At a glance
ANEW charges 0.45% a year, above the 0.22% average of the 8 funds most like it (the 6th cheapest of 9). It has $8.2M in assets, the 8th largest of that group; it paid 0.48% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +3.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +20.2% a year. At its worst it fell 35.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 23 months after the low. Its ten largest positions make up 22.8% of the fund, out of 151 in all.
The short version
ProShares MSCI Transformational Changes ETF (ANEW) holds about 150 global stocks from an MSCI index built around four themes: Future of Work, Digital Consumer, Genomics and Telehealth, and Food Revolution. It may appeal to those wanting several themes in one fund, spread thinly: no stock topped 3% of assets as of August 31, 2026. Its 0.45% expense ratio is about double the 0.22% similar-fund average, and assets were a tiny $8.2 million on that date.
Price history
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ANEW +3.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ANEW official prospectus, to Dec 31, 2025 | — | +11.82% | — | +4.39% | — | +5.29% |
| ANEW price data to Oct 27, 2026 | +9.2% | +3.8% | +20.2% | +4.3% | — | +4.3% |
- Over the year to Oct 27, 2026, ANEW returned +3.8%, 9th of 9 among similar funds.
- Its 5-year annualized return was +4.3%.
- Its worst full calendar year was 2022 (-29.6%); its best was 2023 (+22.9%).
- The deepest fall in its price history was 39.9% (Sep 7, 2021 to Oct 14, 2022), recovered by Dec 3, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.2% | — |
| 2025 | +12.0% | — |
| 2024 | +19.4% | +11.82% |
| 2023 | +22.9% | +19.41% |
| 2022 | -29.6% | +22.62% |
| 2021 | — | -29.43% |
| 2020 | — | +7.31% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.2% over that stretch · deepest drop along the way 35.3%, back to its old high 23.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1600 | |
| 2025 | $0.2730 | -43.1% |
| 2024 | $0.4800 | +41.2% |
| 2023 | $0.3400 | +3.0% |
| 2022 | $0.3300 |
What's inside
As of Aug 31, 2026, the fund held 151 securities; the ten largest made up 22.75% of assets.
| Holding | Weight | |
|---|---|---|
| DoorDash, Inc. | 2.77% | |
| Danaher Corp. | 2.36% | |
| Abbott Laboratories | 2.30% | |
| Microsoft Corp. | 2.25% | |
| Symrise AG | 2.24% | |
| AbbVie, Inc. | 2.22% | |
| International Flavors & Fragrances, Inc. | 2.21% | |
| Deere & Co. | 2.16% | |
| Givaudan SA | 2.13% | |
| Adobe, Inc. | 2.12% | |
| McCormick & Co., Inc. | 2.12% | |
| Eli Lilly & Co. | 2.09% | |
| Kerry Group plc | 2.06% | |
| Corteva, Inc. | 1.98% | |
| Apple, Inc. | 1.96% |
By country
United States 75.27%China 4.21%Switzerland 4.06%Germany 3.83%Japan 2.93%By asset type
Stocks 99.53%RA 0.2%By sector
Sectors of the companies held, for the 51.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.21%, +0.49%, +5.57%.
How it works
ANEW tracks the MSCI Global Transformational Changes Index, built by MSCI Inc. The index draws from the MSCI ACWI Investable Market Index, which covers large, mid-size and small companies in developed and emerging markets. It selects companies with high exposure to four themes: Future of Work (cybersecurity, automation, artificial intelligence, cloud computing), Digital Consumer (e-commerce, social media, online gaming), Genomics and Telehealth (gene therapy, diagnostics, remote care) and Food Revolution (sustainable farming, plant-based meat, food delivery technology, insect protein).
Each company's weight depends on how much revenue it earns from theme-related businesses and on its market capitalization (the total value of its shares). MSCI reviews the holdings and weights twice a year, in May and November. As of August 31, 2026, the fund held 151 stocks. The largest, DoorDash, was about 2.8% of assets, and the top 10 made up about 23%.
ProShare Advisors must keep at least 80% of assets in index stocks or similar instruments. It generally uses replication, meaning it owns every index stock in roughly the index's proportions. It may instead hold a representative sample when owning every stock is impractical or costly. Foreign shares may be held directly or through depositary receipts, which are certificates representing shares of foreign companies. The fund uses no leverage and held no derivatives as of August 31, 2026.
What it really costs
- ANEW charges 0.45% a year, versus an average of 0.22% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ANEW | $46 | $144 | $252 | $567 |
In a retirement portfolio
A thematic stock fund that fell 39.9% from peak to low and held only $8.2 million as of August 31, 2026, fits as a small add-on, not a core.
ANEW could add theme stocks, some from abroad, to a portfolio built on broad index funds, though with bigger swings. It launched in October 2020, after the 2008 and 2020 crashes. During the 2022 bear market it fell about 35% and ended 2022 down about 30%, its worst calendar year. Its deepest drop, 39.9%, ran from September 2021 to October 2022 and took about 26 months from the low to recover. Withdrawals in 2022 would have locked in losses.
Income is slim: 0.48% over the 12 months to October 27, 2026, paid quarterly. Its 0.45% expense ratio means costs of $46 after one year and $567 after 10 years in the SEC's $10,000 example. Its $8.2 million in assets (August 31, 2026) is small enough to raise the risk of a shutdown. Past results don't predict the future; a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund spanning automation, e-commerce, genomics and food technology, with about 150 stocks and no holding above 3% as of August 31, 2026.
- Those adding a small thematic slice beside a broad core fund; its holdings overlap only about 25% with the iShares Core S&P 500 ETF (IVV).
- Patient investors able to ride out slides like its 39.9% drop into October 2022, then about 26 months of recovery.
Look elsewhere if
- Cost-conscious investors: its 0.45% fee is about double the 0.22% similar-fund average, and it ranked last of nine on one-year returns to October 27, 2026.
- Income seekers: it yielded just 0.48% over the 12 months to October 27, 2026, with small quarterly payouts.
- Anyone wary of very small funds: it held just $8.2 million in assets as of August 31, 2026, which raises the risk of closure.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ANEW this fund | — | 0.45% | $8.2M | +3.8% | +20.2% |
| MODL VictoryShares WestEnd U.S. Sector ETF | 28% | 0.46% | $1.02B | +11.9% | +23.8% |
| XT iShares Exponential Technologies ETF | 27% | 0.46% | $3.82B | +21.9% | +24.5% |
| USNZ Xtrackers Net Zero Pathway Paris Aligned US… | 26% | 0.1% | $299.4M | +12.8% | +24.4% |
| RND First Trust Bloomberg R&D Leaders ETF | 26% | 0.6% | $4.8M | +7.8% | — |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 25% | 0% | $5.47B | +13.4% | +25.4% |
| USPX Franklin U.S. Equity Index ETF | 25% | 0.03% | $1.98B | +12.9% | +24.9% |
| IVV iShares Core S&P 500 ETF | 25% | 0.03% | $888.13B | +11.5% | +22.0% |
Questions investors ask
What does ANEW invest in?
ANEW invests in about 150 stocks from the MSCI Global Transformational Changes Index, which picks companies earning revenue from four themes: Future of Work, Digital Consumer, Genomics and Telehealth, and Food Revolution. As of August 31, 2026, its largest holdings were DoorDash, Danaher, Abbott Laboratories, Microsoft, Symrise, AbbVie, International Flavors & Fragrances, Deere, Givaudan and Adobe, each about 2.1% to 2.8% of assets. About 75% of assets were in US companies, with smaller stakes in China, Switzerland, Germany, Japan and Taiwan.
Is ANEW good for retirement?
ANEW fits more naturally as a small, higher-risk add-on than as a core retirement holding. It fell 39.9% from September 2021 to October 2022 and needed about 26 months after that low to recover. It yielded just 0.48% over the 12 months to October 27, 2026. Its 0.45% expense ratio compares with 0.03% for the iShares Core S&P 500 ETF (IVV), and its $8.2 million in assets as of August 31, 2026, is very small. Past results don't predict future returns.
How has ANEW performed since launch?
ANEW has delivered modest long-term returns with a deep slump along the way. According to its prospectus, its average annual return as of December 31, 2025, was 11.82% over one year, 4.39% over five years and 5.29% since its October 2020 launch. It ended 2022 down about 30%, then gained in 2023, 2024 and 2025. Over the year to October 27, 2026, it returned 3.8%, ranking last among nine similar funds.
What's the difference between ANEW and XT?
The biggest differences are size and returns, not cost. ANEW charges 0.45% a year and the iShares Exponential Technologies ETF (XT) charges 0.46%, but their holdings overlap by only about 27%. XT had about $3.8 billion in assets as of July 31, 2026, versus $8.2 million for ANEW as of August 31, 2026. Over the three years to October 27, 2026, XT returned 24.5% a year versus 20.2% for ANEW; over one year, 21.9% versus 3.8%.
Does ANEW pay dividends?
Yes, ANEW pays dividends quarterly, but the income is small. Over the 12 months to October 27, 2026, it paid about $0.26 per share, a yield of 0.48%. The fund aims to track a theme-based stock index, not to produce income, so most of its return has to come from share-price changes. For steady cash, dividend-focused funds are worth comparing.