Weakness in ProShares Long Online/Short Stores ETF's Process and People Pillar ratings limits this strategy to a Morningstar Medalist Rating of Neutral. The portfolio maintains a sizable cost advantage over competitors, priced within the least expensive fee quintile among peers.  

 The strategy earns a Low Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained a significant overweight position in liquidity exposure and volatility exposure compared with category peers. High liquidity exposure is attributed to stocks with a high trading volume, lending managers more flexibility. And high volatility exposure is rooted in stocks that have a higher standard deviation of returns. The team managing this passive strategy earns a Below Average People Pillar rating. The strategy's parent firm has some investor-friendly attributes, like overall low fees, but it is held back by a poor risk-adjusted track record. As a result, the firm gets an Average Parent Pillar rating.

Analyst Rating

Amazon

eBay

Carvana

Wayfair

Williams-Sonoma

Coupang

Chewy

Beyond Inc

FIGS

Buckle

Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category benchmark on a risk-adjusted basis over the long term. ProShares Long Online/Short Stores ETF earns a Low Process Pillar rating. The most notable detractor from the rating is the fund's weak long-term risk-adjusted performance. This can be seen in its five-year alpha calculated relative to the category index, which suggests that the process has struggled over that period. The parent firm's five-year retention rate of 58% also holds the rating back. The parent firm's five-year risk-adjusted success ratio of 38% further holds the process back. The measure indicates the percentage of a firm's funds that survived and beat their respective category's median Morningstar Risk-Adjusted Return for the period. The parent's modest success ratio suggests that the firm could do better across its fund lineup.

The investment strategy as stated in the fund's prospectus is:  The investment seeks investment results, before fees and expenses, that track the performance of the ProShares Long Online/Short Stores Index (the "index").  The fund invests in financial instruments that ProShare Advisors believes, in combination, and should track the performance of the index. The index consists of long positions in the online retailers included in the ProShares Online Retail Index and short positions in the "bricks and mortar" retailers included in the Solactive-ProShares Bricks and Mortar Retail Store Index. The fund is non-diversified. 

 The portfolio is overweight in consumer cyclical by 87.7 percentage points in terms of assets compared with the category average, and its real estate allocation is similar to the category. The sectors with low exposure compared to category peers are technology and industrials, underweight the average by 22.3 and 13.3 percentage points of assets, respectively. The strategy owns 24 securities and is relatively top-heavy. Of the strategy's assets, 50.9% are concentrated within the top 10 holdings, compared to the typical peer's 17.5%. And finally, in terms of portfolio turnover, on a year-over-year basis, 107% of the fund's holdings have turned over, whether through increasing, decreasing, or changing a position.

Process

ProShares’s team receives a Below Average People Pillar rating. The team is bolstered by the fund's structure. It tracks an index, which is helpful because historical data, such as Morningstar's Active/Passive Barometer, shows that index funds have generally outperformed their active counterparts, especially over the long term. However, the rating is held back by the parent firm's five-year success ratio of 27%. The measure indicates the percentage of a firm's funds that survived and outperformed their respective category's median return for the period. The parent's relatively low success ratio suggests that the firm could do better across its fund lineup. The parent firm's five-year retention rate of 58% also detracts from the team.

Below Average

People

In a competitive industry, ProShares doesn't differentiate itself enough, leading to an Average Parent Pillar rating. A strength of ProShares is that its product shelf of open-end and exchange-traded funds is, on average, offered at a minimal cost, suggesting that it considers what's best for its investor base. On average, fees for funds are in the lowest quintile of respective category peers. Looking at the firm's risk-adjusted performance, the product lineup compares similarly to competitors. Across its open-end and exchange-traded funds, the firm's average 10-year Morningstar Rating is 3.1 stars. ProShares has faced above-average manager turnover in the past five years. This is a concern, as long-term stability tends to support positive results.

Average

Parent

ProShares Long Online/Short Stores ETF

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