CNBC | October 11, 2020
In an interview with CNBC’s Bob Pisani, ProShares’ Simeon Hyman, CFA discusses the ProShares Long/Online Short Stores ETF (CLIX) and the retail disruption opportunity. Hyman makes the case that the trend toward online shopping is likely to continue into 2021. He states the pandemic accelerated this trend, with online sales increasing by 45% in Q2 2020 over Q2 2019. However, even with this increase, online retail still only made up 16% of total retail sales, leaving 84% of spending in bricks-and-mortar stores--although fundamentals and valuations are pointing toward online retailers. 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 revenue from physical stores. See CLIX performance. High short-term performance is unusual and investors should not expect such performance to be repeated.
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