ProShares Files For Retail ETF

Issuer continues to bet against bricks-and-mortar stores with latest filing.
Reviewed by: Staff
Edited by: Staff

ProShares has filed an ETF that will complement two of its most-talked-about recent launches. The ProShares Online Retail ETF will join the ProShares Long Online/Short Stores ETF (CLIX) and the ProShares Decline of the Retail Store ETF (EMTY), and adhere to the theme supported by the two existing funds—that bricks-and-mortar stores are giving way to online shopping.

The proposed fund will target retail companies that sell their products through nontraditional venues, primarily online, but also through other nonstore sales channels, the prospectus says.

The underlying index will include only companies listed on a U.S. exchange, but they can be domiciled elsewhere. However, those non-U.S. companies are limited to a weight of 25% or less in the index. The fund’s benchmark is weighted by modified market capitalization, according to the document.

CLIX is a $45 million fund that takes long positions in online retailers and short positions in traditional stores. Meanwhile, the $23.6 million EMTY shorts exposure to traditional retail companies that generate more than 75% of their revenue from in-store sales. Clearly, ProShares is not optimistic about the future of traditional retail, and believes investors agree.

Currently, there is one ETF focused specifically on online retailers. The Amplify Online Retail ETF (IBUY), with $292 million in assets under management, is Amplify’s most successful fund. It launched almost exactly two years ago.

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