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)	$69
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)	$664,136
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	96.3%
Emerging mkts	3.7%

TOP TEN HOLDINGS
Total	54.5 %
INTEL CORP	6.5 %
ADVANCED MICRO DEVICES	6.0 %
SEAGATE TECHNOLOGY HOLDINGS PLC	5.9 %
ARM HOLDINGS PLC	5.8 %
MICROCHIP TECHNOLOGY INC	5.4 %
MARVELL TECHNOLOGY, INC.	5.2 %
WESTERN DIGITAL CORP	5.1 %
ALPHABET INC. CLASS A	5.0 %
APPLOVIN CORP. CLASS A	4.8 %
MONOLITHIC POWER SYSTEMS INC	4.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	82.7 %
	BRITAIN	9.7 %
	IRELAND	7.0 %
	NETHERLANDS	4.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
54.0%	76.2%	13.1%	--	13.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.72	62%
MSCI EAFE	1.08	40%
MSCI Emg. Mkts.	0.96	55%

Technical Indicators
Recent close	$76.40
30d moving avg.	$78.23
Annualized volatility	20.0%
Short interest (ETF)	0.8%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	69
Turnover	7.7%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$91,925

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 23 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™:

1.0%

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	22.9	60	-2	3.1	+2.1
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	22.8	60	-2	3.4	+2.4
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	22.4	60	-2	2.9	+1.9
QTR	Global X NASDAQ 100 Tail Risk ETF	21.8	26	32	3.1	+2.1
GARP	iShares MSCI USA Quality GARP ETF	18.5	15	43	3.1	+2.2
FTQI	First Trust Nasdaq BuyWrite Income ETF	15.5	75	-17	3.1	+2.1
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	13.9	35	23	3.5	+2.6
THNQ	ROBO Global Artificial Intelligence ETF	12.6	68	-10	1.1	+0.1
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	11.5	68	-10	3.3	+2.3
EFIV	State Street SPDR S&P 500 ESG ETF	11.3	10	48	4.3	+3.4
TYLG	Global X Information Technology Covered Call & Growth ETF	9.8	60	-2	3.1	+2.1
XCLR	Global X S&P 500 Collar 95-110 ETF	9.7	25	33	4.3	+3.3
XRMI	Global X S&P 500 Risk Managed Income ETF	9.4	60	-2	4.2	+3.2
XYLD	Global X S&P 500 Covered Call ETF	9.3	60	-2	4.0	+3.0
XYLG	Global X S&P 500 Covered Call & Growth ETF	9.2	60	-2	3.8	+2.8
XTR	Global X S&P 500 Tail Risk ETF	9.2	26	32	4.0	+3.0
SFLR	Innovator Equity Managed Floor ETF	8.0	89	-31	3.3	+2.3
CCOR	Core Alternative ETF	7.7	107	-49	5.0	+4.1
FTHI	First Trust BuyWrite Income ETF	6.2	75	-17	4.6	+3.7
ACIO	Aptus Collared Investment Opportunity ETF	6.2	79	-21	3.4	+2.4
PBP	Invesco S&P 500 BuyWrite ETF	5.7	49	9	4.2	+3.2
SIXH	ETC 6 Meridian Hedged Equity Index Option ETF	4.5	82	-24	5.7	+4.7
IDVO	Amplify International Enhanced Dividend Income ETF	3.6	65	-7	5.9	+4.9

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%.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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	13.5	%
Divided by: Fwd. P/BV	8.7	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	1.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	CATEGORY AVERAGE	1.57

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.