ProShares UltraPro Financial Select Sector
Data updated: 2020-04-28
C000113858 — ProShares UltraPro Financial Select Sector. Leveraged · $14.20M AUM · 0.95% expense ratio. Holdings, fees, performance and SEC filings.
C000113858 Fund Overview
ProShares UltraPro Financial Select Sector is a US mutual fund managed by Proshares Trust, categorised as Leveraged. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Proshares Trust
- Category: Leveraged
- Assets under management: $14.20M
- SEC CIK: 0001174610
- SEC series ID: S000037029
- Share class ID: C000113858
C000113858 Investment Objective and Strategy
ProShares UltraPro Financial Select Sector describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Proshares Trust.
Investment objective
The Fund seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Index. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.
Principal investment strategy
The Fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Funds investment objective. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the financial industry group of the S&P 500 Index (S&P 500). The Index is one of eleven (11) of the S&P Select Sector Indices (the Select Sector Indices), each designed to measure the performance of a sector of the S&P 500. Membership in the Select Sector Indices is generally determined by the Global Industry Classification Standard (GICS) which classifies securities primarily based on revenues; however, earnings and market perception are also considered. The Index consists of companies in the financials sector, including companies involved in banking, thrifts & mortgage finance, specialized finance, consumer finance, asset management and custody banks, investment banking and brokerage and insurance.
The financials sector also includes certain real estate investment trusts (REITs). The Index is sponsored by Standard & Poors (the Index Provider), which is not affiliated with the Fund or ProShare Advisors. The Index Provider determines the composition of the Index and relative weightings of the Index constituents, and publishes information regarding the market value of the Index. The components of the Index may change over time. The Index is published under the Bloomberg ticker symbol IXMTR. The Fund will invest principally in the financial instruments set forth below. The Fund expects that its cash balances maintained in connection with the use of financial instruments will typically be held in money market instruments. Equity Securities The Fund invests in common stock issued by public companies.
Derivatives The Fund invests in derivatives, which are financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds or funds (including exchange-traded funds (ETFs)), interest rates or indexes. The Fund invests in derivatives as a substitute for investing directly in stocks in order to seek returns for a single day that are leveraged (3x) to the returns of the Index for that day. These derivatives principally include: Swap Agreements Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined investments or instruments.
The gross return to be exchanged or swapped between the parties is calculated with respect to a notional amount, e.g., the return on or change in value of a particular dollar amount invested in a basket of securities or an ETF representing a particular index. Money Market Instruments The Fund invests in short-term cash instruments that have a remaining maturity of 397 days or less and exhibit high quality credit profiles, for example: U.S. Treasury Bills U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government. Repurchase Agreements Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.
Repurchase agreements are primarily used by the Fund as a short-term investment vehicle for cash positions. ProShare Advisors uses a mathematical approach to investing. Using this approach, ProShare Advisors determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Funds investment objective. The Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure with aggregate characteristics similar to those of a multiple of the single day returns of the Index. In managing the assets of the Fund, ProShare Advisors does not invest the assets of the Fund in securities or financial instruments based on ProShare Advisors view of the investment merit of a particular security, instrument, or company, nor does it conduct conventional investment research or analysis or forecast market movement or trends.
The Fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide leveraged exposure to the single day returns of the Index, consistent with its investment objective, without regard to market conditions, trends or direction. The Fund seeks investment results for a single day only as calculated from NAV to NAV, not for any other period. The Fund seeks to engage in daily rebalancing to position its portfolio so that its exposure to the Index is consistent with the Funds daily investment objective. The Indexs movements during the day will affect whether the Funds portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise. As a result, the Funds exposure will need to be increased.
Conversely, if the Index has fallen on a given day, net assets of the Fund should fall. As a result, the Funds exposure will need to be decreased. Daily rebalancing and the compounding of each days return over time means that the return of the Fund for a period longer than a single day will be the result of each days returns compounded over the period, which will very likely differ in amount, and possibly even direction, from three times (3x) the return of the Index for the same period. The Fund will lose money if the Indexs performance is flat over time, and it is possible that the Fund will lose money over time regardless of the performance of the Index, as a result of daily rebalancing, the Indexs volatility, compounding and other factors. See Principal Risks, below. The Fund will concentrate its investments in a particular industry or group of industries to approximately the same extent as the Index is so concentrated.
As of the close of business on May 31, 2018, the Index was concentrated in the financials, banks and diversified financials industry groups. Please see Investment Objectives, Principal Investment Strategies and Related Risks in the Funds Full Prospectus for additional details.
C000113858 Costs and Fees
C000113858 costs about $95 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.95%
- Gross expense ratio: 1.23%
- Portfolio turnover: 21%
- Brokerage commissions: 0.48 bps of average net assets (SEC N-CEN)
C000113858 Cashflows
Over the 12 months to 2020-02, ProShares UltraPro Financial Select Sector had net outflows of $10.05M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-02 | −$2.72M |
| 2020-01 | $0 |
| 2019-12 | −$2.81M |
| 2019-11 | $0 |
| 2019-10 | −$2.33M |
| 2019-09 | −$2.18M |
C000113858 Debt Constituents
No individual debt constituents are reported in ProShares UltraPro Financial Select Sector's latest SEC N-PORT filing.
C000113858 Prospectus and SEC Filings
Official ProShares UltraPro Financial Select Sector filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Leveraged funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.