At a glance
PEX charges 2.75% a year, above the 2.02% average of the 1 funds most like it. It has $11.7M in assets; it paid 5.66% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −10.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +7.9% a year. At its worst it fell 36.1% 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 64.3% of the fund, out of 35 in all.
The short version
ProShares Global Listed Private Equity ETF (PEX) tracks the LPX Direct Listed Private Equity Index, 30 stock-exchange-listed firms such as 3i Group and Ares Capital that invest directly in private companies. It offers private equity exposure in a single fund, with a 12-month yield of 5.66% as of October 27, 2026. The trade-offs: a steep 2.75% expense ratio and only about $11.7 million in assets as of August 31, 2026.
Price history
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PEX -10.1% 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 | |
|---|---|---|---|---|---|---|
| PEX official prospectus, to Dec 31, 2025 | — | +1.18% | — | +5.81% | +6.21% | — |
| PEX price data to Oct 27, 2026 | -7.5% | -10.1% | +7.9% | -1.0% | — | +7.1% |
- Over the year to Oct 27, 2026, PEX returned -10.1%.
- Its 5-year annualized return was -1.0%.
- Its worst full calendar year was 2022 (-26.0%); its best was 2021 (+28.3%).
- The deepest fall in its price history was 36.6% (Nov 12, 2021 to Sep 29, 2022), recovered by Sep 26, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -7.5% | — |
| 2025 | +0.3% | +1.18% |
| 2024 | +13.1% | +12.46% |
| 2023 | +23.2% | +22.95% |
| 2022 | -26.0% | -25.58% |
| 2021 | +28.3% | +27.41% |
| 2020 | — | -0.60% |
| 2019 | — | +24.93% |
| 2018 | — | -13.23% |
| 2017 | — | +15.01% |
| 2016 | — | +11.06% |
| 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 35.2% over that stretch · deepest drop along the way 36.1%, back to its old high 21.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2600 | |
| 2025 | $3.1600 | -19.4% |
| 2024 | $3.9200 | +6.8% |
| 2023 | $3.6700 | +697.8% |
| 2022 | $0.4600 | -90.6% |
| 2021 | $4.9000 |
What's inside
As of Aug 31, 2026, the fund held 35 securities; the ten largest made up 64.32% of assets, and 26.07% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| 3i Group plc | 9.97% | |
| Ares Capital Corp. | 9.93% | |
| Onex Corp. | 8.09% | |
| Main Street Capital Corp. | 7.76% | |
| Sofina SA | 7.54% | |
| FS KKR Capital Corp. | 4.88% | |
| Hercules Capital, Inc. | 4.54% | |
| Golub Capital BDC, Inc. | 4.24% | |
| Eurazeo SE | 3.69% | |
| Wendel SE | 3.67% | |
| HgCapital Trust plc Other | 3.66% | |
| Sixth Street Specialty Lending, Inc. | 2.76% | |
| HBM Healthcare Investments AG, Class A Other | 2.50% | |
| Capital Southwest Corp. | 2.46% | |
| Molten Ventures plc | 2.42% |
By country
United States 46.67%United Kingdom 21.08%Belgium 9.48%Canada 9.44%France 7.36%By asset type
Stocks 88.25%Other 11.19%RA 0.69%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $460K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.31%, +4.57%, +6.27%.
How it works
PEX follows the LPX Direct Listed Private Equity Index, built and maintained by LPX AG. The index tracks the most actively traded stock-exchange-listed companies whose main business is investing directly in private companies. To qualify, those direct investments must exceed 80% of a company's total assets, and its shares must trade actively enough. The index picks 30 companies by market capitalization (total stock market value), weights them by size with a 10% cap per company, and reviews the list each January, April, July and October.
ProShare Advisors generally replicates the index, buying every member in roughly the same proportions, though it may hold a representative sample if some stocks are hard to buy or trade. It keeps at least 80% of total assets in index stocks or similar instruments and stays fully invested whatever the market does. There is no leverage, and the August 31, 2026 holdings report listed no derivatives.
In the US, the index leans on business development companies (BDCs), which lend to and invest in small and mid-sized businesses, such as Ares Capital and Main Street Capital. Elsewhere it holds firms like 3i Group, Onex and Sofina. The fund is non-diversified, so a few names carry real weight: the top 10 made up 64% of assets as of August 31, 2026.
What it really costs
- PEX charges 2.75% a year, versus an average of 2.02% for the similar funds below.
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.23% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $278 in the first year and $4,111 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PEX | $278 | $1,100 | $1,938 | $4,111 |
In a retirement portfolio
Its 2.75% expense ratio, concentration in financial-sector stocks and a 36.6% drop in 2021–22 suggest a small, higher-risk slice rather than a core position.
PEX could add exposure to private equity and private lending, but it has been volatile. It launched in 2013, so it has no 2008 record. Its worst quarter was a 37.94% loss in early 2020, in the COVID crash. Its deepest drop in price data since June 2020 was 36.6%, from November 2021 to September 2022, spanning the 2022 bear market, and it took about 24 months from that low to recover. Its worst calendar year was 2022, a 25.58% loss. Anyone who needed to sell then would have locked in deep losses.
Its yield was 5.66% as of October 27, 2026, paid twice a year, though payouts can change. Costs are high: the SEC's standard example puts costs on $10,000 at $278 after one year and $4,111 after 10. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting stock-market access to private equity firms and BDCs, such as 3i Group, Ares Capital and Onex, in one fund.
- Income seekers who can accept variable payouts: the 12-month yield was 5.66% as of October 27, 2026, paid twice a year.
- Those wanting global reach: about 47% US and 21% UK holdings, plus Belgium, Canada and France, as of August 31, 2026.
Look elsewhere if
- Cost-conscious investors: the 2.75% expense ratio tops the 2.02% charged by KBWD, the fund with the most holdings overlap.
- Anyone who may need to sell in a slump: it fell 36.6% between November 2021 and September 2022 and took about two years to recover.
- Those wary of very small funds: net assets were about $11.7 million as of August 31, 2026, and small ETFs can be closed.
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 |
|---|---|---|---|---|---|
| PEX this fund | — | 2.75% | $11.7M | -10.1% | +7.9% |
| KBWD Invesco KBW High Dividend Yield Financial E… | 8% | 2.02% | $413.3M | -11.4% | +5.7% |
Questions investors ask
What does PEX invest in?
PEX owns shares of listed private equity firms and business development companies (BDCs), which lend to and invest in smaller private businesses, following the LPX Direct Listed Private Equity Index. As of August 31, 2026, its largest holdings were 3i Group (10.0%), Ares Capital (9.9%), Onex (8.1%), Main Street Capital (7.8%) and Sofina (7.5%), and the top 10 made up 64% of assets. About 47% was in US companies and 21% in UK companies, with most of the rest in Belgium, Canada and France.
Does PEX pay dividends?
Yes. PEX pays distributions twice a year. Over the 12 months to October 27, 2026, it paid $1.28 per share, a yield of 5.66%. That income comes from the companies it owns. BDCs in particular generally pay out most of their taxable income to keep a tax advantage, which tends to mean high payouts. Those payouts can rise or fall with the companies' results, so PEX's yield is not fixed.
How has PEX performed over the long term?
Results have been uneven. According to its prospectus, PEX returned an average of 6.21% a year over 10 years and 5.81% a year over five years through December 31, 2025, and 1.18% in 2025. Calendar years ranged from a 27.41% gain in 2021 to a 25.58% loss in 2022. Based on market price, it lost 10.1% over the year to October 27, 2026, and returned 7.9% a year over three years.
Why is PEX's expense ratio so high?
PEX's expense ratio is 2.75%, according to its prospectus filed September 25, 2026, even though ProShares' own management fee is 0.50% and the total reflects a 1.23% fee waiver. Funds that own BDCs and other investment companies generally must count a share of those companies' operating costs in their total, which can push it well above the manager's fee. The SEC's standard example puts costs on $10,000 at $278 after one year, $1,938 after five and $4,111 after 10.
PEX vs KBWD: what's the difference?
Invesco KBW High Dividend Yield Financial ETF (KBWD) is the fund whose holdings overlap most with PEX's, but the overlap is only about 8%, so the two are not close substitutes. KBWD charges 2.02% versus PEX's 2.75%, and it is far larger, at about $413 million in net assets versus $11.7 million as of August 31, 2026. As of October 27, 2026, PEX lost 10.1% over one year and returned 7.9% a year over three years, versus an 11.4% loss and 5.7% a year for KBWD.