ETF Research Center

The S&P MidCap 400 Dividend Aristocrats ETF tracks an equal-weighted index of midcap companies that have increased their dividends for at least 15-consecutive years.

FUND BASICS
Category	US Equities
Fund Sponsor	ProShares
Website	www.proshares.com
Inception date	Feb 05, 2015
Assets (mns)	$750
Currency	USD
Expense ratio	40 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Equal
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	51
Wgt avg mkt cap (mns)	$6,015
Large cap (>$10bn)	4.4%
Mid cap ($2-10bn)	90.4%
Small cap (<$2bn)	5.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.1 %
LANCASTER COLONY CORP	2.2 %
MSA SAFETY INC	2.2 %
NVENT ELECTRIC PLC	2.1 %
WEST PHARMACEUTICAL SERVICES	2.1 %
EATON VANCE CORP	2.1 %
HEALTHCARE SERVICES GROUP	2.1 %
RPM INTERNATIONAL INC	2.1 %
CDK GLOBAL INC	2.1 %
NORDSON CORP	2.1 %
SEI INVESTMENTS COMPANY	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.7 %
	BRITAIN	2.1 %
	BERMUDA	1.9 %

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.
15.7%	11.2%	--	--	9.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.82	73%
MSCI EAFE	0.63	36%
MSCI Emg. Mkts.	0.37	20%

Technical Indicators
Recent close	$59.03
30d moving avg.	$58.81
Annualized volatility	11.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	48
Turnover	0.4%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$1,643

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ProShares S&P MidCap 400 Dividend Aristocrats ETF based on the alternatives' overlap in portfolio holdings with REGL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

REGL

Expense:

40 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH REGL
Ticker	Fund Name	Overlap¹ vs REGL (%)	Expense ratio (bp)	Savings vs REGL (bp)	ALTAR Score™ (%)	ALTAR vs REGL (%)
XMLV	Invesco S&P MidCap Low Volatility	31.5	25	15	5.4	-0.3
SDY	SPDR S&P Dividend ETF	27.9	35	5	6.4	+0.7
XMMO	Invesco S&P MidCap Momentum	24.6	39	1	3.8	-1.9
EQWM	Invesco Fundamental Pure Mid Core	22.9	25	15	5.9	+0.2
TMDV	ProShares Russell US Dividend Growers	19.6	35	5	5.0	-0.7
OUSM	O'Shares FTSE Russell Small Cap Quality Dividend	18.8	48	-8	6.7	+1.0
SMDV	ProShares Russell 2000 Dividend Growers	17.5	40	0	5.6	-0.1
KLCD	KFA Large Cap Quality Dividend Index	17.1	41	-1	5.0	-0.7
MDYG	SPDR S&P400 Mid Cap Growth	17.0	15	25	5.1	-0.6
IJK	iShares S&P MidCap 400 Growth	17.0	24	16	5.0	-0.7
IVOG	Vanguard S&P Mid-Cap 400 Growth	16.9	20	20	5.0	-0.6
IJH	iShares Core S&P MidCap	16.2	7	33	6.4	+0.7
MDY	S&P MidCap 400 SPDR	16.2	24	16	6.2	+0.5
IVOO	Vanguard S&P Mid-Cap 400	16.0	15	25	6.3	+0.6
MDYV	SPDR S&P400 Mid Cap Value	15.3	15	25	7.6	+2.0
IJJ	iShares S&P MidCap 400 Value	15.3	25	15	7.5	+1.9
IVOV	Vanguard S&P Mid-Cap 400 Value	15.1	20	20	7.7	+2.0
VSDA	VictoryShares Dividend Accelerator	15.0	35	5	4.8	-0.9
KSCD	KFA Small Cap Quality Dividend Index	13.6	51	-11	4.8	-0.9
EWMC	Invesco S&P Mid Cap 400 Equal Weight	12.6	40	0	6.8	+1.1

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

	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:	ProShares S&P MidCap 400 Dividend Aristocrats
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	14.0	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.82	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.