ProShares Nasdaq-100 Dorsey Wright Momentum ETF
ALTAR
Score™
5.1% info Recommen-
dation
UNDERWEIGHT
2023E    2024E
P/E
ratio
23.3x P/Sales
ratio
3.4x
P/BV
ratio
4.3x Div.
yield
0.9%


  • 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 No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 21
Wgt avg mkt cap (mns) $67,603
Large cap (>$10bn) 90.5%
Mid cap ($2-10bn) 0.0%
Small cap (<$2bn) 0.0%
Developed mkts 95.3%
Emerging mkts 4.7%

TOP TEN HOLDINGS
NETFLIX INC 5.2 %
CADENCE DESIGN SYS INC 5.2 %
SYNOPSYS INC 5.2 %
REGENERON PHARMACEUTICALS 5.2 %
PACCAR INC 5.1 %
ASML HOLDING NV 5.0 %
VERTEX PHARMACEUTICALS INC 4.8 %
DEXCOM INC 4.8 %
BAKER HUGHES COMPANY CLASS A 4.7 %
PINDUODUO, INC. SPONSORED ADR CLAS 4.7 %
Total 49.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 85.9 %
CHINA 9.0 %
NETHERLANDS 5.0 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
4.7% -15.1% -- -- -13.3%

Market Correlations
versus... Beta R-squared
S&P500 1.07 86%
MSCI EAFE 0.99 66%
MSCI Emg. Mkts. 0.64 28%

Technical Indicators
Recent close $32.82
30d moving avg. $32.42
Annualized volatility 23.7%
Short interest (ETF) 0.8%
Relative strength (RSI) 53

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.9%
Bid/Ask (% of price) 0.11%
ADV underlying (mns) $5,786

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 27 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™: 5.1%


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 11.5 60 -2 5.6 +0.5
QRMI Global X NASDAQ 100 Risk Managed Income ETF 11.5 60 -2 5.6 +0.5
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 10.9 60 -2 5.5 +0.4
QCLR Global X NASDAQ 100 Collar 95-110 ETF 10.9 60 -2 5.5 +0.5
QTR Global X NASDAQ 100 Tail Risk ETF 10.4 60 -2 5.6 +0.5
NUSI Nationwide Risk-Managed Income ETF 10.4 68 -10 5.3 +0.3
JEPQ J.P. Morgan Nasdaq Equity Premium Income ETF 6.7 35 23 6.0 +1.0
MMLG First Trust Multi-Manager Large Growth ETF 6.5 85 -27 2.8 -2.2
SIXH 6 Meridian Hedged Equity-Index Option Strategy ETF 3.9 87 -29 7.4 +2.3
HYLG Global X Health Care Covered Call & Growth ETF 3.7 60 -2 8.5 +3.4
XRMI Global X S&P 500 Risk Managed Income ETF 3.4 60 -2 6.1 +1.0
PBP Invesco S&P 500 BuyWrite ETF 3.4 49 9 6.2 +1.1
XYLD Global X S&P 500 Covered Call ETF 3.4 60 -2 6.1 +1.0
XYLG Global X S&P 500 Covered Call & Growth ETF 3.3 60 -2 6.0 +1.0
XVOL Acruence Active Hedge U.S. Equity ETF 3.3 83 -25 6.0 +0.9
XTR Global X S&P 500 Tail Risk ETF 3.3 60 -2 6.1 +1.0
XCLR Global X S&P 500 Collar 95-110 ETF 3.2 60 -2 6.1 +1.0
STLG iShares Factors US Growth Style ETF 3.0 25 33 9.1 +4.0
FTQI First Trust Nasdaq BuyWrite Income ETF 2.9 85 -27 4.7 -0.3
KNG FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 2.8 75 -17 5.9 +0.9
THNQ ROBO Global Artificial Intelligence ETF 2.5 68 -10 2.2 -2.8
CCOR Core Alternative ETF 2.4 107 -49 5.8 +0.7
ACIO Aptus Collared Income Opportunity ETF 2.0 79 -21 5.9 +0.8
EFIV SPDR S&P 500 ESG ETF 1.9 10 48 6.6 +1.6
FTHI First Trust High Income ETF 1.5 85 -27 6.6 +1.5
TYLG Global X Information Technology Covered Call & Growth ETF 1.2 60 -2 6.1 +1.1
GRES IQ Global Resources ETF 0.3 30 28 9.0 +4.0

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

  2018 2019 2020 2021 2022 2023E 2024E
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
  2022 2023E 2024E
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 20.7 %
Divided by: Fwd. P/BV 3.7 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 5.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 CATEGORY
AVERAGE
1.51
 
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.