Chewy Enters ProShares Pet Care ETF
Chewy, an online retailer, has been added to the ProShares Pet Care ETF (PAWZ). The move comes shortly after Chewy launched its initial public offering (IPO) in early June.
PAWZ is an exchange-traded fund (ETF) that allows investors to capitalize on people’s passion for their pets, according to ProShares. PAWZ invests in a range of companies that stand to potentially benefit from the proliferation of pet ownership, and the emerging trends affecting how we care for our pets, company officials said.
“Chewy’s IPO offers further evidence of investor interest in the pet care industry, driven by the global trend of the humanization of pets,” said Steve Cohen, managing director at ProShares in Bethesda, Md. “Investors are recognizing that pets are more than just loyal companions. They are big business.”
The ProShares Pet Care ETF seeks investment results, before fees and expenses, that track the FactSet Pet Care Index, according to the company. FactSet announced the addition of Chewy to the FactSet Pet Care Index on June 19. The index is rebalanced monthly. With Chewy’s addition, the index will consist of 26 companies that provide exposure to potential growth within the global pet care industry, company officials said.
Chewy is a subsidiary of PetSmart Inc. in Phoenix.