At a glance
SPXV charges 0.09% a year, above the 0.06% average of the 8 funds most like it (the 6th cheapest of 9). It has $41.1M in assets, the 9th largest of that group; it paid 0.89% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.3% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +26.2% a year. At its worst it fell 26.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 41.6% of the fund, out of 449 in all.
The short version
ProShares S&P 500 Ex-Health Care ETF (SPXV) tracks the S&P 500 Ex-Health Care Index, which is the S&P 500 with its health care companies taken out. It may suit investors who want large US companies but already hold health care elsewhere or prefer to leave it out. It charges 0.09% a year after a fee waiver, more than the 0.03% of VOO and IVV. Its $41.1 million in net assets as of August 31, 2026, is tiny next to those funds.
Price history
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SPXV +12.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPXV official prospectus, to Dec 31, 2025 | — | +18.14% | — | +15.10% | — | +15.28% |
| SPXV price data to Oct 27, 2026 | +13.2% | +12.3% | +26.2% | +13.2% | — | +17.9% |
- Over the year to Oct 27, 2026, SPXV returned +12.3%, 5th of 9 among similar funds.
- Its 5-year annualized return was +13.2%.
- Its worst full calendar year was 2022 (-20.5%); its best was 2023 (+30.7%).
- The deepest fall in its price history was 26.6% (Jan 4, 2022 to Oct 14, 2022), recovered by Dec 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.2% | — |
| 2025 | +18.4% | +18.14% |
| 2024 | +28.0% | +28.03% |
| 2023 | +30.7% | +30.70% |
| 2022 | -20.5% | -20.57% |
| 2021 | +28.4% | +28.65% |
| 2020 | — | +18.93% |
| 2019 | — | +32.99% |
| 2018 | — | -6.38% |
| 2017 | — | +21.39% |
| 2016 | — | +14.19% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.3% over that stretch · deepest drop along the way 26.5%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5500 | |
| 2025 | $0.7200 | +0.7% |
| 2024 | $0.7150 | +12.6% |
| 2023 | $0.6350 | -2.3% |
| 2022 | $0.6500 | +18.2% |
| 2021 | $0.5500 |
What's inside
As of Aug 31, 2026, the fund held 449 securities; the ten largest made up 41.63% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 8.90% | |
| Apple, Inc. | 7.74% | |
| Microsoft Corp. | 6.28% | |
| Amazon.com, Inc. | 4.23% | |
| Alphabet, Inc. Class A | 3.31% | |
| Broadcom, Inc. | 2.92% | |
| Alphabet, Inc. Class C | 2.64% | |
| Meta Platforms, Inc. | 2.09% | |
| Micron Technology, Inc. | 1.79% | |
| Tesla, Inc. | 1.72% | |
| JPMorgan Chase & Co. | 1.59% | |
| Berkshire Hathaway, Inc. | 1.54% | |
| Advanced Micro Devices, Inc. | 1.28% | |
| ExxonMobil Holdings Corp. | 1.11% | |
| Visa, Inc. | 1.05% |
By country
United States 97.06%Ireland 1.89%Switzerland 0.31%Bermuda 0.17%Curaçao 0.15%By asset type
Stocks 99.81%RA 0.12%By sector
Sectors of the companies held, for the 90.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $819K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.64%, -0.30%, +2.49%.
How it works
The fund tracks the S&P 500 Ex-Health Care Index, which S&P Dow Jones Indices builds and maintains. The index starts with the S&P 500, which covers 500 of the largest companies listed and based in the US. It keeps companies from ten sectors, from technology and financials to energy and utilities, and leaves out health care. Stocks are weighted by market capitalization (share price times shares outstanding), so the biggest companies count the most.
As of August 31, 2026, the fund held 449 stocks. NVIDIA (8.9%), Apple (7.7%) and Microsoft (6.3%) were the largest. The top ten holdings made up 41.6% of assets, and technology companies made up 39.3%. The index reviews which stocks it holds and how much of each every September, and it adjusts weights again in March, June and December. Portfolio turnover was a low 4%.
ProShare Advisors generally uses replication, which means owning every stock in the index in about the same proportion as the index. The fund must keep at least 80% of its assets in index stocks or similar instruments, and it may hold only a representative sample when buying every stock isn't practical. The fund doesn't use leverage. If a few giant companies grow large enough, it may become "non-diversified," meaning more of its value depends on a handful of stocks. Shares trade at market prices, which can be slightly above or below the value of the holdings.
What it really costs
- SPXV charges 0.09% a year, versus an average of 0.06% for the similar funds below (6th 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).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPXV | $9 | $38 | $69 | $162 |
In a retirement portfolio
It is a plain, low-turnover index fund of 449 large US companies, so it could serve as the main stock holding for investors who deliberately want to leave out health care.
SPXV could anchor the US stock part of a portfolio for investors who already hold health care elsewhere or prefer to avoid it. It launched in 2015, so it never went through the 2008 crisis. In early 2020 it lost 20.72% in one quarter, then gained 21.68% the next. In 2022, its worst calendar year, it fell 20.57%. Price data starts in mid-2020. Since then, its deepest drop was 26.6%, from January 4 to October 14, 2022. It took about 14 months to recover, until December 13, 2023. Anyone who sold shares to cover spending during that stretch would have sold at low prices.
Income is modest: the fund yielded 0.89% over the 12 months to October 27, 2026, paid quarterly. The SEC's standard $10,000 example puts costs at $9 for one year and $162 over 10 years. That is more than the cheapest S&P 500 funds charge. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who already own health care stocks or a health care fund and want S&P 500 exposure without doubling up on that sector.
- Long-term holders comfortable with a tech-heavy mix: technology was 39.3% of assets as of August 31, 2026, and the top ten holdings were 41.6%.
- People who want a plain index fund with 4% turnover and no leverage, derivatives or options strategy.
Look elsewhere if
- Investors focused on cost: VOO and IVV charge 0.03% and SPYM charges 0.02%, while SPXV charges 0.09% after a fee waiver.
- Investors who want meaningful income, since the trailing yield was 0.89% as of October 27, 2026.
- Investors who want health care in a broad stock fund, or prefer a larger fund. SPXV had $41.1 million in net assets on August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPXV this fund | — | 0.09% | $41.1M | +12.3% | +26.2% |
| SPXE ProShares S&P 500 Ex-Energy ETF | 90% | 0.09% | $86.6M | +12.3% | +25.0% |
| VOTE TCW Transform 500 ETF | 88% | 0.05% | $1.10B | +13.5% | +25.2% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 88% | 0% | $5.47B | +13.4% | +25.4% |
| SPY SPDR S&P 500 ETF Trust | 87% | 0.0945% | $781.19B | +11.5% | +21.9% |
| SPYM SPDR Portfolio S&P 500 ETF | 87% | 0.02% | $153.92B | +11.5% | +22.0% |
| IVV iShares Core S&P 500 ETF | 87% | 0.03% | $888.13B | +11.5% | +22.0% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 87% | 0.2% | $2.74B | +12.6% | +24.8% |
Questions investors ask
What stocks are in SPXV?
SPXV holds the S&P 500's companies except those in health care: 449 stocks as of August 31, 2026. The largest were NVIDIA (8.9%), Apple (7.7%), Microsoft (6.3%), Amazon (4.2%) and Alphabet's two share classes (about 6% combined). The top ten made up 41.6% of assets, and technology companies made up 39.3%. Financials (12.4%), consumer discretionary (9.8%) and communication services (9.8%) were the next-largest sectors.
SPXV vs VOO: what's the difference?
VOO tracks the full S&P 500, while SPXV tracks the same index without its health care companies. Their holdings overlapped by 87%. VOO costs less, at 0.03% a year against SPXV's 0.09%, and it is far larger. One-year returns were nearly identical: 12.3% for SPXV and 12.4% for VOO. SPXV's three-year annualized return was higher, at 26.2% against 23.6%. These figures are as of October 27 for SPXV and October 30, 2026, for VOO. VOO keeps the diversification that health care adds; SPXV gives that up.
Does SPXV pay dividends?
Yes. SPXV pays dividends quarterly, passing along the dividends its stocks pay. Over the 12 months to October 27, 2026, it paid $0.75 per share, a yield of 0.89%. That is modest income. The fund is built to track a broad stock index, not to produce high yield. Investors who mainly want income may want to compare it with dividend-focused funds, which hold different stocks and carry different risks.
What is SPXV's expense ratio?
SPXV's expense ratio is 0.09% a year, according to its prospectus filed September 25, 2026. That is a 0.13% management fee reduced by a 0.04% fee waiver. In the SEC's standard example, $10,000 invested at a 5% yearly return would cost about $9 in the first year, $69 over five years and $162 over 10 years. Similar funds average 0.06%, and VOO and IVV each charge 0.03%.
Is SPXV a leveraged ETF?
No. SPXV aims to match the return of the S&P 500 Ex-Health Care Index before fees. It does not seek a multiple of that return or its opposite. It generally owns the index's stocks directly, in about the same proportions as the index. As of August 31, 2026, stocks made up 99.8% of assets, cash was 0.02%, and the fund held no derivatives. Its ups and downs should closely follow the index, minus costs.