ProShares Nasdaq-100 Dorsey Wright Momentum ETF
ALTAR
Score™		 2.6% info Recommen-
dation		 AVOID
2024E    2025E
P/E
ratio		 31.9x P/Sales
ratio		 4.7x
P/BV
ratio		 6.4x Div.
yield		 0.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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) $415,528
Large cap (>$10bn) 100.0%
Mid cap ($2-10bn) 0.0%
Small cap (<$2bn) 0.0%
Developed mkts 96.0%
Emerging mkts 4.0%

TOP TEN HOLDINGS
CONSTELLATION ENERGY CORPORATION 6.5 %
NVIDIA CORP 6.5 %
META PLATFORMS INC 5.8 %
BROADCOM INC. 5.4 %
DOORDASH, INC. CLASS A 5.3 %
PACCAR INC 5.2 %
SYNOPSYS INC 5.1 %
CADENCE DESIGN SYS INC 5.0 %
AMAZON.COM INC 4.9 %
COPART INC 4.8 %
Total 54.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 88.2 %
ARGENTINA 4.2 %
BRITAIN 3.8 %
CHINA 3.7 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
10.5% 34.1% -- -- 1.2%

Market Correlations
versus... Beta R-squared
S&P500 1.10 82%
MSCI EAFE 0.98 59%
MSCI Emg. Mkts. 0.75 38%

Technical Indicators
Recent close $40.83
30d moving avg. $36.67
Annualized volatility 22.1%
Short interest (ETF) 0.8%
Relative strength (RSI) 79

Liquidity measures
Avg. volume (thou.) 4
Turnover 1.4%
Bid/Ask (% of price) 0.09%
ADV underlying (mns) $63,898

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 31 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™: 2.6%


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 30.3 60 -2 4.2 +1.7
QRMI Global X NASDAQ 100 Risk Managed Income ETF 30.0 60 -2 4.2 +1.7
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 30.0 60 -2 4.2 +1.7
QTR Global X NASDAQ 100 Tail Risk ETF 29.4 26 32 4.6 +2.0
NUSI Nationwide Nasdaq-100 Risk-Managed Income ETF 29.4 68 -10 4.2 +1.6
QCLR Global X NASDAQ 100 Collar 95-110 ETF 29.1 25 33 4.6 +2.0
QYLE Global X Nasdaq 100 ESG Covered Call ETF 26.3 60 -2 4.4 +1.8
JEPQ J.P. Morgan Nasdaq Equity Premium Income ETF 25.5 35 23 4.5 +1.9
STLG iShares Factors US Growth Style ETF 23.2 25 33 6.3 +3.7
MMLG First Trust Multi-Manager Large Growth ETF 21.0 85 -27 2.1 -0.4
FTQI First Trust Nasdaq BuyWrite Income ETF 18.4 75 -17 4.0 +1.4
LCG Sterling Capital Focus Equity ETF 15.7 59 -1 3.4 +0.9
SIXH ETC 6 Meridian Hedged Equity Index Option ETF 14.7 82 -24 5.6 +3.0
XYLD Global X S&P 500 Covered Call ETF 14.6 60 -2 4.7 +2.1
XYLG Global X S&P 500 Covered Call & Growth ETF 14.5 60 -2 4.7 +2.1
XRMI Global X S&P 500 Risk Managed Income ETF 14.5 60 -2 4.7 +2.2
PBP Invesco S&P 500 BuyWrite ETF 14.4 49 9 4.8 +2.2
SFLR Innovator Equity Managed Floor ETF 14.3 89 -31 4.3 +1.7
XTR Global X S&P 500 Tail Risk ETF 14.2 26 32 5.2 +2.6
THNQ ROBO Global Artificial Intelligence ETF 14.2 68 -10 1.8 -0.8
XCLR Global X S&P 500 Collar 95-110 ETF 14.1 25 33 5.2 +2.6
XVOL Acruence Active Hedge U.S. Equity ETF 13.4 83 -25 6.1 +3.5
XYLE Global X S&P 500 ESG Covered Call ETF 12.7 60 -2 4.9 +2.4
ACIO Aptus Collared Investment Opportunity ETF 12.7 79 -21 4.3 +1.8
EFIV SPDR S&P 500 ESG ETF 12.6 10 48 5.3 +2.7
FTHI First Trust BuyWrite Income ETF 12.2 75 -17 5.5 +2.9
TYLG Global X Information Technology Covered Call & Growth ETF 7.0 60 -2 4.7 +2.2
DJIA Global X Dow 30 Covered Call ETF 3.7 60 -2 5.4 +2.8
DYLG Global X Dow 30 Covered Call & Growth ETF 3.6 60 -2 5.4 +2.8
IDVO Amplify International Enhanced Dividend Income ETF 2.2 65 -7 9.0 +6.4
DIVO Amplify CWP Enhanced Dividend Income ETF 0.9 55 3 5.7 +3.1

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 info ** ** ** ** ** ** **
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 18.8 %
Divided by: Fwd. P/BV 6.0 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 2.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.45 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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.