What this ETF is trying to do

The ProShares S&P Kensho Smart Factories ETF (MAKX) focuses on companies involved in "smart factories." This generally means businesses that use advanced technology to automate and improve how things are made.

Based on the Top Holdings (updated October 7, 2026), the fund invests in companies like Ouster Inc (8.14%), 3D Systems Corp (7.79%), and Emerson Electric Co (6.19%). Because the holdings list is partial, these are only the largest positions in the portfolio.

What the numbers show

As of October 5, 2026, the share price was $70.94.

There are two ways to look at the returns: price return (which only tracks the share price) and total return (which includes distributions).

• Year-to-Date (YTD): The price return is 41.86%, and the total return is 42.00%.

• One Year: The price return is 34.82%, and the total return is 34.96%.

• Three Year: The price return is 119.97%, and the total return is 121.48%.

To put the one-year price return in perspective, if you had invested $10,000 in this ETF roughly one year ago (when the estimated price was $52.62), the price-only increase would have grown that investment to approximately $13,482.

Income and distribution explanation

This ETF pays out cash distributions, but they are irregular and less frequent. In the last 12 months, there were only two payouts.

The distribution yield is 0.08%. It is important for beginners to know that a distribution yield is not the same as a total return. While distributions provide cash income, they do not guarantee that the original investment value will stay the same.

NAV erosion explanation

"NAV erosion" happens when the net asset value of a fund declines over time, often meaning the fund is losing its internal value.

For MAKX, the erosion-risk score is 100, and the erosion severity is labeled as "good." The data shows "No price erosion detected," and the severe erosion-risk flag is false.

Pros

• Strong Price Growth: The ETF has shown significant price returns over the last one, three, and five years.

• Low Erosion Risk: The fund currently has a high erosion-risk score, suggesting the price has remained stable or grown.

Cons

• Low Income: The distribution yield is very low (0.08%), making it less ideal for investors who rely on high cash payments.

• Irregular Payouts: Distributions do not happen on a steady, predictable schedule.

Beginner takeaway

MAKX is an ETF for those interested in factory automation technology. While it has seen strong price growth recently, it provides very little cash income. Investors should remember that high yields can sometimes be misleading, but in this case, the yield is low while the price growth has been high.