ProShares S&P 500 Ex-Energy ETF

ProShares S&P 500 Ex-Energy ETF (SPXE) holds the companies in the S&P 500 except those in the energy sector, so oil, gas and other energy stocks are left out. Its expense ratio is 0.09% after a fee waiver. That is more than big S&P 500 funds such as VOO and IVV charge, at 0.03%. With $86.6 million in net assets as of August 31, 2026, it is also much smaller than those funds.

• Over the year to Oct 27, 2026, SPXE returned +12.3%, 6th of 9 among similar funds.
• Its 5-year annualized return was +12.2%.
• Its worst full calendar year was 2022 (-20.6%); its best was 2021 (+27.9%).
• The deepest fall in its price history was 26.5% (Dec 29, 2021 to Oct 12, 2022), recovered by Dec 18, 2023.

As of Aug 31, 2026, the fund held 487 securities; the ten largest made up 39.15% of assets.

By sector

• Over the three months to Aug 31, 2026, investors added a net $1.6M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.82%, -0.45%, +2.56%.

SPXE tracks the S&P 500 Ex-Energy Index, which S&P Dow Jones Indices builds and maintains. The index starts with the S&P 500, a list of 500 of the largest US companies, and removes the ones in the energy sector. The rest come from ten sectors, from information technology and financials to utilities and real estate. Each company is weighted by market capitalization, meaning its total stock market value, so the biggest companies count the most.

The index resets its holdings and weights every September and adjusts the weights in March, June and December. ProShares usually uses replication, which means buying every stock in the index in about the same proportions. When buying every stock isn't practical or costs too much, it may hold a representative sample instead. It must keep at least 80% of its assets in index stocks or similar instruments. The prospectus reports portfolio turnover of 3%, so the fund trades very little.

As of August 31, 2026, the fund held 487 stocks and no derivatives. Its ten largest holdings made up 39% of assets, led by NVIDIA (8.4%), Apple (7.3%) and Microsoft (5.9%). Technology made up about 37% of the portfolio. If a few giants grow large enough, the fund may be classed as non-diversified, which raises single-company risk.

• SPXE charges 0.09% a year, versus an average of 0.06% for the similar funds below (7th of 9, cheapest first).
• Of that, 0.13% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.04% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $9 in the first year and $162 over 10 years (assuming a 5% annual return).

It owns almost all of the S&P 500, minus energy, at low cost, so it could serve as a main US stock holding for investors who want to exclude that sector.

SPXE could be the main US stock holding for someone who wants broad large-company exposure without energy. It is still a stock fund, so it falls along with the market. The fund launched in 2015, so it has no 2008 record. Its worst quarter was a drop of 18.19% in early 2020, and its worst calendar year was 2022, at -20.4%. In the 2022 bear market it fell 26.4% and took about 14 months, until December 18, 2023, to recover. A retiree forced to sell shares during a drop like that would lock in losses, which is why many hold cash or bonds alongside stocks. The yield was 0.92% as of October 27, 2026, paid quarterly, so this is not an income fund. Under the SEC's standard example, costs come to $162 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.