ETF Research Center

ProShares DJ Brookfield Global Infrastructure ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results, before fees and expenses, that track the performance of the DJ Brookfield Global Infrasctructure Composite Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	ProShare Advisors LLC
Website	www.proshares.com
Inception date	Mar 25, 2014
Assets (mns)	$147
Currency	USD
Expense ratio	46 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	123
Wgt avg mkt cap (mns)	$32,732
Large cap (>$10bn)	79.1%
Mid cap ($2-10bn)	18.4%
Small cap (<$2bn)	2.5%
Developed mkts	97.5%
Emerging mkts	2.5%

TOP TEN HOLDINGS
Total	41.3 %
AMERICAN TOWER CORP-CL A	7.3 %
ENBRIDGE INC	6.4 %
VINCI SA	4.5 %
CROWN CASTLE INTL CORP	4.3 %
TRANSCANADA CORP	3.9 %
NATIONAL GRID PLC	3.7 %
SEMPRA ENERGY	3.1 %
ENTERPRISE PRODUCTS PARTNERS	3.0 %
KINDER MORGAN INC	2.9 %
ONEOK INC	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	50.0 %
	CANADA	14.9 %
	FRANCE	5.8 %
	BRITAIN	5.5 %
	AUSTRALIA	4.2 %
	HONG KONG	3.7 %
	SPAIN	3.5 %
	ITALY	3.2 %
	CHINA	1.9 %
	JAPAN	1.3 %

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%	5.0%	--	6.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.55	47%
MSCI EAFE	0.61	48%
MSCI Emg. Mkts.	0.43	40%

Technical Indicators
Recent close	$48.11
30d moving avg.	$46.40
Annualized volatility	9.7%
Short interest (ETF)	0.2%
Relative strength (RSI)	79

Liquidity measures
Avg. volume (thou.)	28
Turnover	0.9%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$5,647

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the ProShares Global Infrastructure ETF based on the alternatives' overlap in portfolio holdings with TOLZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

TOLZ

Expense:

46 bp

ALTAR Score™:

4.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH TOLZ
Ticker	Fund Name	Overlap¹ vs TOLZ (%)	Expense ratio (bp)	Savings vs TOLZ (bp)	ALTAR Score™ (%)	ALTAR vs TOLZ (%)
GLIF	AGFiQ Global Infrastructure	55.5	45	1	4.9	+0.1
IGF	iShares S&P Global Infrastructure	37.0	46	0	4.5	-0.3
GII	SPDR FTSE/Macquarie Global Infrastructure	36.8	40	6	4.6	-0.3
TPYP	Tortoise North American Pipeline	35.8	40	6	4.4	-0.5
INFR	Legg Mason Global Infrastructure	35.4	40	6	5.4	+0.5
YMLP	Yorkville High Income MLP	31.5	84	-38	3.6	-1.2
MLPX	Global X MLP & Energy Infrastructure	31.1	45	1	3.6	-1.2
ENFR	Alerian Energy Infrastructure	31.0	55	-9	3.8	-1.1
EMLP	First Trust N. American Energy Infrastructure	30.7	95	-49	4.6	-0.3
USAI	American Energy Independence	30.5	75	-29	1.9	-3.0
NFRA	FlexShares STOXX Global Broad Infrastructure	23.9	47	-1	6.2	+1.3
JXI	iShares S&P Global Utilities	23.5	46	0	5.0	+0.2
GHII	Invesco S&P High Income Infrastructure	18.1	45	1	5.2	+0.3
FUTY	Fidelity MSCI Utilities	17.0	8	38	4.9	+0.0
VPU	Vanguard Utilities ETF	17.0	10	36	4.9	0.0
IDU	iShares DJ US Utilities	16.1	43	3	4.6	-0.3
JHMU	John Hancock Multifactor Utilities	15.1	40	6	4.9	+0.0
UTES	Reaves Utilities	14.9	49	-3	4.0	-0.8
ECLN	First Trust EIP Carbon Impact	14.5	95	-49	3.2	-1.7

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 Global Infrastructure
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	10.9	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	4.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.54

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.