ProShares will soon be launching the first ETF focused on the pet care industry. The ProShares Pet Care ETF (PAWZ) gives investors the opportunity to target an industry that stands to benefit from the proliferation of pet ownership and the emerging trends affecting how we treat our pets.

Seven out of 10 U.S. households today have pets, which is more than those that have children. Owners today are providing their pets with things like advanced health care, insurance policies, premium food and luxury services. It's causing a new pet care economy to emerge that could reach $203 billion by 2025. PAWZ gives investors broad exposure to this emerging industry in a single ETF for the first time.

The global pet care market was estimated at approximately $132 billion in 2016, with strong expectations for growth as both millennials and boomers propel increased spending. Corporate investment interest in the pet care industry has been strong, too. More than 80 mergers and acquisitions have occurred over the previous 12 months, indicating that established companies as well as investors are attracted to this dynamic space. Moreover, the pet care industry has proven itself resistant to economic downturns historically. It has grown steadily every year since 1994, including through the Great Recession.

PAWZ tracks the FactSet Pet Care Index. The index consists primarily of companies whose principal business is determined to be pet care related by FactSet, and that meet additional criteria specified in the prospectus. The index currently consists of 22 companies that are equally weighted to provide broad exposure to potential growth within the pet care industry. The index is rebalanced quarterly.