Proshares Global Listed Private Equity
ALTAR
Score™
3.0% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
12.5x P/Sales
ratio
1.9x
P/BV
ratio
1.0x Div.
yield
6.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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.

FUND BASICS
Category Global Equities
Fund Sponsor ProShare Advisors LLC
Website www.proshares.com
Inception date Feb 28, 2013
Assets (mns) $21
Currency USD
Expense ratio 313 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 30
Wgt avg mkt cap (mns) $4,194
Large cap (>$10bn) 11.0%
Mid cap ($2-10bn) 42.3%
Small cap (<$2bn) 42.9%
Developed mkts 99.6%
Emerging mkts 0.4%

TOP TEN HOLDINGS
3I GROUP PLC 10.4 %
ARES CAPITAL CORP 10.0 %
ONEX CORPORATION 9.5 %
WENDEL 6.6 %
FS INVESTMENT CORP 5.8 %
EURAZEO 4.7 %
MAIN STREET CAPITAL CORP 4.5 %
GOLUB CAPITAL BDC INC 4.4 %
PROSPECT CAPITAL CORP 3.7 %
ROCKET INTERNET SE 3.4 %
Total 63.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 48.0 %
BRITAIN 11.8 %
FRANCE 11.3 %
CANADA 9.5 %
GERMANY 5.2 %
SWITZERLAND 2.8 %
BELGIUM 2.2 %
SWEDEN 1.5 %
MALTA 0.5 %


HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-0.4% 14.5% 7.5% -- 7.2%

Market Correlations
versus... Beta R-squared
S&P500 0.76 65%
MSCI EAFE 0.91 76%
MSCI Emg. Mkts. 0.54 47%

Technical Indicators
Recent close $35.03
30d moving avg. $34.77
Annualized volatility 11.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.2%
Bid/Ask (% of price) 0.26%
ADV underlying (mns) $176

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Proshares Global Listed Private Equity ETF based on the alternatives' overlap in portfolio holdings with PEX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PEX Expense: 313 bp ALTAR Score™: 3.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PEX
Ticker Fund
Name
Overlap1
vs PEX
(%)
Expense
ratio
(bp)
Savings
vs PEX
(bp)
ALTAR
Score™
(%)
ALTAR
vs PEX
(%)
BIZD VanEck Vectors BDC Income 45.9 962 -649 0.8 -2.2
PSP Invesco Global Listed Private Equity 36.4 178 135 3.4 +0.4
KBWD Invesco KBW High Dividend Financial 13.7 242 71 8.0 +5.0
FCAN First Trust Canada 4.4 80 233 5.6 +2.6
KNOW Direxion All-Cap Insider Sentiment 2.8 59 254 7.7 +4.7
FKU First Trust United Kingdom 2.4 80 233 8.9 +5.9
SMEZ SPDR Euro Stoxx Small Cap 2.2 46 267 5.2 +2.2
DIV Global X SuperDividend US ETF 2.2 45 268 7.4 +4.4
EUDV ProShares MSCI Europe Dividend Growers 1.7 55 258 6.3 +3.3
FEP First Trust Europe AlphaDEX 1.6 80 233 7.2 +4.2
EWGS iShares MSCI Germany Small Cap 1.5 59 254 5.2 +2.2
FEUZ First Trust Eurozone AlphaDex 1.5 80 233 7.0 +4.0
FDT First Trust Developed Markets ex-US AlphaDEX 1.3 80 233 8.1 +5.1
EUFN iShares MSCI Europe Financial Sector 1.2 48 265 8.6 +5.6
EFAD ProShares EAFE Dividend Growers 1.1 50 263 6.1 +3.1
INTF iShares FactorSelect MSCI International 1.1 30 283 7.9 +4.9
OEUR O'Shares FTSE Europe Quality Dividend 1.0 48 265 6.3 +3.3
IPKW Invesco International BuyBack Achievers Portfolio 1.0 55 258 9.1 +6.1
EBIZ Global X E-commerce 1.0 68 245 2.7 -0.3
VAMO Cambria Value & Momentum 0.9 64 249 6.9 +3.9

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Proshares Global Listed Private Equity
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 6.3 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 313 bp
Equals: ALTAR Score 3.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.47 CATEGORY
AVERAGE
1.55
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.