ETF Research Center

SMDV tracks an index of US small-cap stocks with a 10-year record of increasing dividends. Stocks are equally weighted.

FUND BASICS
Category	US Equities
Fund Sponsor	ProShares
Website	www.proshares.com
Inception date	Feb 05, 2015
Assets (mns)	$753
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	63
Wgt avg mkt cap (mns)	$2,375
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	54.1%
Small cap (<$2bn)	46.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	18.5 %
GROUP 1 AUTOMOTIVE INC	2.0 %
AMERICAN EQUITY INVT LIFE HL	2.0 %
UNIVERSAL HEALTH RLTY INCOME	1.9 %
GORMAN-RUPP CO	1.9 %
HILLENBRAND INC	1.8 %
INTER PARFUMS INC	1.8 %
MSA SAFETY INC	1.8 %
H.B. FULLER CO.	1.8 %
FRANKLIN ELECTRIC CO INC	1.8 %
MATTHEWS INTL CORP-CL A	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.5 %

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.
15.0%	12.0%	--	--	10.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.78	54%
MSCI EAFE	0.58	25%
MSCI Emg. Mkts.	0.29	10%

Technical Indicators
Recent close	$60.18
30d moving avg.	$60.24
Annualized volatility	12.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	47
Turnover	0.4%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$952

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ProShares Russell 2000 Dividend Growers ETF based on the alternatives' overlap in portfolio holdings with SMDV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SMDV

Expense:

40 bp

ALTAR Score™:

5.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SMDV
Ticker	Fund Name	Overlap¹ vs SMDV (%)	Expense ratio (bp)	Savings vs SMDV (bp)	ALTAR Score™ (%)	ALTAR vs SMDV (%)
KSCD	KFA Small Cap Quality Dividend Index	66.4	51	-11	4.8	-0.8
TMDV	ProShares Russell US Dividend Growers	23.6	35	5	5.0	-0.6
REGL	ProShares S&P MidCap 400 Dividend Aristocrats	17.5	40	0	5.7	+0.1
XSHQ	Invesco S&P SmallCap Quality Portfolio	15.8	29	11	5.5	-0.1
FLQS	Franklin LibertyQ U.S. Small Cap Equity	13.9	35	5	6.3	+0.7
XSLV	Invesco S&P SmallCap Low Volatility	13.8	25	15	6.9	+1.3
PXSG	Invesco Fundamental Pure Small Growth	13.6	39	1	4.7	-0.9
CSB	Victory CEMP US Small Cap High Div Volatility Wtd	12.6	35	5	7.5	+1.9
FIW	First Trust ISE Water	12.4	55	-15	3.9	-1.7
RNSC	Small Cap US Equity Select	12.0	60	-20	6.3	+0.7
PUI	Invesco DWA Utilities Momentum	11.6	60	-20	4.3	-1.3
DGRS	WisdomTree US Small Cap Dividend Growth	11.1	38	2	8.3	+2.8
PEY	Invesco High Yield Equity Dividend Acheivers	10.7	53	-13	6.9	+1.3
SDY	SPDR S&P Dividend ETF	10.6	35	5	6.4	+0.8
DES	WisdomTree Smallcap Dividend	10.3	38	2	7.4	+1.8
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	10.1	29	11	5.0	-0.6
XMLV	Invesco S&P MidCap Low Volatility	9.7	25	15	5.4	-0.2
PSCC	Invesco S&P Small Cap Consumer Staples	9.3	29	11	4.9	-0.7
IFRA	iShares U.S. Infrastructure	9.2	40	0	5.9	+0.3
IJT	iShares S&P 600 SmallCap Growth	9.1	25	15	4.6	-1.0

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Russell 2000 Dividend Growers
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	12.3	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	5.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.79	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.