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 - Get Report) and it will short stocks like Macy's (M - Get Report) , Target (TGT - Get Report) and Walmart (WMT - Get Report) .

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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