	9	4.5	+0.9
XYLD	Global X S&P 500 Covered Call ETF	18.8	60	-2	4.4	+0.8
XRMI	Global X S&P 500 Risk Managed Income ETF	18.8	60	-2	4.4	+0.8
XYLG	Global X S&P 500 Covered Call & Growth ETF	18.6	60	-2	4.4	+0.8
XTR	Global X S&P 500 Tail Risk ETF	18.4	26	32	4.8	+1.2
XCLR	Global X S&P 500 Collar 95-110 ETF	18.3	25	33	4.8	+1.2
SFLR	Innovator Equity Managed Floor ETF	17.3	89	-31	3.9	+0.3
FTHI	First Trust BuyWrite Income ETF	16.6	75	-17	4.6	+1.0
SIXH	ETC 6 Meridian Hedged Equity Index Option ETF	12.2	82	-24	5.6	+2.0
THNQ	ROBO Global Artificial Intelligence ETF	11.8	68	-10	1.3	-2.3
TYLG	Global X Information Technology Covered Call & Growth ETF	10.9	60	-2	4.5	+0.9
LCG	Sterling Capital Focus Equity ETF	10.7	59	-1	3.4	-0.2
XYLE	Global X S&P 500 ESG Covered Call ETF	10.7	60	-2	4.7	+1.1
EFIV	SPDR S&P 500 ESG ETF	10.5	10	48	5.0	+1.4
DJIA	Global X Dow 30 Covered Call ETF	4.9	60	-2	4.7	+1.1
DYLG	Global X Dow 30 Covered Call & Growth ETF	4.8	60	-2	4.7	+1.1
XVOL	Acruence Active Hedge U.S. Equity ETF	2.0	83	-25	4.6	+1.0
DIVO	Amplify CWP Enhanced Dividend Income ETF	2.0	55	3	5.3	+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:

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	23.2	%
Divided by: Fwd. P/BV	5.5	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	3.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	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.