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Critical Facts You Need to Know About Preferred Stocks
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Rating
Sector Rating
Recommendation *
Avoid
Neutral
Fair
Quality
Rating Breakdown
Avg.
Relative Strength
The relative strength of a dividend stock indicates whether the stock is uptrending or not. The major determining factor in this rating is whether the stock is trading close to its 52-week-high.
Overall Yield Attractiveness
If a stock’s yield is above or near the market average then it will be rated higher within this parameter. High dividend yields (usually over 10%) should be considered extremely risky, while low dividend yields (1% or less) are simply not very beneficial to long-term investors.
Dividend Reliability
A stock’s dividend reliability is determined by a healthy payout ratio that is higher than other stocks. A company that pays out close to half its earnings as dividends and retains the other half of earnings has ample room to grow its business and pay out more dividends in the future.
Dividend Uptrend
A stock’s Dividend Uptrend rating is dependent on the company’s price-to-earnings (P/E) ratio to evaluate whether or not a stock’s dividend is likely to trend upward. If a stock is valued near, or slightly below the market average, research has shown that the market expects the stock’s dividend to increase.
Earnings Growth
A stock’s Earnings Growth rating evaluates a company’s expected EPS for the current financial year and compares it to next financial year’s expected EPS. Stocks with single-digit growth estimates will have a higher rating than others, as our research has shown that well-established dividend-paying companies have modest earnings growth estimates.
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ProShares Merger ETF
ETF
MRGR
Payout Change
Pending
Price as of:
$39.955
-0.02
-0.05%
primary theme
N/A
MRGR (ETF)
ProShares Merger ETF
Payout Change
Pending
Price as of:
$39.955
-0.02
-0.05%
primary theme
N/A
MRGR (ETF)
ProShares Merger ETF
Payout Change
Pending
Price as of:
$39.955
-0.02
-0.05%
primary theme
N/A
Name
As of 12/01/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
2.8%
1 yr return
3.0%
3 Yr Avg Return
1.5%
5 Yr Avg Return
2.1%
Net Assets
$26.8 M
Holdings in Top 10
58.1%
52 WEEK LOW AND HIGH
$40.0
$37.89
$39.98
Expenses
OPERATING FEES
Expense Ratio 1.45%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 12/01/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
MRGR - Profile
Distributions
- YTD Total Return 2.8%
- 3 Yr Annualized Total Return 1.5%
- 5 Yr Annualized Total Return 2.1%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.65%
- Dividend Yield 1.1%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameProShares Merger ETF
-
Fund Family NameProShares Trust
-
Inception DateDec 11, 2012
-
Shares Outstanding1750001
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerScott Hanson
Fund Description
The Fund is designed to track the performance of the Index and provide exposure to a global merger arbitrage strategy.The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index, and by extension the Fund, seeks to produce consistent, positive returns in virtually all market environments, although there are no assurances it will achieve this result. A global merger arbitrage strategy seeks to capture the spread between the price at which the stock of a company (each such company, a “Target”) trades after a proposed acquisition of such Target is announced and the value (cash plus stock) that the acquiring company (the “Acquirer”) has proposed to pay for the stock of the Target (a “Spread”). Such a Spread typically exists due to the uncertainty that the announced merger, acquisition or other corporate reorganization (each, a “Deal”) will close, and if it closes, that such Deal will be at the initially proposed economic terms. For Deals that close, the price of the Target after the Deal is announced is expected to approach the proposed acquisition price by the closing date of the Deal, resulting in a gain to strategies such as the Index’s, which attempt to capture this Spread. The size of the Spread will depend on several factors, including the perceived risk of the Deal closing and the length of time expected until the Deal is completed. For Deals that are not consummated, the price of the Target commonly falls back to pre-announcement levels, typically resulting in significant losses well in excess of the post-announcement Spread the strategy attempts to capture.To obtain exposure to the Index, the Fund takes long positions in shares of the Target. The Fund also takes short positions in shares of the Acquirer when the Deal involves an exchange of the Acquirer’s stock. The short positions are intended to reduce the effect that declines in the value of the Acquirer’s stock could have on the Spread. The Index, created by Standard & Poor’s®, is comprised of a maximum of 80 companies, including up to 40 companies that are currently targets in merger deals, which are represented by long positions in the index, and up to 40 companies that are currently acquirers for the same stock merger deals, which are represented by short positions in the Index. The Index includes a cash component, which earns the three-month U.S. Treasury Bill rate. When Deals enter the Index, the weight in long positions of Targets is initiated at three percent (3%) and the initial weight in short positions of Acquirers ranges between zero and three percent (0% and 3%), depending on the terms of the Deal. The sum of initial net exposure for the Fund (i.e., the difference between: (a) the Fund’s total long exposure; and (b) the Fund’s total short exposure) is limited to between zero and one hundred percent (0% and 100%). The Index also includes a Treasury bill component which constitutes the remainder of the Index when net exposure from included Deals is less than 100%. When Deals enter the Index, the initial long position weight may be adjusted so that the Treasury bill component is not less than 0.5%.Certain Deals are screened out based on liquidity, size, and Spread between the Deal price and the Target’s stock price. Additions and deletions occur on a rolling basis. Returns are expected to be uncorrelated to equity markets over time. The Index is denominated in local currencies, and the Fund will generally seek to hedge against fluctuations between the value of the U.S. Dollar and the currencies in which the securities are denominated. The Fund will utilize financial instruments such as currency forward contracts to seek to offset its total equity exposure to each currency. The Index is published under the Bloomberg ticker symbol “SPLSALP.”The Fund will generally not short any stocks directly but will generally obtain short exposure through derivatives.Under normal circumstances, the Fund will invest at least 80% of its total assets in component securities of the Index or in instruments with similar economiccharacteristics.The Fund will invest principally in the financial instruments listed below.•Equity Securities — Common stock issued by public companies.•Derivatives — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives as a substitute for investing directly in or making short sales of the securities of the Index, as well as for effecting currency hedging transactions. 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 or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.○Forward Contracts — Two-party contracts where a purchase or sale of a specific quantity of a commodity, security, foreign currency or other financial instrument is entered into with dealers or financial institutions at a set price, with delivery and settlement at a specified future date. Forward contracts may also be structured for cash settlement, rather than physical delivery.•Money Market Instruments — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, 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.ProShare Advisors uses a mathematical approach to investing in which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, 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 consistent with the investmentobjective.Please see “InvestmentObjectives, Principal Investment Strategies and Related Risks”in the Fund’s Prospectus for additionaldetails.
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MRGR - Performance
Return Ranking - Trailing
| Period | MRGR Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.8% | -11.6% | 15.8% | 36.00% |
| 1 Yr | 3.0% | -33.0% | 41.7% | 55.34% |
| 3 Yr | 1.5%* | -10.5% | 13.4% | 32.65% |
| 5 Yr | 2.1%* | -4.8% | 11.1% | 62.65% |
| 10 Yr | 1.4%* | -4.6% | 7.6% | N/A |
* Annualized
Return Ranking - Calendar
| Period | MRGR Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -5.4% | -31.7% | 23.2% | 38.78% |
| 2021 | 5.9% | -20.7% | 10.7% | 22.68% |
| 2020 | 2.0% | -12.4% | 14.7% | 16.67% |
| 2019 | 3.5% | -13.2% | 12.9% | 49.37% |
| 2018 | 2.0% | -11.7% | 7.9% | 87.14% |
Total Return Ranking - Trailing
| Period | MRGR Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.8% | -11.7% | 15.8% | 36.00% |
| 1 Yr | 3.0% | -33.0% | 41.7% | 48.54% |
| 3 Yr | 1.5%* | -10.5% | 13.4% | 29.59% |
| 5 Yr | 2.1%* | -4.8% | 11.1% | 60.24% |
| 10 Yr | 1.4%* | -4.6% | 7.6% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | MRGR Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -4.8% | -31.7% | 23.2% | 38.78% |
| 2021 | 6.6% | -20.7% | 10.7% | 22.68% |
| 2020 | 2.0% | -12.4% | 14.7% | 25.56% |
| 2019 | 4.3% | -12.7% | 12.9% | 69.62% |
| 2018 | 3.4% | -11.5% | 13.2% | 87.14% |
MRGR - Holdings
Concentration Analysis
| MRGR | Category Low | Category High | MRGR % Rank | |
|---|---|---|---|---|
| Net Assets | 26.8 M | 105 K | 12.6 B | 77.88% |
| Number of Holdings | 34 | 5 | 2526 | 86.54% |
| Net Assets in Top 10 | 8.07 M | -619 M | 6.53 B | 69.23% |
| Weighting of Top 10 | 58.09% | 7.6% | 96.1% | 3.66% |
Top 10 Holdings
- Repurchase Agreement 19.82%
- Repurchase Agreement 8.42%
- Repurchase Agreement 6.53%
- Repurchase Agreement 5.37%
- Repurchase Agreement 4.83%
- Earthstone Energy, Inc., Class A 2.72%
- Dechra Pharmaceuticals plc 2.64%
- Magellan Midstream Partners LP 2.63%
- Desktop Metal, Inc., Class A 2.58%
- Origin Energy Ltd. 2.55%
Asset Allocation
| Weighting | Return Low | Return High | MRGR % Rank | |
|---|---|---|---|---|
| Stocks | 49.42% | -57.09% | 325.56% | 10.58% |
| Other | 46.93% | -11.90% | 43.69% | 70.19% |
| Cash | 1.02% | -225.56% | 102.75% | 78.85% |
| Preferred Stocks | 0.00% | 0.00% | 5.67% | 74.04% |
| Convertible Bonds | 0.00% | 0.00% | 95.47% | 80.77% |
| Bonds | 0.00% | -1.04% | 63.30% | 79.81% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MRGR % Rank | |
|---|---|---|---|---|
| Technology | 30.88% | 0.00% | 100.00% | 18.28% |
| Industrials | 14.77% | 0.00% | 27.58% | 24.73% |
| Healthcare | 14.11% | 0.00% | 27.28% | 20.43% |
| Communication Services | 12.24% | 0.00% | 33.72% | 44.09% |
| Financial Services | 8.23% | 0.00% | 98.37% | 30.11% |
| Real Estate | 8.12% | 0.00% | 93.91% | 89.25% |
| Utilities | 3.01% | 0.00% | 66.28% | 44.09% |
| Consumer Defense | 2.88% | 0.00% | 30.58% | 44.09% |
| Consumer Cyclical | 2.88% | 0.00% | 29.06% | 48.39% |
| Energy | 2.87% | 0.00% | 53.30% | 89.25% |
| Basic Materials | 0.00% | 0.00% | 42.74% | 96.77% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MRGR % Rank | |
|---|---|---|---|---|
| US | 39.88% | -55.82% | 325.56% | 9.62% |
| Non US | 9.55% | -7.09% | 86.98% | 10.58% |
MRGR - Expenses
Operational Fees
| MRGR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.45% | 0.73% | 9.52% | 17.48% |
| Management Fee | 0.75% | 0.13% | 1.65% | 19.23% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.06% | 0.40% | N/A |
Sales Fees
| MRGR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.75% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| MRGR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| MRGR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 30.00% | 483.00% | 78.65% |
MRGR - Distributions
Dividend Yield Analysis
| MRGR | Category Low | Category High | MRGR % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.05% | 0.00% | 0.75% | 62.50% |
Dividend Distribution Analysis
| MRGR | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| MRGR | Category Low | Category High | MRGR % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.65% | -2.49% | 4.20% | 45.63% |
Capital Gain Distribution Analysis
| MRGR | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 27, 2023 | $0.105 | OrdinaryDividend |
| Jun 28, 2023 | $0.117 | OrdinaryDividend |
| Mar 29, 2023 | $0.050 | OrdinaryDividend |
| Dec 30, 2022 | $0.237 | OrdinaryDividend |
| Dec 31, 2021 | $0.030 | OrdinaryDividend |
| Sep 29, 2021 | $0.109 | OrdinaryDividend |
| Jun 29, 2021 | $0.015 | OrdinaryDividend |
| Mar 30, 2021 | $0.092 | OrdinaryDividend |
| Jan 02, 2020 | $0.216 | OrdinaryDividend |
| Oct 02, 2019 | $0.048 | OrdinaryDividend |
| Jul 02, 2019 | $0.035 | OrdinaryDividend |
| Jan 03, 2019 | $0.005 | OrdinaryDividend |
| Oct 03, 2018 | $0.445 | OrdinaryDividend |
| Jun 27, 2018 | $0.064 | OrdinaryDividend |
| Jan 04, 2018 | $0.030 | OrdinaryDividend |
| Oct 05, 2017 | $0.101 | OrdinaryDividend |
| Dec 30, 2016 | $0.210 | OrdinaryDividend |
| Jun 30, 2016 | $0.055 | OrdinaryDividend |
| Dec 31, 2015 | $0.076 | OrdinaryDividend |
| Jul 02, 2015 | $0.022 | OrdinaryDividend |
| Apr 02, 2015 | $0.026 | OrdinaryDividend |
| Dec 31, 2014 | $0.195 | OrdinaryDividend |
| Apr 01, 2014 | $0.049 | OrdinaryDividend |
| Dec 31, 2013 | $0.301 | OrdinaryDividend |
| Oct 01, 2013 | $0.038 | OrdinaryDividend |
| Jul 02, 2013 | $0.575 | OrdinaryDividend |
| Mar 26, 2013 | $0.012 | OrdinaryDividend |
MRGR - Fund Manager Analysis
Managers
Scott Hanson
Start Date
Tenure
Tenure Rank
Aug 31, 2016
5.75
5.8%
Scott Hanson is Portfolio Manager at ProShare Advisors since August 2016, Associate Portfolio Manager from May 2012 to August 2016 and Senior Portfolio Analyst from August 2010 to May 2012.
Alexander Ilyasov
Start Date
Tenure
Tenure Rank
Aug 14, 2020
1.79
1.8%
Alexander Ilyasov, ProShare Advisors: Senior Portfolio Manager since October 2013 and Portfolio Manager from November 2009 through September 2013. ProFund Advisors LLC: Senior Portfolio Manager since October 2013 and Portfolio Manager from November 2009 through September 2013. World Asset Management, Inc.: Portfolio Manager from January 2006 through November 2009. Ilyasov joined WAM’s predecessor entity in September 2005 as a member of its International Investment Team. Since joining in 2005, he has been involved in supporting WAM’s international equity product line.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 30.59 | 6.3 | 9.42 |
