ProShares - UltraShort Materials
FThis 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.
$21.00−0.23 (−1.07%)
- 8.37%
- $4M
- −23.4%
- 2.83%
- 0M sh
- $21.21
- low $17.93high $31.02
The ETF.net SMN Grade
F
Score 23 out of 100
- 49 of 54
Score 23 of 100 falls in the F band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Very small fund, grade capped at C.
The cap holds the Score at 40 or below, so B and A are out of reach.
- The pillars earned
- 24
- This cap took
- −0
- Published Score
- 23
Cost
The fund’s net expense ratio, ranked against its category.F5 out of 100Rank 51 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.C53 out of 100Rank 21 of 53Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F24 out of 100Rank 47 of 54Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C49 out of 100Rank 28 of 54
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
- 1
- 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.
SMN$7,656
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 | SMN |
|---|---|
| Year to date | −17.9% |
| 1 month | +5.7% |
| 3 months | +6.1% |
| 1 year | −23.4% |
| 3 years | −15.6% |
| 5 years | −15.3% |
| 10 years | −24.4% |
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 | −17.9% | |
| 2025 | −17.9% | |
| 2024 | +7.4% | |
| 2023 | −20.3% | |
| 2022 | −3.0% | |
| 2021 | −45.8% | |
| 2020 | −55.8% |
SMN in the news
SMN Dividends
- 2.83%
- $0.60
- $0.15 per share
- Quarterly
Distribution history
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.
- 33.1%
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.
- −0.45
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
8.37%
SMN8.37%
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
50 of the 53 Leveraged Inverse (2x & Other) funds charge less.
Other funds in Leveraged Inverse (2x & Other)
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- FEFUProShares - UltraShort MSCI EAFEExpense ratio 7.29%1 year return −24.2%
- FSDDProShares - UltraShort SmallCap600Expense ratio 4.67%1 year return −31.3%
- FTTXDDirexion Daily Technology Top 5 Bear 2X ETFExpense ratio 8.36%1 year return −51.6%