ProShares Large Cap Core Plus (CSM) Valuation

Cboe BZX: CSMP/E, earnings yield and other ratios of the holdings combined.

CSM valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 22.3
Forward P/E: 16.1
Price / sales: 2.19
Price / book: 3.75
EV / EBITDA: 13.7
Earnings yield: 4.48%
Dividend yield: 1.47%
Return on equity: 16.8%
Net margin: 9.8%
Beta: 1.09

CSM valuation vs other stock ETFs

P/E (TTM)Forward P/E

CSM valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
CSM	22.3	16.1	2.19	3.75	1.47%	16.8%	9.8%	3.7%
SPY	25.9	19.9	3.67	5.47	1.08%	21.1%	14.2%	1.9%
QQQ	34.2	23.4	5.93	9.27	0.58%	27.1%	17.4%	6.9%
DIA	20.9	18.4	3.16	5.52	1.55%	26.4%	15.1%	0.0%
VTI	28.2	19.4	3.31	5.00	1.07%	17.7%	11.8%	4.6%
IWM	n/m	13.9	1.25	2.03	1.38%	−1.7%	−1.0%	28.1%

Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.

CSM valuation by sector

P/E (TTM)Forward P/E

CSM valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	29.0%	27.5	19.6	6.14	8.82	0.62%	32.1%
Financial Services	12.1%	13.7	12.2	2.29	2.01	1.99%	14.7%
Healthcare	10.2%	34.5	15.0	1.14	3.74	1.22%	10.8%
Industrials	8.9%	25.0	17.4	1.98	4.22	1.36%	16.9%
Consumer Cyclical	8.5%	26.4	16.6	1.47	4.09	1.09%	15.5%
Communication Services	6.6%	17.9	17.7	3.56	4.56	0.89%	25.5%
Consumer Defensive	4.7%	23.6	14.8	0.92	3.23	3.40%	13.7%
Real Estate	3.8%	23.9	27.4	4.23	2.34	4.12%	9.8%
Utilities	3.0%	13.1	11.8	1.59	1.73	3.66%	13.2%
Energy	3.0%	16.1	10.5	1.67	2.43	2.18%	15.1%
Basic Materials	1.7%	42.9	13.4	1.71	2.45	1.91%	5.7%

CSM earnings yield vs bond yields

CSM earnings yield (forward)

6.19%

CSM earnings yield (trailing)

4.48%

CSM dividend yield

1.47%

Bond market yield (AGG)

5.33%

T-bill yield (BIL)

3.91%

Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.

How CSM weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

CSM largest holdings: valuation

CSM largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
NVDA	NVIDIA Corporation	5.35%	27.1	24.9	17.1	0.47%	4.82%
AAPL	Apple Inc.	5.06%	39.4	35.2	10.7	0.31%	3.13%
IQMM	Proshares Genius Money Market ETF	4.32%	—	—	—	—	—
MSFT	Microsoft Corporation	3.66%	29.5	25.1	11.8	0.74%	3.03%
AMZN	Amazon.com, Inc.	2.58%	20.1	23.6	3.5	—	3.13%
GOOGL	Alphabet Inc.	1.74%	17.1	22.8	9.3	0.26%	2.48%
AVGO	Broadcom Inc.	1.62%	43.3	19.4	17.6	0.79%	0.91%
GOOG	Alphabet Inc.	1.36%	16.9	21.8	9.2	0.26%	1.96%
META	Meta Platforms, Inc.	1.29%	26.7	22.1	7.9	0.30%	1.18%
MU	Micron Technology, Inc.	1.25%	11.8	7.0	7.5	0.07%	2.58%
LLY	Eli Lilly and Company	1.23%	42.2	24.4	14.1	0.55%	0.71%
JPM	JPMorgan Chase & Co.	1.18%	14.2	13.5	4.7	1.94%	2.02%
TSLA	Tesla, Inc.	0.86%	328.4	158.7	13.5	—	0.06%
AMD	Advanced Micro Devices, Inc.	0.78%	134.9	39.5	20.9	—	0.14%
BRK.B	Berkshire Hathaway Inc.	0.77%	13.4	22.7	3.0	—	1.40%
PLTR	Palantir Technologies Inc.	0.63%	160.4	85.5	72.6	—	0.10%
RTX	RTX Corporation	0.55%	34.1	24.6	2.8	1.51%	0.40%
GS	The Goldman Sachs Group, Inc.	0.55%	12.7	12.8	3.6	2.27%	1.06%
PG	The Procter & Gamble Company	0.54%	24.1	21.2	4.3	2.73%	0.55%
XOM	Exxon Mobil Corporation	0.53%	23.0	14.8	2.0	2.30%	0.56%
GILD	Gilead Sciences, Inc.	0.50%	—	15.6	6.4	2.10%	−0.21%
CAT	Caterpillar Inc.	0.49%	31.5	25.4	4.5	0.89%	0.38%
C	Citigroup Inc.	0.48%	12.1	10.2	2.5	2.16%	0.96%
MRK	Merck & Co., Inc.	0.46%	115.8	15.3	5.4	2.33%	0.10%
PEP	PepsiCo, Inc.	0.45%	16.5	14.9	1.8	4.50%	0.67%

Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.

About CSM valuation

Adding up its 299 holdings with company data, CSM trades at 22.3 times trailing earnings and 16.1 times analysts' forward estimates, with a price-to-book ratio of 3.75 and a dividend yield of 1.47%. Its earnings yield of 4.48% is 0.85 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 28.2% of the fund and earn 23.9% of its combined profit. By sector, Basic Materials is the most expensive at 42.9 times earnings and Utilities the cheapest at 13.1. Companies that lost money over the past year are 3.7% of the covered weight.

How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 95.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

CSM valuation FAQ

What is the P/E ratio of CSM?

Based on its holdings, CSM has a trailing P/E of 22.3 and a forward P/E of 16.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of CSM?

The trailing earnings yield is 4.48% (1 ÷ P/E) and the forward earnings yield 6.19%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is CSM more expensive than the S&P 500?

CSM trades at 22.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 16.1 and 19.9.

What is the price-to-book ratio of CSM?

The holdings of CSM trade at 3.75 times book value, with a combined return on equity of 16.8%.

Which sector in CSM has the highest P/E?

Basic Materials has the highest P/E at 42.9 and Utilities the lowest at 13.1.