At a glance
ONLN charges 0.58% a year, above the 0.36% average of the 8 funds most like it (the 7th cheapest of 9). It has $60.9M in assets, the 6th largest of that group; it paid 0.3% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −7.6% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +25.6% a year. At its worst it fell 48.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 34 months after the low. Its ten largest positions make up 72.2% of the fund, out of 27 in all.
The short version
ProShares Online Retail ETF (ONLN) tracks the ProShares Online Retail Index, a basket of 27 online retailers weighted by company size. Amazon alone made up about 26.5% of the fund as of August 31, 2026. It is a concentrated, single-theme fund: its top 10 holdings were about 72% of assets. Its 0.58% expense ratio is above the 0.36% average of similar funds.
Price history
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ONLN -7.6% 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 | |
|---|---|---|---|---|---|---|
| ONLN official prospectus, to Dec 31, 2025 | — | +32.94% | — | -4.69% | — | +5.67% |
| ONLN price data to Oct 27, 2026 | -4.4% | -7.6% | +25.6% | -3.2% | — | +2.8% |
- Over the year to Oct 27, 2026, ONLN returned -7.6%, 7th of 9 among similar funds.
- Its 5-year annualized return was -3.2%.
- Its worst full calendar year was 2022 (-50.1%); its best was 2025 (+33.0%).
- The deepest fall in its price history was 71.8% (Feb 12, 2021 to Nov 9, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -4.4% | — |
| 2025 | +33.0% | — |
| 2024 | +24.9% | +32.94% |
| 2023 | +27.4% | +24.28% |
| 2022 | -50.1% | +27.31% |
| 2021 | -25.2% | -50.06% |
| 2020 | — | -25.13% |
| 2019 | — | +111.37% |
| 2018 | — | +20.11% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 47.9% over that stretch · deepest drop along the way 48.3%, back to its old high 34.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1200 | |
| 2025 | $0.1800 | -47.1% |
| 2024 | $0.3400 |
What's inside
As of Aug 31, 2026, the fund held 27 securities; the ten largest made up 72.18% of assets.
| Holding | Weight | |
|---|---|---|
| Amazon.com, Inc. | 26.54% | |
| eBay, Inc. | 8.14% | |
| Alibaba Group Holding Ltd. | 7.90% | |
| PDD Holdings, Inc. | 5.12% | |
| Carvana Co. | 4.92% | |
| MercadoLibre, Inc. | 4.45% | |
| Figs, Inc. | 4.18% | |
| Coupang, Inc. | 3.86% | |
| Williams-Sonoma, Inc. | 3.59% | |
| Sea Ltd. | 3.47% | |
| GigaCloud Technology, Inc. | 3.38% | |
| Wayfair, Inc. | 3.35% | |
| Chewy, Inc. | 3.20% | |
| Liquidity Services, Inc. | 2.97% | |
| Etsy, Inc. | 2.86% |
By country
United States 76.69%Cayman Islands 22.15%Israel 1.19%Cyprus 0%By asset type
Stocks 100%RA 0.03%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $6.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -5.21%, +9.19%, -2.41%.
How it works
ONLN aims to match the ProShares Online Retail Index, before fees. ProShare Advisors, the fund's adviser, created and sponsors the index, and Solactive AG builds and maintains it. The index covers U.S.-listed companies, both American and foreign, that do business as online retailers, e-commerce retailers, or internet and direct marketing retailers. Online travel companies are left out. Stocks are weighted by market capitalization, which is a company's total stock market value. That means the biggest companies get the biggest weights. Non-U.S. companies are capped at 25% of the index combined.
The list of companies is reviewed every June, and weights are adjusted monthly. The fund generally uses replication, meaning it owns every index stock in about the same proportion as the index. It may instead hold a representative sample if buying every stock is impractical. At least 80% of assets go into index stocks or similar instruments, including American Depositary Receipts (ADRs), which are U.S.-traded certificates that represent shares of foreign companies. As of August 31, 2026, the fund held 27 stocks, no derivatives and no cash. Its portfolio turnover was 62%.
Because weights follow company size, Amazon dominates the fund at about 26.5%. The fund is also "non-diversified," which means it can put a large share of its money into a few companies. Companies incorporated in the Cayman Islands, such as Alibaba, PDD Holdings and Sea, made up about 22% of assets.
What it really costs
- ONLN charges 0.58% a year, versus an average of 0.36% for the similar funds below (7th of 9, 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 |
|---|---|---|---|---|
| ONLN | $59 | $186 | $324 | $726 |
In a retirement portfolio
ONLN is a concentrated bet on one theme with deep past losses and little income, so it fits better as a small add-on than as a foundation.
ONLN could add targeted exposure to e-commerce, but it has fallen hard in the past. Its worst calendar year was 2022, when it lost about 50%. In the 2022 bear market it dropped about 48% between January 3 and October 11, 2022, and took about 34 months to get back to its earlier level, in August 2025. Its deepest drop, about 72% from February 2021 to November 2022, had still not been fully recovered as of October 27, 2026. The fund launched in 2018, so it has no record from 2008, and the price history used here starts in June 2020, after the COVID crash. Anyone who had to withdraw money in a year like 2022 would have locked in large losses. Income is small: the yield was 0.3% as of October 27, 2026, paid twice a year. 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 who want a small, focused stake in online retailers such as Amazon, eBay, Alibaba and MercadoLibre alongside broad core funds.
- Holders who can sit through drops like the roughly 72% decline from February 2021 to November 2022 without needing to cash out.
- Investors wanting some foreign e-commerce exposure: Cayman Islands-incorporated companies like Alibaba, PDD and Sea were about 22% of assets as of August 31, 2026.
Look elsewhere if
- Income seekers: the yield was just 0.3% as of October 27, 2026, paid twice a year.
- Cost-focused investors: the 0.58% fee compares with 0.08% to 0.09% for broad consumer discretionary funds such as XLY, VCR and FDIS.
- Anyone wanting broad diversification: the fund holds 27 stocks, Amazon is about 26.5%, and the top 10 are about 72% of assets.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ONLN this fund | — | 0.58% | $60.9M | -7.6% | +25.6% |
| CLIX ProShares Long Online/Short Stores ETF | 84% | 0.65% | $6.2M | -3.4% | +20.8% |
| EBIZ Global X E-commerce ETF | 39% | 0.5% | $28.4M | -17.7% | +20.2% |
| BUYZ Franklin Disruptive Commerce ETF | 29% | 0.5% | $5.1M | -18.6% | +15.7% |
| FDIS Fidelity MSCI Consumer Discretionary Index … | 27% | 0.084% | $1.68B | -2.3% | +16.4% |
| VCR Vanguard Consumer Discretionary ETF | 26% | 0.09% | $6.63B | -2.6% | +16.3% |
| XLY Consumer Discretionary Select Sector SPDR F… | 25% | 0.08% | $22.59B | -0.5% | -8.0% |
| IBUY Amplify Online Retail ETF | 25% | 0.65% | $107.3M | -6.8% | +20.2% |
Questions investors ask
Is ONLN good for retirement?
ONLN is a higher-risk satellite holding, not a core retirement fund. It lost about 50% in 2022. Its deepest drop, about 72% from February 2021 to November 2022, had not been fully recovered as of October 27, 2026. It yielded only 0.3% as of that date. It may suit retirement savers who want a small slice of e-commerce exposure and won't need to cash out in a downturn.
What are ONLN's top holdings?
Amazon is by far the largest holding, at about 26.5% of the fund as of August 31, 2026. Next come eBay (about 8.1%), Alibaba (7.9%), PDD Holdings (5.1%), Carvana (4.9%) and MercadoLibre (4.4%). Other holdings include Figs, Coupang, Williams-Sonoma, Sea, Wayfair, Chewy and Etsy. The fund held 27 stocks in total, and the top 10 made up about 72% of assets.
What's the difference between ONLN and IBUY?
Both funds focus on online retail, but their holdings overlap by only about 25%, so they own quite different mixes. ONLN charges 0.58% a year, compared with 0.65% for the Amplify Online Retail ETF (IBUY). As of October 27, 2026, ONLN returned -7.6% over one year and 25.6% a year over three years. IBUY returned -6.8% and 20.2%. IBUY is larger, with about $107 million in net assets versus about $61 million for ONLN.
Does ONLN pay dividends?
Yes, but not much. ONLN pays distributions twice a year. Over the 12 months to October 27, 2026, it paid about $0.17 per share, a yield of roughly 0.3%. Many online retailers, Amazon included, put their cash back into the business instead of paying large dividends, so the fund's appeal rests on share-price growth, not income.
How has ONLN performed over the long run?
ONLN's results have been strong in some years and very weak in others. According to its prospectus, as of December 31, 2025, it returned 32.94% over one year, -4.69% a year over five years and 5.67% a year since its 2018 launch. Based on price, as of October 27, 2026, it returned -7.6% over one year, 25.6% a year over three years and -3.2% a year over five years.