ETF Research Center

The ProShares S&P 500 Ex-Energy ETF tracks a market cap-weighted index of US large- and midcap stocks (the S&P 500), excluding firms in the tech sector.

FUND BASICS
Category	US Equities
Fund Sponsor	ProShares
Website	www.proshares.com
Inception date	Sep 22, 2015
Assets (mns)	$4
Currency	USD
Expense ratio	27 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	435
Wgt avg mkt cap (mns)	$211,825
Large cap (>$10bn)	97.9%
Mid cap ($2-10bn)	2.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	20.8 %
AMAZON.COM INC	3.8 %
FACEBOOK	2.5 %
BERKSHIRE HATHAWAY INC-CL B	2.1 %
ALPHABET INC. CLASS C	2.1 %
ALPHABET INC. CLASS A	2.1 %
JPMORGAN CHASE & CO	2.1 %
JOHNSON & JOHNSON	1.8 %
PROCTER & GAMBLE CO/THE	1.5 %
EXXON MOBIL CORP	1.4 %
AT&T INC	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.9 %
	IRELAND	1.8 %
	BRITAIN	1.4 %
	SWITZERLAND	0.4 %
	BERMUDA	0.1 %

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.
26.9%	26.9%	--	--	12.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	95%
MSCI EAFE	0.89	67%
MSCI Emg. Mkts.	0.58	50%

Technical Indicators
Recent close	$60.65
30d moving avg.	$59.32
Annualized volatility	11.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$103,249

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ProShares S&P 500 Ex-Technology ETF based on the alternatives' overlap in portfolio holdings with SPXT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SPXT

Expense:

27 bp

ALTAR Score™:

5.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPXT
Ticker	Fund Name	Overlap¹ vs SPXT (%)	Expense ratio (bp)	Savings vs SPXT (bp)	ALTAR Score™ (%)	ALTAR vs SPXT (%)
PBP	Invesco S&P 500 Buy/Write	77.5	49	-22	5.2	-0.4
SPY	S&P 500 SPDR	76.4	9	18	5.5	-0.1
HSPX	Global X S&P 500 Covered Call	76.3	65	-38	5.0	-0.7
IVV	iShares Core S&P 500	76.2	4	23	5.6	-0.1
VOO	Vanguard S&P 500 ETF	75.8	3	24	5.6	-0.0
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	75.6	20	7	5.6	-0.1
SPXE	ProShares S&P 500 Ex-Energy	75.1	27	0	5.5	-0.1
MGC	Vanguard Mega Cap 300 ETF	74.5	7	20	5.5	-0.2
IWL	iShares Russell Top 200	73.9	15	12	5.3	-0.3
VV	Vanguard Large-Cap ETF	73.3	4	23	5.5	-0.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity	72.9	20	7	5.2	-0.5
SPXV	ProShares S&P 500 Ex-Health Care	72.2	27	0	5.3	-0.3
BBUS	JP Morgan Betabuilders U.S. Equity	72.1	2	25	5.3	-0.4
SPXN	ProShares S&P 500 Ex-Financials	71.7	27	0	5.5	-0.1
PBUS	Invesco PureBeta MSCI USA	71.6	4	23	5.6	-0.0
SNPE	Xtrackers S&P 500 ESG	71.1	11	16	5.4	-0.2
SCHX	Schwab U.S. Large-Cap	70.4	3	24	5.4	-0.2
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	69.3	19	8	5.4	-0.3
SPLG	SPDR Portfolio Large Cap	69.0	3	24	5.4	-0.2
SFY	SoFi Select 500	68.6	0	27	5.2	-0.4

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 500 Ex-Technology
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	16.0	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	27	bp
Equals: ALTAR Score	5.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	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.