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)	$5
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	34
Wgt avg mkt cap (mns)	$104,458
Large cap (>$10bn)	75.4%
Mid cap ($2-10bn)	15.9%
Small cap (<$2bn)	8.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	31.9 %
AVX CORP	3.5 %
HP INC.	3.4 %
MKS INSTRUMENTS INC	3.2 %
MASTERCARD INC-CLASS A	3.2 %
MICROSOFT CORP	3.1 %
ACCENTURE PLC-CL A	3.1 %
BROADCOM INC.	3.1 %
CASS INFORMATION SYSTEMS INC	3.1 %
CDK GLOBAL INC	3.1 %
JACK HENRY & ASSOCIATES INC	3.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	90.7 %
	IRELAND	3.1 %
	SWITZERLAND	2.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

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

Technical Indicators
Recent close	$40.42
30d moving avg.	$40.01
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)

Liquidity measures
Avg. volume (thou.)	2
Turnover	1.7%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$12,367

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™:

5.2%

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	34.8	40	5	6.4	+1.2
JHMT	John Hancock Multifactor Technology	32.2	40	5	6.1	+0.8
XLK	Technology Select Sector SPDR	29.7	13	32	5.6	+0.3
TDIV	First Trust NASDAQ Technology Dividend	28.3	50	-5	6.7	+1.5
VGT	Vanguard Info Tech ETF	27.9	10	35	5.4	+0.2
FTEC	Fidelity MSCI Info Technology	27.8	8	37	5.5	+0.2
IXN	iShares S&P Global Technology	25.9	46	-1	5.3	+0.1
QTEC	First Trust NASDAQ 100 Tech	25.1	57	-12	6.0	+0.8
IGM	iShares S&P N. American Technology	24.7	46	-1	4.6	-0.7
XNTK	SPDR NYSE Technology	24.5	35	10	5.6	+0.4
SOXX	iShares PHLX SOX Semiconductor	23.5	46	-1	6.1	+0.8
KOIN	Innovation Shares NextGen Protocol	21.8	95	-50	4.7	-0.6
SMH	VanEck Vectors Semiconductors	21.4	35	10	6.3	+1.0
IETC	iShares Evolved U.S. Technology	21.2	18	27	4.8	-0.4
XSD	SPDR S&P Semiconductors	20.1	35	10	5.0	-0.3
XTH	SPDR S&P Technology Hardware	19.8	35	10	5.5	+0.3
FTXL	First Trust Nasdaq Semiconductor	18.8	60	-15	6.4	+1.2
IYW	iShares US Technology	18.4	42	3	5.2	-0.0
SPHQ	Invesco S&P High Quality Portfolio	18.4	15	30	5.6	+0.4
PWB	Invesco Dynamic Large Cap Growth	18.1	55	-10	4.2	-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%.

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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 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	22.8	%
Divided by: Fwd. P/BV	4.0	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.