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Launched · SEC filings

ProShares Global Listed Private Equity ETF

PEXCboeProSharesD

$23.53+0.50 (+2.17%)

As of Nov 2, 2026, 3:56 PM ET

D39/ 100

Rank 8 of 12 in Listed Private Markets

D39/100Rank 8 of 12inListed Private Markets
Intraday session: up, 77 prints from 23.03 to 23.53. Range 23.25 to 23.61. Use the arrow keys to read each point.23.1023.2023.3023.4023.6010 AM12 PM2 PM4 PM
Expense ratio
2.75%*
Fund size
$11M
1Y total return
−6.5%
Yield · Last 12 months
5.56%
Holdings
31
Avg volume · 30D
2.15K sh
52W range
low $20.49high $26.00
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 3.98%.

The ETF.net PEX Grade

Based on 5 of 6 pillars

D

Score 39 out of 100

Category
Listed Private Markets⁠
Rank
8 of 12
Six-pillar profile for PEX. Scores out of 100: Cost 43, Risk 55, Mission not scored, Tradability 22, Holdings 24, Durability 61. Strongest: Durability (61). Weakest: Tradability (22). Based on 5 of 6 pillars.

Score 39 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C43 out of 100
    Rank 7 of 12

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B55 out of 100
    Rank 5 of 12

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F22 out of 100
    Rank 12 of 12

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    F24 out of 100
    Rank 11 of 11

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B61 out of 100
    Rank 6 of 12

Our read on PEX

ETF.net Research

In short

DPEX owns the deal-doers, not the fee-collectors: about 30 listed companies that hold private businesses on their own balance sheets. The fee is 2.75% net of a waiver through September 30, 2027, and most of that sits inside the holdings.

Stated mandate

The Fund seeks to track, before fees and expenses, the performance of the LPX Direct Listed Private Equity Index.

Why people hold it

  • The index only admits companies where direct private equity stakes, cash and post-IPO holdings top 80% of assets: owners of private businesses, not managers taking fees.sec.govlpx-group.com
  • Listed since 2013, one of the longer-running ways to hold global listed private equity in a single ticker, with about 30 names and quarterly distributions.
  • Much of the headline cost comes from expenses inside the holdings, not advisory fees; the fund's own operating costs run under a waiver through September 30, 2027.sec.gov

Worth knowing

  • 2.75% net of a waiver through September 30, 2027 (3.98% gross) is above the category median; peers take cheaper routes, with GPZ at 0.40% and BUYO at 0.89%.
  • A small fund that trades thinly, so spreads tend to be wider and the share price can wander from the value of the basket more than in a mainstream index ETF.
  • Concentrated by design at about 30 names, and because the roster is global, currency moves in the foreign listings ride along with the returns.sec.gov

PEX Holdings

Holdings pillarF24 out of 100Rank 11 of 11 in Listed Private Markets
Asset class
Other
Holdings
31
Top-10 weight
64%
Largest holding
III9.9%

Sectors

  • Financials94.8%
  • Industrials3.4%
  • Health Care1.5%
  • Materials0.3%

Geography

  • United States47.61%
  • United Kingdom18.88%
  • Belgium10.38%
  • Canada7.61%
  • France7.25%
  • Sweden4.14%
  • Switzerland2.47%
  • Bermuda1.66%

Developed 97% · Emerging 3% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1III3I Group PLC9.89%32,089$1.05M64
2ARCCAres Capital Corp9.80%54,607$1.04M17
3SOFSofina8.27%2,865$880K10
4No dataOnex Corporation7.61%10,786$810K1
5MAINMain Street Capital Corp7.49%14,433$798K13
6GBDCGolub Capital Bdc Inc4.49%37,575$478K11
7FSKFs Kkr Capital Corp4.39%42,372$467K9
8HTGCHercules Capital Inc4.31%27,643$459K9
9MFWendel3.70%4,129$394K4
10RFEurazeo SE3.56%6,863$379K316
11No dataHgcapital Trust PLC3.22%64,783$343K1
12No dataBrookfield Business Corp Common Stock Cad2.87%10,700$306K1
13No dataKinnevik Ab - B2.73%40,397$291K1
14TSLXSixth Street Specialty Lendi2.73%16,484$291K13
15No dataHbm Healthcare Ivst-A2.44%957$260K1

Showing 1–15 of 31 holdings

PEX Performance

Launched Feb 26, 2013

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

PEX$9,345
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. PEX $9,345. SPY $11,199. Use the arrow keys to read each point.$9,000$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for PEX. Periods over one year show the average yearly return.
PeriodPEX
Year to date−5.6%
1 month+2.4%
3 months+1.3%
1 year−6.5%
3 yearsper year+8.1%
5 yearsper year−0.6%
10 yearsper year+5.0%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PEX
YearReturn barPEX
2026 YTD−5.6%
2025+0.3%
2024+13.1%
2023+23.2%
2022−26.0%
2021+28.3%
2020−1.1%

PEX in the news

PEX Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
5.56%Last 12 months
Payout per share
$1.28Last 12 months
Last payment
$0.25 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Twice a year

Distribution history

2017–2026

One bar per payment. 36 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.17; Jun 21, 2017 $1.49; Sep 27, 2017 $1.17; Dec 26, 2017 $5.86; Mar 21, 2018 $0.03; Jun 20, 2018 $0.20; Sep 26, 2018 $0.67; Dec 26, 2018 $0.50; Mar 20, 2019 $0.06; Jun 25, 2019 $0.65; Sep 25, 2019 $0.54; Dec 24, 2019 $1.49; Mar 25, 2020 $0.18; Jun 24, 2020 $0.16; Sep 23, 2020 $0.95; Dec 23, 2020 $0.47; Mar 23, 2021 $0.68; Jun 22, 2021 $1.28; Sep 22, 2021 $1.28; Dec 23, 2021 $1.66; Mar 23, 2022 $0.09; Dec 22, 2022 $0.37; Mar 22, 2023 $0.60; Jun 21, 2023 $0.86; Sep 20, 2023 $1.29; Dec 20, 2023 $0.92; Mar 20, 2024 $0.43; Jun 26, 2024 $1.33; Sep 25, 2024 $1.20; Dec 23, 2024 $0.96; Mar 26, 2025 $0.41; Jun 25, 2025 $0.81; Sep 24, 2025 $0.92; Dec 24, 2025 $1.02; Mar 25, 2026 $0.01; Sep 23, 2026 $0.25. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.25
Mar 25, 2026Mar 31, 2026$0.01
Dec 24, 2025Dec 31, 2025$1.02
Sep 24, 2025Sep 30, 2025$0.92
Jun 25, 2025Jul 1, 2025$0.81
Mar 26, 2025Apr 1, 2025$0.41
Dec 23, 2024Dec 31, 2024$0.96
Sep 25, 2024Oct 2, 2024$1.20
Jun 26, 2024Jul 3, 2024$1.33
Mar 20, 2024Mar 27, 2024$0.43
Dec 20, 2023Dec 28, 2023$0.92
Sep 20, 2023Sep 27, 2023$1.29

See all 51 payments⁠

$10,000 in PEX 10 years ago paid $8,579 in dividends.⁠

PEX Risk

Risk pillarB55 out of 100Rank 5 of 12 in Listed Private Markets
How much the fund’s monthly returns vary, scaled to a year.
14.1%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.31
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−36.6%
Trough Sep 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.80
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

PEX Cost

Compare PEX and GPZ

Overpaying vs GPZ, cheapest in Listed Private Markets

$33,176

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PEX 2.75%

    $41,266

  • GPZ 0.40% Cheapest

    $8,090

$10,000
30 years

Cost over time

  • PEX 2.75%
  • GPZ 0.40%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K$50K051015202530PEX $41,266GPZ $8,090

Year by year

YearPEXGPZOverpaying
10$4,509$723$3,786
20$15,708$2,793$12,915
30$41,266$8,090$33,176
How the 2.75% is worked out

Full fee 3.98%− waiver 1.23%= you pay 2.75%

The waiver ends Sep 30, 2027. After that the fee is 3.98% unless ProShares renews it. Source: prospectus, Sep 2026.

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