ETF Spotlight on the ProShares Large Cap Core Plus (NYSEArca: CSM), part of an ongoing series.
Assets: $205.1 million
Objective: The ProShares Large Cap Core Plus fund tries to reflect the performance of the Credit Suisse 130/30 Large Cap Index, which overweights attractive stocks while taking a short position in unfavorable stocks.
Holdings: Top holdings include Apple (NasdaqGS: AAPL) 2.0%, Exxon Mobil (NYSE: XOM) 1.6%, Berkshire Hathaway Inc. Class B (NYSE: BRK-B) 1.3%, Wells Fargo & Co (NYSE: WFC) 1.3% and Microsoft (NasdaqGS: MSFT).
What You Should Know:
- ProShares sponsors the fund.
- CSM has a 0.45% expense ratio.
- The fund is long 280 companies, and the top ten make up 12.3% of the overall portfolio.
- Market capitalization breakdown includes mega-caps 30.8%, large-caps 35.1% and mid-caps 33.8%.
- Sector allocations include basic materials 4.1%, consumer cyclical 11.0%, financial services 17.3%, real estate 3.0%, telecom services 3.6%, energy 9.5%, industrials 9.4%, tech 16.3%, consumer defensive 10.2%, healthcare 9.8% and utilities 5.8%.
- The ETF is up 4.6% over the past month, up 3.7% in the last three months and up 28.3% year-to-date.
- The underlying index overweights long positions in stocks with a favorable outlook but caps it to 30% overweight.
- The index also takes short positions in stocks with an unfavorable outlook but limits it to 30% short.
- CSM essentially takes a 130% long position and a 30% short position in a basket of large-cap stocks.
- The index reconstitutes holdings on a monthly basis.
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