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Trending ETFs

Name

As of 05/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$49.69

$28.4 M

2.92%

$1.45

2.11%

Vitals

YTD Return

2.9%

1 yr return

7.3%

3 Yr Avg Return

0.2%

5 Yr Avg Return

3.2%

Net Assets

$28.4 M

Holdings in Top 10

81.6%

52 WEEK LOW AND HIGH

$49.6
$46.75
$49.69

Expenses

OPERATING FEES

Expense Ratio 2.11%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$49.69

$28.4 M

2.92%

$1.45

2.11%

HDG - Profile

Distributions

  • YTD Total Return 2.9%
  • 3 Yr Annualized Total Return 0.2%
  • 5 Yr Annualized Total Return 3.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.68%
DIVIDENDS
  • Dividend Yield 2.9%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    ProShares Hedge Replication ETF
  • Fund Family Name
    ProShares Trust
  • Inception Date
    Jul 12, 2011
  • Shares Outstanding
    915000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Neches

Fund Description

The Fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the Benchmark.The Benchmark, sponsored by Merrill Lynch International (the “Model Sponsor”), seeks to provide the risk and return characteristics of the hedge fund asset class by targeting a high correlation to the HFRI Fund Weighted Composite Index (the “HFRI”). The HFRI is designed to reflect hedge fund industry performance through an equally weighted composite of over 2000 constituent funds. In seeking to maintain a high correlation with the HFRI, the Benchmark utilizes a systematic model to establish, each month, weighted long or short (or, in certain cases, long or flat) positions in six underlying factors (“Factors”). The Factors that comprise the Benchmark are (1) the S&P 500 Total Return Index, (2) the MSCI EAFE US Dollar Net Total Return Index, (3) the MSCI Emerging Markets US Dollar Net Total Return Index, (4) the Russell 2000 Total Return Index, (5) three-month U.S. Treasury Bills, and (6) the ProShares UltraShort Euro ETF. The Benchmark is not comprised of, and the Fund does not invest in, any hedge fund or group of hedge funds. It is expected that, at any given point in time, the Fund will be substantially invested in three month U.S. Treasury Bills, which is one of the Factors, or other short-term debt instruments that have a remaining maturity of 397 days or less and exhibit high quality credit profiles in order to gain exposure to the three month U.S. Treasury Bill rate. The Benchmark is published under the Bloomberg ticker symbol “MLEIFCTX.”Because the levels of certain Factors of the Benchmark are not determined at the same time that the Fund’s net asset value (“NAV”) is calculated, correlation to the Benchmark is measured by comparing a combination of the daily total return of: (a) the Factors that are determined at the same time that the Fund’s NAV is determined; and (b) one or more U.S. exchange-traded securities or financial instruments that reflect the values of the Factors that are not determined at the same time that the Fund’s NAV is determined (as of the Fund’s NAV calculation time), to the daily total return of the NAV per share of the Fund.For a further description of the Benchmark, please see “Additional Information on Certain Underlying Indexes” in the Fund’s Prospectus.Under normal circumstances, the Fund will invest at least 80% of its total assets in component securities of the Benchmark or in instruments with similar economic characteristics.The Fund will invest principally in the financial instruments listed below.Equity Securities — Common stock issued by public companies.Derivatives — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives as a substitute for investing directly in or making short sales of the securities underlying the Benchmark. The Fund may seek short exposure in an attempt to produce positive returns from a decline in the price of the Benchmark or securities underlying the Benchmark. These derivatives principally include:Swap Agreements — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.Futures Contracts — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.Money Market Instruments — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:U.S. Treasury Bills — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.Repurchase Agreements — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.Depositary Receipts — The Fund may invest in depositary receipts, which principally include:American Depositary Receipts (ADRs), which represent the right to receive securities of foreign issuers deposited in a bank or trust company and are an alternative to purchasing the underlying securities in their national markets and currenciesGlobal Depositary Receipts (GDRs), which are receipts for shares in a foreign-based corporation traded in capital markets around the world.ProShare Advisors uses a mathematical approach to investing in which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Benchmark or to securities not contained in the Benchmark or in financial instruments, with the intent of obtaining exposure consistent with the investmentobjective.Please see “Investment Objectives, Principal Investment Strategies and Related Risks” in the Fund’s Prospectus for additional details.
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HDG - Performance

Return Ranking - Trailing

Period HDG Return Category Return Low Category Return High Rank in Category (%)
YTD 2.9% -73.0% 19.4% 39.07%
1 Yr 7.3% -9.1% 86.9% 19.27%
3 Yr 0.2%* -9.5% 16.2% 24.10%
5 Yr 3.2%* -4.9% 14.4% 22.42%
10 Yr 2.4%* -0.9% 7.5% N/A

* Annualized

Return Ranking - Calendar

Period HDG Return Category Return Low Category Return High Rank in Category (%)
2023 3.4% -22.7% 305.1% 11.11%
2022 -8.8% -9.8% 27.3% 22.58%
2021 3.0% -20.8% 10.9% 34.22%
2020 7.3% -12.4% 29.4% 19.80%
2019 8.4% -10.5% 15.8% 32.98%

Total Return Ranking - Trailing

Period HDG Return Category Return Low Category Return High Rank in Category (%)
YTD 2.9% -73.0% 19.4% 29.39%
1 Yr 7.3% -13.4% 86.9% 17.45%
3 Yr 0.2%* -9.5% 16.2% 22.49%
5 Yr 3.2%* -5.3% 14.4% 21.08%
10 Yr 2.4%* -0.9% 7.5% N/A

* Annualized

Total Return Ranking - Calendar

Period HDG Return Category Return Low Category Return High Rank in Category (%)
2023 7.1% -22.7% 305.1% 11.48%
2022 -8.5% -9.8% 27.3% 22.98%
2021 3.0% -20.8% 10.9% 46.67%
2020 7.4% -8.4% 29.4% 44.06%
2019 9.6% -10.2% 18.0% 43.98%

HDG - Holdings

Concentration Analysis

HDG Category Low Category High HDG % Rank
Net Assets 28.4 M 1.5 M 5.01 B 73.80%
Number of Holdings 1969 4 4478 5.30%
Net Assets in Top 10 23 M -398 M 2.55 B 60.78%
Weighting of Top 10 81.55% 13.1% 100.0% 17.89%

Top 10 Holdings

  1. U.S. Treasury Bills 68.78%
  2. Repurchase Agreement 4.98%
  3. Repurchase Agreement 2.07%
  4. Total Return Swap 2.04%
  5. Repurchase Agreement 1.44%
  6. Repurchase Agreement 0.83%
  7. Total Return Swap 0.57%
  8. Total Return Swap 0.36%
  9. Super Micro Computer, Inc. 0.29%
  10. Repurchase Agreement 0.21%

Asset Allocation

Weighting Return Low Return High HDG % Rank
Cash
70.67% -6278.21% 410.43% 15.19%
Stocks
18.28% -3.75% 97.95% 33.57%
Other
11.05% -21.53% 148.54% 84.81%
Preferred Stocks
0.00% -0.12% 46.97% 83.04%
Convertible Bonds
0.00% 0.00% 87.92% 92.23%
Bonds
0.00% -326.45% 6347.80% 89.75%

Stock Sector Breakdown

Weighting Return Low Return High HDG % Rank
Industrials
15.44% 0.00% 21.45% 3.94%
Financial Services
15.14% 0.00% 59.28% 48.82%
Healthcare
14.70% 0.00% 45.63% 6.69%
Technology
12.99% 0.00% 39.58% 79.13%
Consumer Cyclical
9.75% 0.00% 29.09% 29.13%
Real Estate
9.16% 0.00% 51.26% 13.39%
Energy
8.05% 0.00% 100.00% 40.94%
Consumer Defense
4.26% 0.00% 13.62% 72.05%
Basic Materials
3.96% 0.00% 27.46% 51.97%
Communication Services
3.29% 0.00% 21.78% 94.49%
Utilities
3.26% 0.00% 9.23% 57.87%

Stock Geographic Breakdown

Weighting Return Low Return High HDG % Rank
US
18.28% -8.85% 91.88% 22.97%
Non US
0.00% -19.62% 42.11% 79.86%

HDG - Expenses

Operational Fees

HDG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.11% 0.29% 31.15% 61.51%
Management Fee 0.75% 0.00% 2.50% 26.86%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.30% N/A

Sales Fees

HDG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

HDG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

HDG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 491.00% 42.74%

HDG - Distributions

Dividend Yield Analysis

HDG Category Low Category High HDG % Rank
Dividend Yield 2.92% 0.00% 4.56% 78.80%

Dividend Distribution Analysis

HDG Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Annually

Net Income Ratio Analysis

HDG Category Low Category High HDG % Rank
Net Income Ratio -0.68% -2.51% 6.83% 51.80%

Capital Gain Distribution Analysis

HDG Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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HDG - Fund Manager Analysis

Managers

Michael Neches


Start Date

Tenure

Tenure Rank

Oct 01, 2013

8.67

8.7%

Michael Neches joined ProShare Advisors in 2000, and presently serves as a Senior Portfolio Manager. He previously served as the Senior Portfolio Manager responsible for the company’s commodities desk for two years, as a Portfolio Manager and team lead, as an Associate Portfolio Manager and as a Portfolio Analyst. Mr. Neches earned a Bachelor of Science in Finance from the University of Maryland, College Park and an MBA from Georgetown University.

Tarak Davé


Start Date

Tenure

Tenure Rank

Apr 30, 2018

4.09

4.1%

Tarak Dave ProFund Advisors LLC: Portfolio Manager since March 2018, Associate Portfolio Manager from November 2015 to March 2018, Senior Portfolio Analyst from May 2014 to October 2015 and Portfolio Analyst from April 2011 to April 2014.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 17.37 4.48 1.67