ProShares S&P Kensho Smart Factories ETFMAKX

The ProShares S&P Kensho Smart Factories ETF (MAKX) ended Tuesday’s session at $54.12, up 0.3% on volume that remained stubbornly below its 30-day average. The ETF, which holds 30 stocks purportedly tied to ‘smart factory’ technology, continues to trade in a tight range despite broader industrial sector volatility. (source: Nasdaq)

MAKX’s mandate is to track the S&P Kensho Smart Factories Index, a benchmark that includes companies involved in automation, robotics, and advanced manufacturing. In practice, the fund’s top holdings read like a generic industrials/tech hybrid: Apple (8.1%), Microsoft (7.4%), Siemens (5.3%), and Rockwell Automation (4.7%). The remaining 69% is spread across lesser-known names, many of which have only tangential ties to ‘smart factories.’ (source: SEC EDGAR)

ProShares charges a 0.50% expense ratio for this exposure, a fee that ranks above the 0.10%-0.30% range common for broad industrials ETFs. The fund’s three-year tracking error stands at 0.89%, suggesting it deviates more than typical from its index. Liquidity remains a concern: just $45M in assets and average daily trading volume of 25,000 shares mean large orders can sway the price. (source: FINRA Fund Analyzer)

Despite its thematic branding, MAKX has yet to benefit from the recent AI-driven rally in tech stocks. Its year-to-date return of 12.4% lags the S&P 500’s 14.1%, a gap that’s widened as investors favor more targeted tech exposures. The fund’s 30-day SEC yield of 0.82% offers scant compensation for its concentration risk. (source: ProShares ETF Listing)