PEX
ProShares Global Listed Private Equity ETF
ProShares Global Listed Private Equity ETF is an exchange-traded fund incorporated in the USA. The Fund seeks daily investment results that correspond to the daily performance of the LPX Direct Listed Private Equity Index. This index consists of up to 30 listed private equity companies.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
12.7 M
ASSETS UNDER MGMT
81 bp
EXPENSES
Fund Basics
| Fund sponsor | ProShare Advisors LLC |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 26, 2013 |
| Assets (mns) | $13 |
| Expense ratio | 81 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| 3I GROUP PLC | 10.2 % |
| ARES CAPITAL CORP | 9.8 % |
| FS INVESTMENT CORP | 8.1 % |
| ONEX CORPORATION | 6.9 % |
| MAIN STREET CAPITAL CORP | 6.3 % |
| HERCULES TECHNOLOGY GROWTH | 4.6 % |
| KINNEVIK AB CLASS B | 4.4 % |
| GOLUB CAPITAL BDC INC | 4.4 % |
| EURAZEO | 4.4 % |
| WENDEL | 4.3 % |
Constituent Breakdown
| Number of holdings | 31 |
| Herfindahl-Hirschman Index | 533 |
| Wgt avg mkt cap (mns) | $7,569 |
| Large cap (>$10bn) | 13.4% |
| Mid cap ($2-10bn) | 60.7% |
| Small cap (<$2bn) | 25.8% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 51.9 % |
 |
BRITAIN | 11.0 % |
 |
FRANCE | 8.7 % |
 |
CANADA | 6.9 % |
 |
SWEDEN | 5.4 % |
 |
SWITZERLAND | 2.0 % |
 |
BELGIUM | 1.4 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 14.3% | 21.3% | 19.0% | 4.4% | 7.3% | 7.0% | 7.2% | Volatility | 12.9% | 13.0% | 15.4% | 19.0% | 23.9% | 19.9% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.98 | 79% |
| MSCI EAFE | 0.97 | 76% |
| MSCI Emg Mkts | 0.71 | 40% |
Liquidity Measures
| Avg. volume (000) | 3 |
| Turnover | 0.7% |
| Avg. Bid/Ask (% of price) | 0.24% |
| ADV of underlying (mns) | $266 |
Technical Indicators
| Recent close | $28.33 |
| 30d moving avg. | $28.76 |
| Annualized volatility | 19.4% |
| Relative strength (RSI) | 48 |
| Short interest (ETF) | 2.2% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. PEX |
Expenses vs. PEX |
ALTAR Score™ vs. PEX |
|---|---|---|---|---|
| BIZD | VanEck BDC Income ETF | 48.0% | -70 bp | +0.2% |
| LBO | WHITEWOLF Publicly Listed Private Equity ETF | 36.1% | -11 bp | -3.4% |
| PSP | Invesco Global Listed Private Equity ETF | 23.1% | +25 bp | -3.7% |
| KBWD | Invesco KBW High Dividend Yield Financial ETF | 13.2% | +303 bp | -2.2% |
| ERNZ | TrueShares Active Yield ETF | 12.8% | -6 bp | -0.3% |
Risk and Returns: PEX vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/20/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
PEX
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
PEX
11.6%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 374 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
4.8%. PEX's ALTAR Score™ is approximately
1.6 standard deviations
above
the category average. This places PEX in the 94th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
PEXSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Global Equity ETFs |
| # of ETFs | 191 |
| Avg. Expense Ratio | 55.4 bp |
| Std. Deviation | 17.5 bp |
| PEX (81 bp) Percentile rank | 93 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| PEX | 81.0 | 23.5 | 104.5 |
| Peer Avg. | 57.0 | 39.6 | 96.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .