At a glance
DAT charges 0.58% a year, above the 0.54% average of the 6 funds most like it (the 4th cheapest of 7). It has $6.5M in assets, the 7th largest of that group. Over the past year it returned +9.6% with distributions reinvested (S&P 500: +11.5%), 5th of those 7 funds; over three years it returned +27.5% a year. At its worst it fell 45.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 29 months after the low. Its ten largest positions make up 51.9% of the fund, out of 25 in all.
The short version
ProShares Big Data Refiners ETF (DAT) is an unleveraged index fund that tracks the FactSet Big Data Refiners Index. It holds about 25 companies, including Elastic, Snowflake, Palantir and MongoDB, whose products help manage and analyze huge data sets. No similar ETF shares 20% or more of its holdings. It is tiny, with about $6.5 million in net assets as of August 31, 2026, and charges 0.58% a year versus a 0.54% average for similar funds.
Price history
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DAT +9.6% 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 | |
|---|---|---|---|---|---|---|
| DAT official prospectus, to Dec 31, 2025 | — | +3.35% | — | — | — | +3.01% |
| DAT price data to Oct 27, 2026 | +18.1% | +9.6% | +27.5% | +5.1% | — | +5.4% |
- Over the year to Oct 27, 2026, DAT returned +9.6%, 5th of 7 among similar funds.
- Its 5-year annualized return was +5.1%.
- Its worst full calendar year was 2022 (-44.3%); its best was 2023 (+51.8%).
- The deepest fall in its price history was 56.2% (Nov 9, 2021 to Nov 9, 2022), recovered by Nov 22, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.1% | — |
| 2025 | +3.5% | — |
| 2024 | +33.2% | +3.35% |
| 2023 | +51.8% | +33.83% |
| 2022 | -44.3% | +51.41% |
| 2021 | — | -44.30% |
| 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 45.4% over that stretch · deepest drop along the way 45.5%, back to its old high 28.7 months after the low |
What's inside
As of Aug 31, 2026, the fund held 25 securities; the ten largest made up 51.88% of assets.
| Holding | Weight | |
|---|---|---|
| Elastic NV | 5.86% | |
| Zebra Technologies Corp. | 5.66% | |
| Braze, Inc. | 5.52% | |
| Five9, Inc. | 5.46% | |
| Snowflake, Inc. | 5.16% | |
| Palantir Technologies, Inc. | 5.11% | |
| Dynatrace, Inc. | 4.80% | |
| MongoDB, Inc. | 4.80% | |
| InterDigital, Inc. | 4.77% | |
| Nutanix, Inc. | 4.75% | |
| AvePoint, Inc. | 4.54% | |
| Tyler Technologies, Inc. | 4.43% | |
| Nice Ltd. | 4.42% | |
| Commvault Systems, Inc. | 4.30% | |
| Strategy, Inc. | 4.10% |
By country
United States 82.46%Israel 8.85%United Kingdom 3.92%France 3.38%Canada 1.2%By asset type
Stocks 99.81%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: -4.94%, +6.19%, +15.77%.
How it works
ProShares Big Data Refiners ETF (DAT) does not pick stocks. ProShare Advisors tries to match the FactSet Big Data Refiners Index, before fees and expenses. A third-party index provider, unaffiliated with ProShares, decides which companies qualify. The index targets firms selling analytics, software, hardware and computing infrastructure used to manage and extract information from very large data sets. Some may earn much of their revenue from unrelated businesses.
Under normal conditions, at least 80% of total assets go into index stocks or instruments with similar economics, including depositary receipts, which are certificates representing shares of foreign companies. The fund usually buys every index stock in roughly the index's proportions, a method called replication. It may hold a representative sample instead when that is impractical, costly or limited by illiquid stocks or legal rules. It stays fully invested in rising and falling markets and does not use leverage.
The prospectus summary does not explain how the index weights stocks or how often it rebalances. As of August 31, 2026, the fund had 25 holdings, almost no cash and no derivatives. Weights were fairly even: Elastic led at 5.9%, followed by Zebra Technologies at 5.7% and Braze at 5.5%. The top 10 made up 52% of assets, and about 82% sat in US companies, with 9% in Israel.
What it really costs
- DAT charges 0.58% a year, versus an average of 0.54% for the similar funds below (4th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $59 in the first year and $726 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DAT | $59 | $186 | $324 | $726 |
In a retirement portfolio
DAT is a concentrated, volatile bet on about 25 data-technology companies and has no distributions on record, so it fits as a small add-on rather than a foundation.
DAT could add focused exposure to data-analytics companies such as Snowflake, Palantir and MongoDB, but it swings sharply. Its beta was 1.28 over the year to October 27, 2026, meaning it tended to move about 1.28 times as much as the market. It launched in September 2021, so it has no record from the 2008 or 2020 crashes. It lost 44.3% in 2022, its worst calendar year. Its deepest drop was 56%, from November 2021 to November 2022, and it took about 24 months to recover. Cashing out shares during a slump like that would lock in steep losses.
No distributions are on record, so the fund provides no income to draw on. Its expense ratio, the annual fee, is 0.58%. In the SEC's standard example, that comes to $59 over one year on $10,000. Past results don't predict future returns, and a retirement plan depends on the whole portfolio, not any single fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, targeted slice of data-analytics companies such as Elastic, Snowflake, Palantir and MongoDB alongside a diversified core.
- Holders who can ride out deep slumps, such as the 56% drop from November 2021 to November 2022, which took about 24 months to recover.
- Investors who already own other tech ETFs and want different names: no similar ETF shared 20% or more of DAT's holdings in the latest filings.
Look elsewhere if
- Retirees needing income or near-term cash: DAT has no distributions on record and lost 44.3% in 2022, its worst calendar year.
- Cost-focused investors: its 0.58% expense ratio is above the 0.54% average for similar funds and the 0.40% Fidelity Cloud Computing ETF (FCLD) charges.
- Investors wary of tiny funds: DAT had about $6.5 million in net assets as of August 31, 2026, the smallest of seven similar funds compared.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DAT this fund | — | 0.58% | $6.5M | +9.6% | +27.5% |
| FCLD Fidelity Cloud Computing ETF | 19% | 0.4% | $110.4M | +46.9% | +36.5% |
| IGV iShares Expanded Tech-Software Sector ETF | 12% | 0.41% | $13.54B | -11.8% | +13.8% |
| WCBR WisdomTree Cybersecurity Fund | 11% | 0.45% | $103.0M | +60.5% | +39.5% |
| SKYY First Trust Cloud Computing ETF | 10% | 0.6% | $2.72B | +21.8% | +34.0% |
| ARKW ARK Next Generation Internet ETF | 8% | 0.82% | $1.61B | -11.7% | +47.2% |
| CIBR First Trust NASDAQ Cybersecurity ETF | 6% | 0.59% | $13.84B | +25.8% | +29.6% |
Questions investors ask
Is DAT a leveraged ETF?
No. DAT is a standard index ETF with no leverage. It aims to match the FactSet Big Data Refiners Index before fees and expenses. It doesn't use swaps, options or a daily leverage reset. As of August 31, 2026, stocks made up 99.8% of its assets and it held no derivatives. Its 25 holdings, led by Elastic, Zebra Technologies, Braze, Five9 and Snowflake, are mostly US technology companies, with about 9% in Israeli companies. Its swings come from that concentration, not from borrowing.
What is DAT's expense ratio?
DAT's expense ratio, the annual fee taken from fund assets, is 0.58%, according to the prospectus filed September 25, 2026. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs would total $59 after one year, $186 after three years, $324 after five and $726 after ten. That is slightly above the 0.54% average of six similar funds. It is also higher than Fidelity Cloud Computing ETF (FCLD) at 0.40% and iShares Expanded Tech-Software Sector ETF (IGV) at 0.41%.
Does DAT pay dividends?
No. DAT has no distributions on record, so it has not provided income. Any return has come from changes in its share price, and those changes can be large. The fund lost 44.3% in 2022 and gained 18.1% year to date through October 27, 2026. Retirees who rely on portfolio income would need to get it from other holdings or by cashing out shares, which is costly after a fall like the one in 2022.
How has DAT performed since it launched?
Unevenly, with modest long-run gains. According to the prospectus, DAT returned 3.35% for the year ended December 31, 2025, and averaged 3.01% a year since its September 2021 launch. Based on market prices through October 27, 2026, it returned 9.6% over one year and 27.5% a year over three years. It lost 44.3% in 2022, including a 29.31% drop in the quarter ended June 30, 2022. It didn't regain its November 2021 peak until November 2024. Past results don't predict future returns.
What's the difference between DAT and FCLD?
They hold mostly different stocks and charge different fees. DAT tracks the FactSet Big Data Refiners Index, while Fidelity Cloud Computing ETF (FCLD) targets cloud-computing stocks. The two share about 19% of their holdings, the most of any similar fund. FCLD costs 0.40% a year versus 0.58% for DAT. FCLD had about $110 million in net assets as of June 30, 2026, versus $6.5 million for DAT as of August 31, 2026. Through October 27, 2026, FCLD returned 46.9% over one year, versus 9.6% for DAT.