The collapse of brick-and-mortar retailers has been a prominent investing theme in recent years. And now there's an exchange traded fund levered to the trend.

It's called the ProShares Decline of the Retail Store ETF (EMTY) and it will short stocks like Macy's (M) , Target (TGT) and Walmart (WMT) .

Simeon Hyman, head of investment strategy at ProShares, said Walmart had 4% topline growth but only 2% earnings growth for its most recent quarter. 

"That's better than the alternative, but even those legacy brick-and-mortar retailers that can make a semi-successful transition are going to see tighter margins," he said. 

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