ETF Trends | October 04, 2018
ETF Trends' contributor Brenton Garen says that consistent outperformance of the S&P 500 is rare in the U.S. large-cap space and in "5-, 10- and 15- year time periods, about 90-95 percent of active managers have underperformed the S&P 500." For investors disappointed with traditional active management, Garen highlights CSM, which has an impressive performance record and has outperformed the S&P 500 for 3-year, 5-year, and since-inception trailing periods. The article quotes ProShares' Leks Gerlak, who states that the index follows a disciplined investment strategy that "combines multiple well-established factors, offering less reliance on any one factor to achieve performance." See CSM performance and holdings.
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Geared (leveraged or short) ProShares ETFs seek returns that are a multiple of (e.g., 2x or -2x) the return of a benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, holding periods of greater than one day can result in returns that are significantly different than the target return and ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their holdings as frequently as daily. Investors should consult the prospectus for further details on the calculation of the returns and the risks associated with investing in this product.
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Market price returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. ET (when NAV is normally determined for most funds) and do not represent the returns you would receive if you traded shares at other times. Your brokerage commissions will reduce returns. Current performance may be lower or higher than the performance quoted. For standardized returns and performance data current to the most recent month end, see Performance (Strategic / Leveraged and Inverse).
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