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)	$10
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)	$646,593
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	49.1 %
BROADCOM INC.	5.6 %
FASTENAL CO	5.1 %
PALANTIR TECHNOLOGIES INC. CLASS A	5.0 %
MICRON TECHNOLOGY INC	4.9 %
GILEAD SCIENCES INC	4.8 %
META PLATFORMS INC	4.8 %
ADVANCED MICRO DEVICES	4.8 %
AMAZON.COM INC	4.8 %
DOORDASH, INC. CLASS A	4.7 %
TAKE-TWO INTERACTIVE SOFTWRE	4.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.3 %
	BRITAIN	4.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
11.0%	15.7%	--	--	4.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.29	69%
MSCI EAFE	0.54	16%
MSCI Emg. Mkts.	0.47	14%

Technical Indicators
Recent close	$48.43
30d moving avg.	$48.13
Annualized volatility	20.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	4
Turnover	1.9%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$91,925

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™:

2.9%

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	32.8	60	-2	3.6	+0.7
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	32.7	60	-2	3.6	+0.7
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	32.3	60	-2	3.7	+0.7
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	31.9	25	33	4.0	+1.1
QTR	Global X NASDAQ 100 Tail Risk ETF	31.9	26	32	4.1	+1.2
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	29.5	68	-10	3.6	+0.7
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	29.2	35	23	3.9	+1.0
GARP	iShares MSCI USA Quality GARP ETF	28.8	15	43	3.9	+1.0
FTQI	First Trust Nasdaq BuyWrite Income ETF	27.1	75	-17	3.5	+0.6
MMLG	First Trust Multi-Manager Large Growth ETF	25.3	85	-27	2.0	-1.0
ACIO	Aptus Collared Investment Opportunity ETF	19.7	79	-21	4.0	+1.1
XYLD	Global X S&P 500 Covered Call ETF	18.8	60	-2	4.3	+1.3
XRMI	Global X S&P 500 Risk Managed Income ETF	18.8	60	-2	4.3	+1.4
SFLR	Innovator Equity Managed Floor ETF	18.7	89	-31	3.8	+0.9
XYLG	Global X S&P 500 Covered Call & Growth ETF	18.6	60	-2	4.3	+1.4
XTR	Global X S&P 500 Tail Risk ETF	18.3	26	32	4.7	+1.8
XCLR	Global X S&P 500 Collar 95-110 ETF	18.2	25	33	4.7	+1.8
PBP	Invesco S&P 500 BuyWrite ETF	18.1	49	9	4.4	+1.5
FTHI	First Trust BuyWrite Income ETF	17.6	75	-17	4.7	+1.8
THNQ	ROBO Global Artificial Intelligence ETF	14.5	68	-10	2.3	-0.6
TYLG	Global X Information Technology Covered Call & Growth ETF	13.1	60	-2	3.8	+0.8
EFIV	SPDR S&P 500 ESG ETF	12.1	10	48	5.1	+2.2
SIXH	ETC 6 Meridian Hedged Equity Index Option ETF	9.8	82	-24	6.8	+3.9
XVOL	Acruence Active Hedge U.S. Equity ETF	9.4	83	-25	4.1	+1.2
QUSA	VistaShares Target 15 USA Quality Income ETF	8.8	95	-37	0.0	-2.9
CCOR	Core Alternative ETF	8.6	107	-49	5.3	+2.4
DJIA	Global X Dow 30 Covered Call ETF	5.5	60	-2	5.0	+2.0
DYLG	Global X Dow 30 Covered Call & Growth ETF	5.4	60	-2	5.0	+2.1
LCG	Sterling Capital Focus Equity ETF	4.8	59	-1	3.0	+0.1
DIVO	Amplify CWP Enhanced Dividend Income ETF	3.9	55	3	4.8	+1.9
KNG	FT Vest S&P 500 Dividend Aristocrats Target Income ETF	2.4	75	-17	6.0	+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

	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	25.4	%
Divided by: Fwd. P/BV	7.3	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	2.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.