PEX ProShares Global Listed Private Equity ETF

Transcription

1 ProShares Global Listed Private Equity ETF ETF.com segment: Equity: Global Private Equity Competing ETFs: PSP Related ETF Channels: Private Equity, Vanilla, Global, Equity, Financials, Sectors Find more ETFs with our ETF Screener and Database *Unless otherwise stated, data provided by FactSet. F N/A FUND DESCRIPTION tracks a market-cap-weighted index of publicly traded private equity firms around the world. FACTSET ANALYTICS INSIGHT is the third launch in the Global Private Equity, and one of just two 1940 Act ETFs. The fund charges significantly more than its closest competitor, PSP. Still, neither is cheap, and both funds report the expense of underlying holdings in their own fees, unlike BDCS, an ETN that avoids this requirement. Its 30-holding portfolio is less half the size of PSP. weights its holdings by market cap unlike our benchmark, which uses a proprietary methodology to weight and select securities. Unlike PSP, avoids familiar names like KKR and Blackstone. While is still fairly new, its assets and trading volume are small enough to worry about. We see fund closure risk and poor liquidity. SUMMARY DATA Issuer Inception Date Legal Structure Expense Ratio Assets Under Management Average Daily $ Average Spread (%) PORTFOLIO DATA Weighted Average Market Cap Price / Earnings Ratio Price / Book Ratio Distribution Yield Next Ex-Dividend Date Number of Holdings ProShares 02/26/13 Open-Ended Fund 2.78% $18.71M $95.90K 0.28% $4.36B % 12/26/18 31 INDEX DATA Index Tracked LPX Direct Listed Private Equity Index Index Weighting Methodology Index Selection Methodology Market Cap Market Cap S&P Listed Private Equity

2 1 Year Daily Price ($) `18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 400k PERFORMANCE [as of 12/18/18] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS -8.50% % % % 4.20% 2.84% (NAV) -7.12% % % % 5.81% 3.56% LPX Direct Listed Private Equity Index S&P Listed Private Equity All returns over 1 year are annualized. All returns are total returns unless otherwise stated. TOP 10 COUNTRIES United States 43.57% Belgium 2.19% United Kingdom 17.35% Switzerland 2.14% France 15.07% South Africa 1.63% Canada 10.50% Sweden 1.35% Germany 6.21% TOP 10 SECTORS Investment Management 43.33% Internet Services 3.33% Closed End Funds 34.06% Business Support Services 7.87% Corporate Financial Servi 4.67% Investment Trusts 3.53% TOP 10 HOLDINGS Ares Capital 10.42% Main Street Capital Corpo 4.80% Onex 9.44% Prospect Capital Corporat 4.31% 3i Group plc 9.31% FS Investment 3.09% Wendel SE 7.49% Rocket Internet SE 2.91% Eurazeo SA 7.37% TPG Specialty Lending, In 2.71% Total Top 10 Weighting 61.85%

3 PORTFOLIO MANAGEMENT TAX EXPOSURES FUND STRUCTURE Expense Ratio Median Tracking Difference (12 Mo) Max. Upside Deviation (12 Mo) Max. Downside Deviation (12 Mo) 2.78% 0.20% 1.33% -0.65% Max LT/ST Capital Gains Rate Capital Gains Distributions (3 Year) Tax on Distributions Distributes K % / 39.60% Qualified dividends No Legal Structure OTC Derivative Use Securities Lending Active Securities Lending Split (Fund/Issuer) ETN Counterparty Open-Ended Fund No No No Policy N/A ETN Counterparty Risk N/A Fund Closure Risk High Portfolio Disclosure Daily

4 Daily Spread 1.0% FACTSET ANALYTICS BLOCK LIQUIDITY As of 12/19/18 0.8% 0.6% 0.4% 0.2% 0% This measurement shows how easy it is to trade a $1 million USD block of. is rated a 1 out of 5. Premium/Discount 3.0% 2.0% TRADABILITY Avg. Daily Share 2, % Average Daily $ $95.90K 0.0% Median Daily Share 1, % 300k 200k 100k Median Daily ($) Average Spread (%) Average Spread ($) $67.31K 0.28% $0.09 Dec Feb Apr May Jul Sep Oct Dec Median Premium / Discount (12 Mo) 0.22% Max. Premium / Discount (12 Mo) 2.29% / -0.62% Impediment to Creations None Market Hours Overlap 67.00% Creation Unit Size (Shares) 25,000 Creation Unit/Day (45 Day Average) 0.08 Creation Unit Cost (%) 0.06% Underlying / Unit 0.83% Open Interest on ETF Options Net Asset Value (Yesterday) $31.19 ETF.com Implied Liquidity 1

5 SECTOR/INDUSTRY BREAKDOWN TOP 10 HOLDINGS PERFORMANCE STATISTICS Investment Management & Fund Operators Closed End Funds 43.33% 34.06% Ares Capital Onex 3i Group plc Wendel SE Eurazeo SA 10.42% 9.44% 9.31% 7.49% 7.37% Goodness of Fit (R2) Beta Up Beta Down Beta Downside Standard Deviation 0.00% Business Support Services Corporate Financial Services 7.87% 4.67% Main Street Capital Prospect Capital FS Investment 4.80% 4.31% 3.09% S&P Listed Private Equity BENCHMARK COMPARISON HOLDINGS Number of Holdings 31 Investment Trusts 3.53% Rocket Internet SE 2.91% Constituents Internet Services 3.33% TPG Specialty Lending, Inc. Total Top 10 Weighting 2.71% 61.85% Shared Holdings Shared Holdings Weight 0.00% COUNTRIES BENCHMARK COMPARISON SUMMARY United States 43.57% United Kingdom 17.35% France 15.07% Canada 10.50% Germany 6.21% Belgium 2.19% Switzerland 2.14% South Africa 1.63% Sweden 1.35% Number of Holdings Weighted Average Market Cap Price / Earnings Ratio Price / Book Ratio Dividend Yield 31 $4.36B % REGIONS Concentration High High North America 54.07% Europe 44.30% Middle East & Africa 1.63% ECONOMIC DEVELOPMENT Developed Countries 98.37% Emerging Countries 1.63%

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