ETF Research Center

Direxion NASDAQ-100 Equal Weighted Index Shares is an exchange-traded fund incorporated in the USA. The Fund seeks daily investment results, before fees and expenses, that correspond to the daily performance of the NASDAQ 100 Equal Weighted Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Rafferty Asset Management LLC
Website	www.direxionshares.com
Inception date	Mar 21, 2012
Assets (mns)	$254
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	103
Wgt avg mkt cap (mns)	$108,845
Large cap (>$10bn)	99.5%
Mid cap ($2-10bn)	0.5%
Small cap (<$2bn)	0.0%
Developed mkts	94.8%
Emerging mkts	5.3%

TOP TEN HOLDINGS
Total	11.0 %
TESLA MOTORS INC	1.2 %
ADVANCED MICRO DEVICES	1.1 %
NETEASE.COM INC-ADR	1.1 %
JD.COM INC-ADR	1.1 %
APPLE INC	1.1 %
MERCADOLIBRE INC	1.1 %
CTRIP.COM INTERNATIONAL-ADR	1.1 %
WESTERN DIGITAL CORP	1.1 %
VERISIGN INC	1.1 %
BAIDU INC - SPON ADR	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	89.6 %
	CHINA	4.3 %
	NETHERLANDS	2.0 %
	BRITAIN	1.9 %
	ARGENTINA	1.1 %
	ISRAEL	1.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
36.4%	36.4%	12.4%	--	15.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.17	91%
MSCI EAFE	1.17	74%
MSCI Emg. Mkts.	0.83	64%

Technical Indicators
Recent close	$57.14
30d moving avg.	$54.85
Annualized volatility	14.9%
Short interest (ETF)	0.2%
Short interest (Underlying)	4.6%
Relative strength (RSI)	80

Liquidity measures
Avg. volume (thou.)	23
Turnover	0.5%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$63,114

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Direxion NASDAQ-100 Equal Weight ETF based on the alternatives' overlap in portfolio holdings with QQQE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

QQQE

Expense:

35 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH QQQE
Ticker	Fund Name	Overlap¹ vs QQQE (%)	Expense ratio (bp)	Savings vs QQQE (bp)	ALTAR Score™ (%)	ALTAR vs QQQE (%)
QQEW	First Trust NASDAQ 100 Equal Weight	99.9	60	-25	4.9	-0.3
QQXT	First Trust NASDAQ-100 Ex-Tech	59.4	60	-25	4.8	-0.4
QYLD	Global X NASDAQ 100 Covered Call ETF	53.0	60	-25	4.4	-0.7
QQQ	Invesco QQQ	51.2	20	15	4.7	-0.5
QTEC	First Trust NASDAQ 100 Tech	40.5	57	-22	5.2	+0.0
ONEQ	Fidelity NASDAQ Composite	35.2	21	14	3.5	-1.7
RPG	Invesco S&P 500 Pure Growth ETF	35.0	35	0	4.8	-0.4
RYT	Invesco S&P Equal Weight Technology	34.2	40	-5	6.0	+0.9
SPHB	Invesco S&P 500 High Beta	32.1	25	10	6.3	+1.1
LVHB	Elkhorn Lunt Low Vol/High Beta Tactical	32.0	52	-17	6.1	+0.9
QGRO	American Century STOXX U.S. Quality Growth	30.2	29	6	5.4	+0.2
JKE	iShares Morningstar Large Cap Growth	28.1	25	10	3.4	-1.8
JHMT	John Hancock Multifactor Technology	28.0	40	-5	5.5	+0.4
FLQL	Franklin LibertyQ U.S. Equity	27.8	15	20	6.4	+1.2
XNTK	SPDR NYSE Technology	27.1	35	0	4.8	-0.4
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	26.7	75	-40	4.1	-1.1
IGM	iShares S&P N. American Technology	26.6	46	-11	4.1	-1.1
VUG	Vanguard Growth ETF	26.5	4	31	4.5	-0.7
VONG	Vanguard Russell 1000 Growth	26.4	12	23	4.7	-0.5
FTC	First Trust Large Cap Growth	26.4	61	-26	3.4	-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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Direxion NASDAQ-100 Equal Weight
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	23.1	%
Divided by: Fwd. P/BV	4.2	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	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.