ProShares - Short Financials
CThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.
$30.80+0.15 (+0.49%)
- 1.58%
- $17M
- −2.5%
- 2.96%
- 0M sh
- $30.66
- low $28.87high $35.26
The ETF.net SEF Grade
C
Score 54 out of 100
- 23 of 54
Score 54 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C42 out of 100Rank 31 of 54Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A70 out of 100Rank 9 of 53Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B62 out of 100Rank 15 of 54Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C52 out of 100Rank 11 of 16Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B56 out of 100Rank 15 of 54
Our read on SEF
CLaunched in June 2008, right as the banking system caught fire. SEF is the plain, unlevered version of a bet against financials: one ticker that aims for -1x the daily move of the S&P 500's financial sector.
The fund seeks inverse daily results, before fees and expenses, relative to the S&P Financial Select Sector Index.
Why people hold it
- Inverse exposure without a margin account, a borrow, or a short-sale ticket. You buy shares like any ETF, and the fund uses swaps to get the short side.proshares.comproshares.com
- The low-octane choice in its own family: sibling SKF targets the same financials index at double the intensity for the same 1.58% fee. SEF keeps the multiple at -1x.
- ProShares calls it the only -1x ETF built to move opposite the financials sector, tracking the S&P Financial Select Sector Index of financial companies in the S&P 500.proshares.com
Worth knowing
- The 1.58% expense ratio runs above the typical inverse or leveraged fund, and it applies every day you hold, whichever way financials go.
- The -1x target resets daily. Hold longer and compounding takes over, so multi-day results can drift well away from the inverse of the index's move over that stretch.proshares.com
- A small fund that trades lightly, so spreads and order size matter more here than in the headline sector ETFs.
SEF Holdings
- Stocks
- 2
- 100%
- IQMM
Sectors
- Financials100.0%
Geography
- United States100.00%
SEF Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
SEF$9,754
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | SEF |
|---|---|
| Year to date | +1.7% |
| 1 month | +4.1% |
| 3 months | +2.1% |
| 1 year | −2.5% |
| 3 years | −12.5% |
| 5 years | −6.0% |
| 10 years | −11.8% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SEF |
|---|---|---|
| 2026 YTD | +1.7% | |
| 2025 | −9.8% | |
| 2024 | −17.8% | |
| 2023 | −8.9% | |
| 2022 | +11.8% | |
| 2021 | −27.0% | |
| 2020 | −16.9% |
SEF in the news
SEF Dividends
- 2.96%
- $0.91
- $0.22 per share
- Quarterly
Distribution history
SEF Risk
This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.
- 14.5%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −1.08
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −42.7%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- −0.74
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SEF Cost
1.58%
SEF1.58%
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
29 of the 53 Leveraged Inverse (2x & Other) funds charge less.
Other funds in Leveraged Inverse (2x & Other)
- BZVOLVolatility Shares Trust - Volatility Premium Plus ETFExpense ratio 1.42%1 year return +29.1%
- BQQQDDirexion Daily Magnificent 7 Bear 1X ETFExpense ratio 1.08%1 year return −14.9%
- CTWMProShares - UltraShort Russell2000Expense ratio 1.15%1 year return −28.4%
- CSVIX-1x Short VIX Futures ETFExpense ratio 1.47%1 year return +62.1%
- CDUSTDirexion Daily Gold Miners Index Bear 2X ETFExpense ratio 1.04%1 year return −63.3%