At a glance
MAKX charges 0.58% a year, below the 0.62% average of the 4 funds most like it (the 2nd cheapest of 5). It has $4.9M in assets, the 5th largest of that group; it paid 0.09% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +18.3% with distributions reinvested (S&P 500: +11.5%), 4th of those 5 funds; over three years it returned +30.9% a year. At its worst it fell 34.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months after the low. Its ten largest positions make up 59.1% of the fund, out of 24 in all.
The short version
ProShares S&P Kensho Smart Factories ETF (MAKX) tracks the S&P Kensho Smart Factories Index, which picks companies making software, sensors, machine vision and energy-saving systems for digital manufacturing. As of August 31, 2026, it held just 24 stocks, with 59% in the top 10, and only $4.9 million in net assets. Its 0.58% annual expense ratio is below the 0.62% average of similar funds, but it fell 40% from November 2021 to October 2022.
Price history
The interactive chart needs JavaScript.
MAKX +18.3% 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 | |
|---|---|---|---|---|---|---|
| MAKX official prospectus, to Dec 31, 2025 | — | +21.51% | — | — | — | +5.69% |
| MAKX price data to Oct 27, 2026 | +33.0% | +18.3% | +30.9% | +10.0% | — | +10.8% |
- Over the year to Oct 27, 2026, MAKX returned +18.3%, 4th of 5 among similar funds.
- Its 5-year annualized return was +10.0%.
- Its worst full calendar year was 2022 (-26.4%); its best was 2023 (+26.1%).
- The deepest fall in its price history was 40.3% (Nov 8, 2021 to Oct 14, 2022), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +33.0% | — |
| 2025 | +21.6% | — |
| 2024 | +8.3% | +21.51% |
| 2023 | +26.1% | +8.31% |
| 2022 | -26.4% | +26.05% |
| 2021 | — | -26.09% |
| 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 34.9% over that stretch · deepest drop along the way 34.9%, back to its old high 21.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0200 | |
| 2025 | $0.0700 | -30.0% |
| 2024 | $0.1000 | -50.0% |
| 2023 | $0.2000 | +100.0% |
| 2022 | $0.1000 |
What's inside
As of Aug 31, 2026, the fund held 24 securities; the ten largest made up 59.1% of assets.
| Holding | Weight | |
|---|---|---|
| 3D Systems Corp. | 7.36% | |
| Ouster, Inc. | 7.20% | |
| Autodesk, Inc. | 6.54% | |
| SK Telecom Co. Ltd. | 6.40% | |
| Emerson Electric Co. | 6.33% | |
| Cognex Corp. | 6.02% | |
| Rockwell Automation, Inc. | 5.68% | |
| Zebra Technologies Corp. | 5.02% | |
| Ambiq Micro, Inc. | 4.61% | |
| Allient, Inc. | 3.96% | |
| Flowserve Corp. | 3.52% | |
| Applied Materials, Inc. | 3.49% | |
| NVIDIA Corp. | 3.47% | |
| Applied Industrial Technologies, Inc. | 3.35% | |
| Tower Semiconductor Ltd. | 3.09% |
By country
United States 79.72%South Korea 8.67%Israel 5.83%Cayman Islands 3.01%Turkey 2.52%By asset type
Stocks 99.74%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: +4.48%, -12.01%, +0.53%.
How it works
MAKX aims to track the S&P Kensho Smart Factories Index, run by S&P Dow Jones Indices. The provider uses natural language processing, software that reads text, to scan company filings with securities regulators for smart-factory terms, then checks the results. Companies must fit at least one of four areas: connected factory software and devices; sensors that monitor equipment and processes; machine and 3D vision that spot defects; and systems that conserve plant energy. Foreign companies listed in the U.S. can qualify.
Companies are labeled "core" if smart factories are a significant part of their business, or "non-core" otherwise. Each group starts with every stock weighted equally, then core names get extra weight, so weights don't follow company size. The index's members and weights are reset every May, with another weight adjustment each November. As of August 31, 2026, the top holdings were 3D Systems (7.4%), Ouster (7.2%), Autodesk (6.5%) and SK Telecom (6.4%), while NVIDIA was 3.5%.
ProShare Advisors generally uses replication, holding every index stock in roughly the index's proportions, but may hold a representative sample when that is more practical. The fund is not leveraged, held no derivatives on that date, and is non-diversified, so a few stocks can sway results. The prospectus reports 71% portfolio turnover; the trading costs this creates fall outside the expense ratio.
What it really costs
- MAKX charges 0.58% a year, versus an average of 0.62% for the similar funds below (2nd of 5, 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 |
|---|---|---|---|---|
| MAKX | $59 | $186 | $324 | $726 |
In a retirement portfolio
A concentrated 24-stock bet on factory automation that fell 40.3% at its worst, MAKX could fill only a small, higher-risk slice beside broad core holdings.
Launched in September 2021, MAKX has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 34.9% between January 3 and October 12, 2022, and took until July 16, 2024 to recover. Its deepest drop was 40.3%, from November 2021 to October 2022; it regained that peak only in June 2025, about 32 months after the low. Its worst calendar year was 2022, down about 26%. Anyone drawing cash in 2022 would have been cashing out shares at steep losses.
It adds factory-automation exposure but almost no income: the trailing 12-month yield was 0.09% as of October 27, 2026, paid twice a year. Costs are moderate: the SEC's standard example puts them at $59 in year one and $726 over 10 years on a $10,000 investment. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking a small, focused stake in factory automation names such as Rockwell Automation, Cognex, Emerson Electric and Zebra Technologies, beside a broad core fund.
- People who can sit through deep drops: MAKX fell 40.3% from November 2021 to October 2022 and needed until June 2025 to recover.
- Cost-conscious theme investors: its 0.58% expense ratio is below the 0.62% average of similar funds, though VanEck Robotics ETF (IBOT) charges 0.47%.
Look elsewhere if
- Income seekers: the trailing 12-month yield was 0.09% as of October 27, 2026, about $0.06 per share, paid twice a year.
- Those wary of very small funds: net assets were $4.9 million as of August 31, 2026, the smallest among peers; such funds sometimes close.
- Those wanting broad diversification: as of August 31, 2026, it held just 24 stocks, with 59% of assets in the top 10.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What does MAKX invest in?
MAKX invests in companies tied to smart factories, meaning digital, automated manufacturing. It tracks the S&P Kensho Smart Factories Index, which screens company filings for words linked to factory software, sensors, machine vision and plant energy systems. As of August 31, 2026, it held 24 stocks, led by 3D Systems (7.4%), Ouster (7.2%), Autodesk (6.5%), SK Telecom (6.4%) and Emerson Electric (6.3%). About 80% was in U.S. companies, with the rest mainly in South Korea and Israel.
Is MAKX a good investment for retirement?
MAKX is more of a small, higher-risk add-on than a core retirement holding. It held just 24 stocks as of August 31, 2026, and fell 40.3% from November 2021 to October 2022, not regaining that peak until June 2025. As of October 27, 2026, it yielded 0.09%, and its one-year beta, a gauge of sensitivity to market moves, was 2.01, meaning swings about twice the broad market's. Past results don't predict future ones.
What's the difference between MAKX and IBOT?
IBOT is cheaper and far larger, and the two share only about a fifth of their holdings, so they are not close substitutes. VanEck Robotics ETF (IBOT) charges 0.47% a year versus 0.58% for MAKX, and had $97.9 million in net assets as of June 30, 2026, versus $4.9 million for MAKX as of August 31, 2026. As of October 27, 2026, IBOT returned 20.5% over one year and 27.1% a year over three, versus 18.3% and 30.9% for MAKX.
Does MAKX pay dividends?
Yes, but very little. MAKX pays dividends twice a year, and its trailing 12-month payout was about $0.06 per share, a yield of 0.09% as of October 27, 2026. That is less than its 0.58% annual expense ratio. Nearly all of its return comes from share-price changes, so it offers little for investors who need regular income.
How has MAKX performed since it launched?
Unevenly. In the SEC-standard figures from its prospectus, MAKX returned 21.51% for the year ended December 31, 2025, and averaged 5.69% a year since its September 29, 2021 launch. It lost about 26% in calendar 2022. Its worst quarter, ended June 30, 2022, lost 21.33%; its strongest, ended June 30, 2025, gained 27.26%. Based on market price, it gained 33% in 2026 through October 27 and averaged 10% a year over the five years to that date.