- Last Ratings Update:03/31/2014
- Price as of 03/31/2014 :$107.72
- Net Assets:$24.2 Million
- Peer Rank:134 of 272
- Investment Rating:C+
We rate ProShares Ultra SmallCap 600 at C+. This overall rating indicates it is among the top 10% of all closed end mutual funds in its peer group. Positive factors that influence this rating include a well above average total return, low price volatility and low expense structure. The fund invests approximately 100% of its assets in stocks and may be considered for investors seeking a Growth - Domestic strategy.
POSITIVES AND RISKS
Total return ranks very high in comparison with peers over the last three years. The ProShares Ultra SmallCap 600 has returned an annual rate of 6.85% since inception. More recently, the fund has generated a total return of 42.47% in the last five years, 25.84% in the last three years, and 62.65% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 99% of them. It has also outpaced 98% of its competitors on a three year basis and 98% of them over the last year for the period ending 3/31/2014. On a year to date basis, SAA has returned -1.31%.
Downside risk has been above average. SAA has a draw down risk of -42.79%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 33.5%. This fund has experienced excessive volatility in its monthly performance over the last 36 months. As of 3/31/2014, the fund was trading at a price of $107.72, which is 4.5% below its 52-week high of $112.82 and 5.3% above its 52-week low of $102.27.
High expense ratio hinders performance. On total assets of $24.20 million, SAA maintains a high expense ratio compared to its Growth - Domestic peers of 0.95% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As SAA is an exchange traded fund, it has no front end or back end load.
The ProShares Ultra SmallCap 600 is managed by Michael Neches at ProShare Advisors LLC. This fund is one of 142 ProShare Advisors LLC exchange-traded funds launched since 6/19/2006 that we track.
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