OND stock forecast, quote, news & analysis

Key Takeaways

• OND is a passively managed, non-diversified exchange-traded fund (ETF) that tracks the FactSet On-Demand Index, holding roughly 30 global companies across streaming, digital media, e-gaming, food delivery, ridesharing, and virtual reality.
• The portfolio is heavily weighted toward Communication Services (about 53%) and Technology (about 27%), with Consumer Cyclical (about 16%) and Industrials (about 3%) completing the sector mix.
• Largest positions include DoorDash, NVIDIA, Roblox, Capcom, Spotify, NetEase, and Uber, creating meaningful single-stock and regional concentration.
• Roughly 45% of assets sit outside North America, with substantial Asia exposure that ties fund performance closely to Chinese, Japanese, and South Korean gaming and internet equities.
• The fund carries a 0.58% net expense ratio and a relatively small asset base, which can translate into wider bid-ask spreads and lower trading liquidity than larger ETFs.
• Over the past month, OND has traded in a narrow range near $33, while the trailing quarter shows a moderate decline consistent with a broader pullback in growth-oriented and consumer-internet equities.
• For additional analysis, view Price Targets and Forecast on dedicated pages to explore technical levels and forward-looking signals for this ticker.
• Explore Trending AI Robots to discover AI-driven trading strategies and automated investment tools.

ProShares On-Demand ETF (OND) Overview

The ProShares On-Demand ETF seeks investment results, before fees and expenses, that track the performance of the FactSet On-Demand Index. The index is a market-capitalization-weighted benchmark of global companies that provide on-demand access to lifestyle needs, spanning digital media, e-gaming, fitness, food delivery, ridesharing, and virtual reality experiences. Launched in October 2021, the fund is a passive, thematic, and non-diversified equity vehicle.

OND holds roughly 30 individual positions, with a top-heavy profile in which the largest names each account for roughly 4% to 6% of assets. Key holdings include DoorDash, NVIDIA, Roblox, Capcom, Spotify, NetEase, Uber, Take-Two Interactive, Grab Holdings, and Delivery Hero. The fund's net expense ratio is 0.58%.

Sector allocation is concentrated in Communication Services and Technology, supplemented by Consumer Cyclical names tied to mobility and delivery. This narrow, growth-oriented composition explains both the fund's high sensitivity to risk appetite and its tendency to move in tandem with a handful of mega-cap and mid-cap technology and internet stocks.

Industry and Thematic Landscape

The on-demand theme sits at the intersection of several durable consumer trends: the shift toward streaming and digital entertainment, the expansion of e-commerce and food delivery, the rise of platform-based mobility, and the global growth of interactive gaming. These industries tend to be structurally tied to discretionary spending and advertising budgets, making them sensitive to the macroeconomic cycle.

Higher-for-longer interest rates have historically pressured growth equities by raising the discount rate applied to future cash flows, and the on-demand complex has not been immune. At the same time, the global gaming and streaming industries continue to consolidate, with content pipelines, subscription pricing, and user engagement acting as key revenue drivers. In Asia, where a large share of OND's assets are invested, Chinese internet and gaming companies remain influenced by domestic consumer demand, regulatory policy, and currency movements.

Investor sentiment toward speculative technology and consumer-internet names has oscillated between risk-on and risk-off phases, and this backdrop has kept the fund's thematic exposure in the spotlight while also contributing to volatility.

Performance and Positioning Snapshot

OND has been relatively range-bound in recent weeks, holding near the $33 level and changing little over the prior month. Over the trailing quarter, the fund has declined moderately, reflecting a broader rotation away from richly valued growth and consumer-internet equities rather than any single catalyst.

The fund's concentrated structure means that performance is frequently driven by a small number of names. NVIDIA, which holds a roughly 5% weight despite being a semiconductor company, can influence returns through its exposure to gaming and artificial-intelligence-related demand. Meanwhile, streaming and gaming leaders such as Spotify, Roblox, and Take-Two Interactive, along with delivery and mobility platforms like DoorDash and Uber, collectively anchor the fund's growth profile.

Asian holdings, including NetEase, Capcom, NEXON, Meituan, Bilibili, and Tencent Music, add another layer of sensitivity to regional consumer spending and regulatory developments. The fund's modest asset base also means that institutional flows and creation-redemption activity can have an outsized impact on trading spreads.

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2026 Outlook and Key Factors to Monitor

Looking ahead, several structural factors are likely to shape OND's trajectory. Interest-rate policy and inflation trends will remain central, given the fund's tilt toward long-duration growth assets. A sustained easing cycle could support valuation multiples, while persistent inflation or renewed rate pressure would likely weigh on the same cohort.

The earnings cycles of major holdings will also matter. Streaming and gaming companies are increasingly judged on profitability, subscription growth, and content costs, while delivery and mobility platforms face ongoing scrutiny over margin expansion and competitive dynamics. In Asia, investors will continue to monitor Chinese consumer spending, gaming approvals, and the regulatory environment.

Capital flows into thematic ETFs, competition from larger and lower-cost funds, and the fund's limited liquidity are additional considerations. Because OND is concentrated in a relatively small number of stocks and regions, single-name earnings surprises or policy shifts in key markets can produce outsized moves. These factors, rather than short-term price action, are likely to define the fund's risk and opportunity set over the coming year.

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