ETF Research Center

TDV tracks an equal-weighted index of Technology stocks that have increased dividend payments annually for at least 7 years.

FUND BASICS
Category	US Equities
Fund Sponsor	ProShares
Website	www.proshares.com
Inception date	Nov 05, 2019
Assets (mns)	$27
Currency	USD
Expense ratio	45 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Equal
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	38
Wgt avg mkt cap (mns)	$117,181
Large cap (>$10bn)	75.8%
Mid cap ($2-10bn)	15.5%
Small cap (<$2bn)	8.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	28.4 %
NVIDIA CORP	3.0 %
JACK HENRY & ASSOCIATES INC	3.0 %
PETMED EXPRESS INC	3.0 %
MICROSOFT CORP	2.9 %
EXPEDIA INC	2.9 %
BADGER METER INC	2.8 %
FLIR SYSTEMS INC	2.7 %
ACTIVISION BLIZZARD INC	2.7 %
MASTERCARD INC-CLASS A	2.7 %
INTUIT INC	2.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.1 %
	IRELAND	2.6 %
	SWITZERLAND	2.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.0%	--	--	--	0.7%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$43.51
30d moving avg.	$42.24
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.3%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$15,097

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

TDV

Expense:

45 bp

ALTAR Score™:

5.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH TDV
Ticker	Fund Name	Overlap¹ vs TDV (%)	Expense ratio (bp)	Savings vs TDV (bp)	ALTAR Score™ (%)	ALTAR vs TDV (%)
RYT	Invesco S&P Equal Weight Technology	39.3	40	5	6.1	+0.9
JHMT	John Hancock Multifactor Technology	35.0	40	5	5.6	+0.3
XLK	Technology Select Sector SPDR	33.1	13	32	5.0	-0.3
QTEC	First Trust NASDAQ 100 Tech	31.6	57	-12	5.1	-0.2
XNTK	SPDR NYSE Technology	31.4	35	10	4.4	-0.8
FTEC	Fidelity MSCI Info Technology	31.0	8	37	4.9	-0.4
VGT	Vanguard Info Tech ETF	30.9	10	35	4.9	-0.4
TDIV	First Trust NASDAQ Technology Dividend	29.7	50	-5	6.3	+1.1
IXN	iShares S&P Global Technology	29.0	46	-1	4.6	-0.6
IGM	iShares S&P N. American Technology	28.1	46	-1	4.1	-1.2
TECB	iShares U.S. Tech Breakthrough Multisector ETF	27.6	40	5	4.3	-1.0
KOIN	Innovation Shares NextGen Protocol	25.4	95	-50	4.4	-0.9
IETC	iShares Evolved U.S. Technology	24.5	18	27	4.2	-1.0
SOXX	iShares PHLX SOX Semiconductor	23.7	46	-1	5.6	+0.3
IYW	iShares US Technology	23.6	42	3	4.6	-0.7
XSD	SPDR S&P Semiconductors	23.4	35	10	4.2	-1.0
SMH	VanEck Vectors Semiconductors	22.1	35	10	5.8	+0.6
PWB	Invesco Dynamic Large Cap Growth	21.9	55	-10	3.8	-1.5
FTXL	First Trust Nasdaq Semiconductor	21.7	60	-15	5.5	+0.3
DSTL	Distillate US Fundamental Stability & Value	21.1	39	6	6.4	+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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 Technology 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	24.2	%
Divided by: Fwd. P/BV	4.2	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	5.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	CATEGORY AVERAGE	1.56

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.