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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

$39.92

$10.1 M

0.86%

$0.35

1.45%

Vitals

YTD Return

-0.5%

1 yr return

7.2%

3 Yr Avg Return

0.5%

5 Yr Avg Return

2.3%

Net Assets

$10.1 M

Holdings in Top 10

38.6%

52 WEEK LOW AND HIGH

$40.0
$38.15
$40.54

Expenses

OPERATING FEES

Expense Ratio 1.45%

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

$39.92

$10.1 M

0.86%

$0.35

1.45%

MRGR - Profile

Distributions

  • YTD Total Return -0.5%
  • 3 Yr Annualized Total Return 0.5%
  • 5 Yr Annualized Total Return 2.3%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.65%
DIVIDENDS
  • Dividend Yield 0.9%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    ProShares Merger ETF
  • Fund Family Name
    ProShares Trust
  • Inception Date
    Dec 11, 2012
  • Shares Outstanding
    1750001
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Hanson

Fund Description

The Fund is designed to track the performance of the Index and provide exposure to a global merger arbitrage strategy.The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index, and by extension the Fund, seeks to produce consistent, positive returns in virtually all market environments, although there are no assurances it will achieve this result. A global merger arbitrage strategy seeks to capture the spread between the price at which the stock of a company (each such company, a “Target”) trades after a proposed acquisition of such Target is announced and the value (cash plus stock) that the acquiring company (the “Acquirer”) has proposed to pay for the stock of the Target (a “Spread”). Such a Spread typically exists due to the uncertainty that the announced merger, acquisition or other corporate reorganization (each, a “Deal”) will close, and if it closes, that such Deal will be at the initially proposed economic terms. For Deals that close, the price of the Target after the Deal is announced is expected to approach the proposed acquisition price by the closing date of the Deal, resulting in a gain to strategies such as the Index’s, which attempt to capture this Spread. The size of the Spread will depend on several factors, including the perceived risk of the Deal closing and the length of time expected until the Deal is completed. For Deals that are not consummated, the price of the Target commonly falls back to pre-announcement levels, typically resulting in significant losses well in excess of the post-announcement Spread the strategy attempts to capture.To obtain exposure to the Index, the Fund takes long positions in shares of the Target. The Fund also takes short positions in shares of the Acquirer when the Deal involves an exchange of the Acquirer’s stock. The short positions are intended to reduce the effect that declines in the value of the Acquirer’s stock could have on the Spread. The Index, created by Standard & Poor’s®, is comprised of a maximum of 80 companies, including up to 40 companies that are currently targets in merger deals, which are represented by long positions in the index, and up to 40 companies that are currently acquirers for the same stock merger deals, which are represented by short positions in the Index. The Index includes a cash component, which earns the three-month U.S. Treasury Bill rate. When Deals enter the Index, the weight in long positions of Targets is initiated at three percent (3%) and the initial weight in short positions of Acquirers ranges between zero and three percent (0% and 3%), depending on the terms of the Deal. The sum of initial net exposure for the Fund (i.e., the difference between: (a) the Fund’s total long exposure; and (b) the Fund’s total short exposure) is limited to between zero and one hundred percent (0% and 100%). The Index also includes a Treasury bill component which constitutes the remainder of the Index when net exposure from included Deals is less than 100%. When Deals enter the Index, the initial long position weight may be adjusted so that the Treasury bill component is not less than 0.5%.Certain Deals are screened out based on liquidity, size, and Spread between the Deal price and the Target’s stock price. Additions and deletions occur on a rolling basis. Returns are expected to be uncorrelated to equity markets over time. The Index is denominated in local currencies, and the Fund will generally seek to hedge against fluctuations between the value of the U.S. Dollar and the currencies in which the securities are denominated. The Fund will utilize financial instruments such as currency forward contracts to seek to offset its total equity exposure to each currency. The Index is published under the Bloomberg ticker symbol “SPLSALP.”The Fund will generally not short any stocks directly but will generally obtain short exposure through derivatives.Under normal circumstances, the Fund will invest at least 80% of its total assets in component securities of the Index or in instruments with similar economiccharacteristics.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 of the Index, as well as for effecting currency hedging transactions. 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.Forward Contracts — Two-party contracts where a purchase or sale of a specific quantity of a commodity, security, foreign currency or other financial instrument is entered into with dealers or financial institutions at a set price, with delivery and settlement at a specified future date. Forward contracts may also be structured for cash settlement, rather than physical delivery.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.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 Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investmentobjective.Please see “InvestmentObjectives, Principal Investment Strategies and Related Risks”in the Fund’s Prospectus for additionaldetails.
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MRGR - Performance

Return Ranking - Trailing

Period MRGR Return Category Return Low Category Return High Rank in Category (%)
YTD -0.5% -11.6% 15.8% 36.00%
1 Yr 7.2% -33.0% 41.7% 55.34%
3 Yr 0.5%* -10.5% 13.4% 32.65%
5 Yr 2.3%* -4.8% 11.1% 62.65%
10 Yr 1.5%* -4.6% 7.6% N/A

* Annualized

Return Ranking - Calendar

Period MRGR Return Category Return Low Category Return High Rank in Category (%)
2023 2.7% -31.7% 23.2% 38.78%
2022 -5.4% -20.7% 10.7% 22.68%
2021 5.9% -12.4% 14.7% 16.67%
2020 2.0% -13.2% 12.9% 49.37%
2019 3.5% -11.7% 7.9% 87.14%

Total Return Ranking - Trailing

Period MRGR Return Category Return Low Category Return High Rank in Category (%)
YTD -0.5% -11.7% 15.8% 36.00%
1 Yr 7.2% -33.0% 41.7% 48.54%
3 Yr 0.5%* -10.5% 13.4% 29.59%
5 Yr 2.3%* -4.8% 11.1% 60.24%
10 Yr 1.5%* -4.6% 7.6% N/A

* Annualized

Total Return Ranking - Calendar

Period MRGR Return Category Return Low Category Return High Rank in Category (%)
2023 4.9% -31.7% 23.2% 38.78%
2022 -4.8% -20.7% 10.7% 22.68%
2021 6.6% -12.4% 14.7% 25.56%
2020 2.0% -12.7% 12.9% 69.62%
2019 4.3% -11.5% 13.2% 87.14%

MRGR - Holdings

Concentration Analysis

MRGR Category Low Category High MRGR % Rank
Net Assets 10.1 M 105 K 12.6 B 77.88%
Number of Holdings 49 5 2526 86.54%
Net Assets in Top 10 3.87 M -619 M 6.53 B 69.23%
Weighting of Top 10 38.56% 7.6% 96.1% 3.66%

Top 10 Holdings

  1. Repurchase Agreement 10.50%
  2. Repurchase Agreement 4.37%
  3. Benefit One, Inc. 3.87%
  4. Westrock Co. 3.16%
  5. Repurchase Agreement 3.04%
  6. NuStar Energy LP 2.91%
  7. Splunk, Inc. 2.76%
  8. ANSYS, Inc. 2.68%
  9. Inhibrx, Inc. 2.64%
  10. McGrath RentCorp 2.63%

Asset Allocation

Weighting Return Low Return High MRGR % Rank
Stocks
73.39% -57.09% 325.56% 10.58%
Other
22.00% -11.90% 43.69% 70.19%
Cash
1.71% -225.56% 102.75% 78.85%
Preferred Stocks
0.00% 0.00% 5.67% 74.04%
Convertible Bonds
0.00% 0.00% 95.47% 80.77%
Bonds
0.00% -1.04% 63.30% 79.81%

Stock Sector Breakdown

Weighting Return Low Return High MRGR % Rank
Technology
30.88% 0.00% 100.00% 18.28%
Industrials
14.77% 0.00% 27.58% 24.73%
Healthcare
14.11% 0.00% 27.28% 20.43%
Communication Services
12.24% 0.00% 33.72% 44.09%
Financial Services
8.23% 0.00% 98.37% 30.11%
Real Estate
8.12% 0.00% 93.91% 89.25%
Utilities
3.01% 0.00% 66.28% 44.09%
Consumer Defense
2.88% 0.00% 30.58% 44.09%
Consumer Cyclical
2.88% 0.00% 29.06% 48.39%
Energy
2.87% 0.00% 53.30% 89.25%
Basic Materials
0.00% 0.00% 42.74% 96.77%

Stock Geographic Breakdown

Weighting Return Low Return High MRGR % Rank
US
61.72% -55.82% 325.56% 9.62%
Non US
11.67% -7.09% 86.98% 10.58%

MRGR - Expenses

Operational Fees

MRGR Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.45% 0.73% 9.52% 17.48%
Management Fee 0.75% 0.13% 1.65% 19.23%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.06% 0.40% N/A

Sales Fees

MRGR Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.75% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MRGR 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.

MRGR Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 30.00% 483.00% 78.65%

MRGR - Distributions

Dividend Yield Analysis

MRGR Category Low Category High MRGR % Rank
Dividend Yield 0.86% 0.00% 0.75% 62.50%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

MRGR Category Low Category High MRGR % Rank
Net Income Ratio 0.65% -2.49% 4.20% 45.63%

Capital Gain Distribution Analysis

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

Distributions History

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MRGR - Fund Manager Analysis

Managers

Scott Hanson


Start Date

Tenure

Tenure Rank

Aug 31, 2016

5.75

5.8%

Scott Hanson is Portfolio Manager at ProShare Advisors since August 2016, Associate Portfolio Manager from May 2012 to August 2016 and Senior Portfolio Analyst from August 2010 to May 2012.

Alexander Ilyasov


Start Date

Tenure

Tenure Rank

Aug 14, 2020

1.79

1.8%

Alexander Ilyasov, ProShare Advisors: Senior Portfolio Manager since October 2013 and Portfolio Manager from November 2009 through September 2013. ProFund Advisors LLC: Senior Portfolio Manager since October 2013 and Portfolio Manager from November 2009 through September 2013. World Asset Management, Inc.: Portfolio Manager from January 2006 through November 2009. Ilyasov joined WAM’s predecessor entity in September 2005 as a member of its International Investment Team. Since joining in 2005, he has been involved in supporting WAM’s international equity product line.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.59 6.3 9.42