Long Online/Short Stores ETF  - CLIX Long Online/Short Stores ETF

ProShares Long Online/Short Stores ETF seeks investment results, before fees and expenses, that correspond to the performance of the ProShares Long Online/Short Stores Index.

  • E-commerce sales are growing at a rapid pace and undermining in-store retail as consumer habits change and shoppers move online. As popular as they may seem now, online retailers like Amazon and Alibaba only account for about 10% of global retail sales, leaving tremendous room for growth.
  • Physical retailers are under immense pressure. Sales have been declining and profit margins are approaching lows not seen since the recession. Over 30 major retailers have declared bankruptcy in the past three years, and longstanding names like J.C. Penney and Macy’s are struggling to remain viable.
  • CLIX combines a 100% long position in retailers that primarily sell online or through other non-store channels with a 50% short position in those that rely principally on physical stores. Investors have the opportunity to benefit from both outperforming online and underperforming physical retailers. The long/short structure also reduces equity market exposure and potentially results in less volatility than long-only equity strategies.
  • Learn More about ProShares Retail Disruption ETFs.
  • Watch The Street interview with Simeon Hyman for more about the secular decline of bricks-and-mortar retailers.
  • Subscribe The U.S. Census Bureau released new quarterly e-commerce data. Get it in our Retail Disruption Quarterly Highlights.

Index/Benchmark Summary

The ProShares Long Online/Short Stores Index combines two specialized retail indexes into one. It is 100% long the ProShares Online Retail Index, which tracks retailers that primarily sell online or through other non-store channels, and 50% short the Solactive-ProShares Bricks and Mortar Retail Store Index that brings together traditional in-store retailers. The positions are rebalanced monthly:

Retailers in the 100% long portion of the index include U.S. and non-U.S. companies. To be eligible, retailers must: be classified as an online retailer, an e-commerce retailer, or an internet or direct marketing retailer, according to standard industry classification systems; have a market capitalization of at least $500 million; and have a six-month daily average value traded of at least $1 million and meet other requirements. When the index is rebalanced, it is weighted so that no company may exceed 24% of the value of the index, the sum of companies individually weighing more than 4.5% may not exceed 50% of the value of the index, and the total weight of all non-U.S. companies will be capped at 25% of the value of the index. The long portion of the index is rebalanced monthly and reconstituted annually.

Retailers in the 50% short portion of the index must be characterized as receiving at least 50% of its revenue from retail operations; receive 75% or more of its retail revenues from in-store sales; and be a U.S. company. In addition, a retailer must have a market capitalization of at least $500 million, a six-month daily average value traded of at least $1 million, and meet other requirements. The short portion of the index is rebalanced monthly and reconstituted annually.

Click here to learn more about the index.

As of 12/31/18

Fundamentals

Total Number
of Companies
Price/Earnings
Ratio
Price/Book
Ratio
Average Index Market
Capitalization
Long Short Long Short Long Short Long Short
21 56 98.15 13.38 5.57 1.97 $62.66 billion $20.3 billion
Index Companies (Long) Weight
AMAZON.COM INC 23.89%
ALIBABA GROUP HOLDING-SP ADR 15.98%
CHEGG INC 4.55%
GROUPON INC 4.54%
EBAY INC 4.52%
QURATE RETAIL INC 4.52%
WAYFAIR INC- CLASS A 4.50%
NETFLIX INC 4.50%
ETSY INC 4.50%
SHUTTERFLY INC 4.35%
NUTRISYSTEM INC 4.17%
MERCADOLIBRE INC 3.08%
JD.COM INC-ADR 3.06%
VIPSHOP HOLDINGS LTD - ADR 2.94%
STITCH FIX INC-CLASS A 2.35%
DULUTH HOLDINGS INC - CL B 2.35%
PETMED EXPRESS INC 1.59%
OVERSTOCK.COM INC 1.49%
LANDS' END INC 1.46%
1-800-FLOWERS.COM INC-CL A 1.37%
BLUE APRON HOLDINGS INC-A 0.28%
Index Companies (Short) Weight
RITE AID CORP 1.87%
GENESCO INC 1.84%
FIVE BELOW 1.83%
WALMART INC 1.82%
COSTCO WHOLESALE CORP 1.82%
TIFFANY & CO 1.82%
WEIS MARKETS INC 1.81%
FOOT LOCKER INC 1.81%
OFFICE DEPOT INC 1.81%
HOME DEPOT INC 1.81%
DOLLAR GENERAL CORP 1.81%
OLLIE'S BARGAIN OUTLET HOLDI 1.81%
BUCKLE INC/THE 1.81%
DSW INC-CLASS A 1.81%
LOWE'S COS INC 1.81%
SHERWIN-WILLIAMS CO/THE 1.80%
SIGNET JEWELERS LTD 1.80%
WALGREENS BOOTS ALLIANCE INC 1.80%
ETHAN ALLEN INTERIORS INC 1.80%
TRACTOR SUPPLY COMPANY 1.80%
TAILORED BRANDS INC 1.80%
CONN'S INC 1.79%
CATO CORP-CLASS A 1.79%
AUTOZONE INC 1.79%
TJX COMPANIES INC 1.79%
SPROUTS FARMERS MARKET INC 1.79%
DILLARDS INC-CL A 1.79%
TARGET CORP 1.79%
TAPESTRY INC 1.79%
ROSS STORES INC 1.79%
ZUMIEZ INC 1.79%
DOLLAR TREE INC 1.78%
CHICO'S FAS INC 1.78%
MACY'S INC 1.78%
BEST BUY CO INC 1.78%
KROGER CO 1.78%
O'REILLY AUTOMOTIVE INC 1.78%
GAP INC/THE 1.78%
GAMESTOP CORP-CLASS A 1.77%
BIG LOTS INC 1.77%
BED BATH & BEYOND INC 1.77%
ULTA BEAUTY INC 1.77%
KOHLS CORP 1.77%
MICHAELS COS INC/THE 1.77%
DICK'S SPORTING GOODS INC 1.77%
CALERES INC 1.77%
BURLINGTON STORES INC 1.77%
NORDSTROM INC 1.76%
LUMBER LIQUIDATORS HOLDINGS 1.76%
SALLY BEAUTY HOLDINGS INC 1.76%
J.C. PENNEY CO INC 1.76%
AMERICAN EAGLE OUTFITTERS 1.75%
L BRANDS INC 1.74%
CHILDREN'S PLACE INC/THE 1.73%
ASCENA RETAIL GROUP INC 1.71%
EXPRESS INC 1.69%