ETF Evaluator: ProShares S&P Kensho Smart Factories ETF () Follow This ETF

ProShares S&P Kensho Smart Factories ETF Overview

ProShares S&P Kensho Smart Factories ETF (MAKX) is a passively managed Sector Equity Technology exchange-traded fund (ETF). ProShares launched the ETF in 2021.

The investment seeks results, before fees and expenses, that track the performance of the S&P Kensho Smart Factories Index. The fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the index. The index is designed to measure the performance of U.S.-listed companies focused on building technologies or products that enable the digitalization of manufacturing activities The index includes U.S. and non-U.S. companies. Under normal circumstances, it will invest at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. It is non-diversified.

About ProShares S&P Kensho Smart Factories ETF (MAKX)

There are 2 members of the management team with an average tenure of 4.11 years: Alexander Ilyasov (2021) and Eric Silverthorne (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: S&P US TMI TR USD index with a weighting of 100% and S&P Kensho Smart Factories USD index with a weighting of 100%. ProShares S&P Kensho Smart Factories ETF has 25 securities in its portfolio. The top 10 holdings constitute 57.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

ProShares S&P Kensho Smart Factories ETF is part of the Equity global asset class and is within the Sector Equity ETF group. ProShares S&P Kensho Smart Factories ETF has 17.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 82.7% There is 17.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares S&P Kensho Smart Factories ETF has 0.2% of the portfolio in cash.

Assets Under Management

The fund has $4 million in total assets, which is below the $3 billion average for the Technology category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

MAKX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares S&P Kensho Smart Factories ETF expense ratio is average compared to funds in the Technology category. ProShares S&P Kensho Smart Factories ETF has an expense ratio of 0.58%, which is 8% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares S&P Kensho Smart Factories ETF has a portfolio turnover rate of 40%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Technology category.

Recently, in the month of July 2026, ProShares S&P Kensho Smart Factories ETF returned -12.0%, which earned it a grade of D, as the Technology category had an average return of -9.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

ProShares S&P Kensho Smart Factories ETF has a trailing yield of 0.09%, which is below the 0.45% category average. The fund normally distributes its income quarterly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

ProShares S&P Kensho Smart Factories ETF Grades

Year to date, the ETF has returned 30.6%, 9.3 percentage points better than the category, which translates into a grade of B. The fund has returned 35.4% over the past year (grade of B) and 19.6% over the past three years (grade of D).

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