At a glance
OND charges 0.58% a year, above the 0.57% average of the 5 funds most like it (the 4th cheapest of 6). It has $2.6M in assets, the 6th largest of that group. Over the past year it returned −28.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds; over three years it returned +17.4% a year. At its worst it fell 49.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months after the low. Its ten largest positions make up 49.5% of the fund, out of 27 in all.
The short version
ProShares On-Demand ETF (OND) offers a focused bet on app-based services, tracking the FactSet On-Demand Index of companies in food delivery, ridesharing, streaming and video games. Its closest peers are mostly video game ETFs, but OND reaches wider: as of Aug 31, 2026, DoorDash, Uber and Grab were among its top five holdings. The 0.58% annual fee is near the peer average, but with just $2.6 million in assets, the fund is very small.
Price history
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OND -28.8% 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 | |
|---|---|---|---|---|---|---|
| OND official prospectus, to Dec 31, 2025 | — | +26.62% | — | — | — | +0.86% |
| OND price data to Oct 27, 2026 | -19.0% | -28.8% | +17.4% | — | — | -3.3% |
- Over the year to Oct 27, 2026, OND returned -28.8%, 6th of 6 among similar funds.
- Its worst full calendar year was 2022 (-41.9%); its best was 2024 (+32.0%).
- The deepest fall in its price history was 59% (Nov 16, 2021 to Oct 14, 2022), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -19.0% | — |
| 2025 | +26.7% | — |
| 2024 | +32.0% | +26.62% |
| 2023 | +27.1% | +31.64% |
| 2022 | -41.9% | +26.60% |
| 2021 | — | -41.72% |
| 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 49.4% over that stretch · deepest drop along the way 49.6%, back to its old high 24.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2023 | $0.1900 |
What's inside
As of Aug 31, 2026, the fund held 27 securities; the ten largest made up 49.5% of assets. It also reported 10.56% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| DoorDash, Inc. | 6.76% | |
| Spotify Technology SA | 5.02% | |
| NVIDIA Corp. | 4.92% | |
| Uber Technologies, Inc. | 4.89% | |
| Grab Holdings Ltd. | 4.85% | |
| Capcom Co. Ltd. | 4.70% | |
| Take-Two Interactive Software, Inc. | 4.68% | |
| NetEase, Inc. | 4.67% | |
| ROBLOX Corp. | 4.51% | |
| Netflix, Inc. | 4.51% | |
| Meituan | 4.51% | |
| Delivery Hero SE | 4.30% | |
| Nexon Co. Ltd. | 4.29% | |
| Lyft, Inc. | 4.09% | |
| Shanghai Biren Technology Co. Ltd. | 3.82% |
By country
United States 42.83%Hong Kong 14.52%Japan 8.99%China 7.77%South Korea 5.15%By asset type
Stocks 99.64%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $892K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.33%, -0.21%, +1.47%.
How it works
OND aims to match the FactSet On-Demand Index, before fees and expenses. The index draws from 23 FactSet business categories tied to on-demand services, such as food delivery, ridesharing, streaming, video games, fitness equipment and virtual reality. A company qualifies only if at least 75% of its revenue comes from those categories. The list also includes graphics and AI chip categories, which helps explain why NVIDIA and Shanghai Biren Technology rank among the top 15 holdings alongside DoorDash.
ProShare Advisors normally keeps at least 80% of assets in index stocks or similar instruments. It generally replicates the index, holding every component in about the same proportion, though it may use a representative sample if some stocks are hard or costly to own. As of Aug 31, 2026, it held stakes in 27 companies and no derivatives, with more than half its assets in non-US companies, so currency swings can affect returns.
The prospectus summary doesn't describe the index's weighting formula or rebalancing schedule, but on that date weights were fairly even: DoorDash led at 6.8%, and the 15th-largest holding was 3.8%. Portfolio turnover was 44%, meaning trades equal to about 44% of the fund's value over a year. The fund is non-diversified, so it can hold bigger stakes in fewer companies than a diversified fund.
What it really costs
- OND charges 0.58% a year, versus an average of 0.57% for the similar funds below (4th of 6, 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 |
|---|---|---|---|---|
| OND | $59 | $186 | $324 | $726 |
In a retirement portfolio
Its narrow, non-diversified focus, a 59% peak-to-trough drop and no income point to a small side position rather than a portfolio's core.
OND could add a concentrated bet on delivery, streaming and gaming companies, but it launched in October 2021, so it has no record from the 2008 or 2020 crashes. It fell 49.6% in the 2022 bear market, regaining its January 2022 level only in November 2024. Its deepest drop, 59% from November 2021 to October 2022, was not made back until June 2025, and 2022 was its worst calendar year, down about 42%. As of Oct 27, 2026, it was down 19% year to date. Cashing out in a slump could lock in steep losses.
It paid no distributions in the year to Oct 27, 2026, so it provides no income. It charges 0.58% a year; the SEC's standard $10,000 example puts costs at $59 after one year and $726 after 10. Past results don't predict future ones, and plans need to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund focused on food delivery, ridesharing, streaming and gaming companies such as DoorDash, Uber, Spotify and Netflix.
- Those wanting the theme beyond the US: as of Aug 31, 2026, most assets were in non-US firms such as Meituan, Grab and Capcom.
- Long-term investors able to leave a small satellite position alone through drops like its 59% fall from November 2021 to October 2022.
Look elsewhere if
- Anyone who needs income: OND paid no distributions in the year to Oct 27, 2026.
- Those wary of tiny funds: OND had $2.6 million in assets as of Aug 31, 2026, less than any of five similar ETFs.
- Investors wary of China risk: as of Aug 31, 2026, Hong Kong holdings made up 14.5% of assets and China 7.8%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| OND this fund | — | 0.58% | $2.6M | -28.8% | +17.4% |
| HERO Global X Video Games & Esports ETF | 31% | 0.5% | $64.2M | -15.4% | +16.8% |
| ESPO VanEck Video Gaming and eSports ETF | 28% | 0.56% | $238.8M | -14.1% | +27.0% |
| BNGE First Trust S-Network Streaming and Gaming … | 26% | 0.7% | $4.6M | -20.8% | +17.2% |
| NERD Roundhill Video Games ETF | 25% | 0.5% | $14.1M | -15.9% | +20.7% |
| GGME Invesco Next Gen Media and Gaming ETF | 23% | 0.61% | $44.0M | -2.7% | +26.7% |
Questions investors ask
What does OND ETF invest in?
OND holds companies that provide on-demand services, from food delivery and ridesharing to streaming, video games and graphics chips. It tracks the FactSet On-Demand Index, which admits only companies earning at least 75% of revenue from 23 related business categories. As of Aug 31, 2026, its largest holdings were DoorDash (6.8%), Spotify (5.0%), NVIDIA (4.9%), Uber (4.9%) and Grab (4.8%). It held 27 companies, the top 10 made up 49.5% of assets, and about 43% was in US companies.
Does OND pay dividends?
No. OND paid no distributions in the 12 months to Oct 27, 2026, so its yield over that period was 0%. Its one-year result came entirely from price changes: a 28.8% loss over the same period. The fund is built around a business theme, not income. Investors who need regular payouts may find dividend-focused stock funds or bond funds worth comparing.
What is OND's expense ratio?
OND's expense ratio, the annual fee taken from fund assets, is 0.58%, according to its prospectus filed Sept 25, 2026. That is close to the 0.57% average of five similar funds: HERO and NERD charge 0.50%, ESPO 0.56%, GGME 0.61% and BNGE 0.70%. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and cashing out at the end of each period, costs total $59 after one year, $324 after five years and $726 after 10.
What's the difference between OND and HERO?
The main differences are focus, cost and size. HERO, the Global X Video Games & Esports ETF, is OND's closest match by holdings, with about 31% overlap. HERO centers on gaming, while OND also reaches into delivery, ridesharing and streaming names like DoorDash, Uber and Spotify. HERO charges 0.50% versus 0.58% and held $64.2 million versus OND's $2.6 million as of Aug 31, 2026. Through Oct 27, 2026, HERO lost 15.4% over one year versus OND's 28.8%, and returned 16.8% a year over three years versus OND's 17.4%.
How has OND performed since it launched?
Its results have swung widely, leaving it near break-even through 2025. OND launched in October 2021, lost about 42% in 2022, then gained about 27% in 2023, 32% in 2024 and 27% in 2025. Its prospectus shows an average annual return since inception of 0.86% as of Dec 31, 2025. As of Oct 27, 2026, it was down 19% year to date and 28.8% over one year, though its three-year return was 17.4% a year. The worst quarter, ended June 30, 2022, lost 25.59%.