ProShares - UltraShort Materials
$20.41+0.08 (+0.37%)
- Expense ratio
- 8.37%
- Fund size
- $4M
- 1Y return
- −22.3%
- Yield · Last 12 months
- 3.58%
- Holdings
- 7
- Volume · 30D
- 0M sh
- NAV per share
- $21.01
- 52W range
The ETF.net SMN Grade
Score 25 of 100 sits in the F band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.FScore 5Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 57Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 29Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.Not scoredDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 42Category rank
Our read on SMN
FA tactical crowbar for the materials trade: SMN targets negative two times the daily move of the S&P Materials Select Sector Index, and it has been doing that one job since 2007.
The fund targets daily, pre-expense performance equal to negative two times the S&P Materials Select Sector SM Index.
Why people hold it
- One job, stated plainly: negative two times the daily move of the S&P Materials Select Sector Index, before expenses. No discretion, no stock picking.
- Live since 2007, so the machinery has run through full commodity cycles rather than one hot streak.
- Sector-wide inverse exposure in a plain brokerage account: no margin agreement, no share borrow, and no loss beyond what you put in.
- Materials is the cyclical corner (chemicals, metals, packaging), and this is a single ticket to lean against it instead of shorting names one by one.
Worth knowing
- The daily reset is the whole story: hold past one session and your result can drift well away from twice the index's inverse move, especially in choppy tape.
- Costs run many multiples of the typical leveraged or inverse fund, a drag that builds the longer a position sits.
- Small asset base and thin trading, so spreads and order size matter more here than with the heavily traded inverse funds.
SMN Holdings
- Stocks
- 7
- 100%
- Net Other Assets (Liabilities)
SMN Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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 | SMN |
|---|---|
| Year to date | −21.9% |
| 1 month | +11.8% |
| 3 months | +3.5% |
| 1 year | −22.3% |
| 3 years | −16.7% |
| 5 years | −17.1% |
| 10 years | −24.5% |
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 | SMN |
|---|---|---|
| 2026 YTD | −21.9% | |
| 2025 | −17.9% | |
| 2024 | +7.4% | |
| 2023 | −20.3% | |
| 2022 | −3.0% | |
| 2021 | −45.8% | |
| 2020 | −55.8% |
SMN in the news
ETF.net Research hasn’t filed on SMN yet — coverage lands here as it’s written.
SMN Dividends
- 3.58%
- $0.73
- $0.12 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 30, 2026 | $0.12 |
| Mar 25, 2026 | Mar 31, 2026 | $0.05 |
| Dec 24, 2025 | Dec 31, 2025 | $0.28 |
| Sep 24, 2025 | Sep 30, 2025 | $0.27 |
| Jun 25, 2025 | Jul 1, 2025 | $0.31 |
| Mar 26, 2025 | Apr 1, 2025 | $0.20 |
| Dec 23, 2024 | Dec 31, 2024 | $0.63 |
| Sep 25, 2024 | Oct 2, 2024 | $0.38 |
| Jun 26, 2024 | Jul 3, 2024 | $0.34 |
| Mar 20, 2024 | Mar 27, 2024 | $0.32 |
| Dec 20, 2023 | Dec 28, 2023 | $0.53 |
| Sep 20, 2023 | Sep 27, 2023 | $0.38 |
SMN 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.
- 32.4%
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.
- −0.51
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.
- −66.8%
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.
- −1.36
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SMN Cost
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
50 of the 53 Leveraged Inverse (2x & Other) funds charge less.