ProShares S&P 500 Ex-Financials ETF

ProShares S&P 500 Ex-Financials ETF (SPXN) holds the S&P 500 companies outside the financial and real estate sectors. That leaves about 400 stocks, weighted by size. Without banks, insurers and REITs, the fund leans harder on technology, which made up about 42% of the portfolio as of August 31, 2026. Its 0.09% expense ratio is low, but VOO and IVV charge 0.03% for the full S&P 500.

• Over the year to Oct 27, 2026, SPXN returned +14.9%, 1st of 9 among similar funds.
• Its 5-year annualized return was +13.4%.
• Its worst full calendar year was 2022 (-18.9%); its best was 2023 (+28.6%).
• The deepest fall in its price history was 24.5% (Dec 29, 2021 to Oct 14, 2022), recovered by Dec 8, 2023.

As of Aug 31, 2026, the fund held 402 securities; the ten largest made up 43.99% of assets.

By sector

• Over the three months to Aug 31, 2026, investors added a net $815K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -1.68%, -0.97%, +3.01%.

The fund tracks the S&P 500 Ex-Financials and Real Estate Index, built by S&P Dow Jones Indices. The index starts with the S&P 500, which covers 500 of the largest companies listed and based in the US. It keeps only nine sectors: communication services, consumer discretionary, consumer staples, energy, health care, industrials, information technology, materials and utilities. Companies are weighted by market capitalization, the total value of their shares, so the biggest companies count the most. As of August 31, 2026, NVIDIA (9.4%), Apple (8.2%) and Microsoft (6.6%) led the fund, and the 10 largest holdings made up about 44% of it.

S&P reviews the index's makeup and weights every September and adjusts the weights in March, June and December. ProShare Advisors generally uses replication, which means buying every stock in the index in about the same proportions. When buying everything is impractical, it may instead hold a representative sample. As of August 31, 2026, the fund held 402 stocks and no derivatives. Portfolio turnover was 4%.

This is a plain stock fund, not a leveraged or inverse one. Because a few large companies can carry heavy weights, the fund may operate as "non-diversified" under federal fund law. That means a handful of stocks can drive its results. Fees and trading costs will make its returns trail the index slightly.

• SPXN charges 0.09% a year, versus an average of 0.07% for the similar funds below (5th 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 holds about 400 large US companies from the S&P 500 but deliberately leaves out financials and real estate, so it fits as core stock exposure mainly for investors who get those sectors elsewhere or want to avoid them.

SPXN could fill the large-company US stock slot for investors who already own financial stocks elsewhere or prefer to avoid them. It launched in 2015, after the 2008 crisis. Its worst quarter was a 17.7% drop in the quarter ending March 31, 2020. In the 2022 bear market it fell 24.3%, and it took about 14 months from the October 2022 low to recover, in December 2023. Its worst calendar year was 2022, at -18.8%. Anyone who had to sell shares or draw cash during a stretch like that would have been selling at depressed prices.

Income is small: the trailing yield was 0.86% as of October 27, 2026, paid quarterly. In the SEC's standard example, the 0.09% expense ratio works out to $162 over 10 years on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

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