ONLN - ProShares Long Online/Short Stores ETF: Don't Count Out Brick-And-Mortar Just Yet

• The CLIX ETF is a long-short fund offering investors the potential to profit from the growth of online companies and the decline of brick-and-mortar retailers.
• The fund has been a big winner in 2020 led by e-commerce stocks with strong growth trends benefiting during the pandemic.
• We highlight some weaknesses to the fund's structure and methodology including an excess concentration in a few stocks limiting the long-term effectiveness of the strategy.
• The fund is short a basket of traditional brick-and-mortar stocks although we find that many of these companies have a positive long-term outlook.
• We think the group of online stocks can underperform going forward and recommend investors avoid the CLIX ETF at the current level.

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