SPXN ETF Explained: Returns, Expense Ratio, Holdings, and Alternative ETFs
The ProShares S&P 500 Ex-Financials ETF (SPXN) removes the financial sector from the S&P 500. It is built for investors who want to keep large-cap diversification while reducing financial exposure, and the key selection criteria are fees, a comparison with related funds, and the outlook.
SubscribeWhat Is the ProShares S&P 500 Ex-Financials ETF?
It is a sector-exclusion large-cap ETF designed to track the portion of the S&P 500 that remains after the financial sector is removed. The remaining sectors are held at weights close to their market capitalization, so the fund follows the broader movement of US large-cap stocks.
It suits investors who want to diversify across US large caps while keeping their financial sector weighting low.
It is a passively managed (index-tracking) ETF run by ProShares.
How Does the ProShares S&P 500 Ex-Financials ETF Invest?
| Item | Details |
|---|---|
| Tracking index | S&P 500 Ex-Financials Index |
| Management style | Passive (index tracking) |
| Rebalancing frequency | Once per quarter |
| Dividend frequency | Quarterly dividends |
| Issuer | ProShares |
| Expense ratio | 0.09% |
The fund screens out the financial sector from the S&P 500 constituents and holds the remaining stocks at weights close to their market capitalization. This keeps diversification across large caps intact while selectively reducing exposure to swings in the financial sector.
- S&P 500 exposure without the financial sector
- A customized, sector-aware approach to diversification
ProShares S&P 500 Ex-Financials ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $77.6M, and the expense ratio is 0.09% per year.
Unlike broad core ETFs, this fund leaves out the financial sector, so it is typically used as a complement, depending on your view of financial stock weightings.
ProShares S&P 500 Ex-Financials ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeBecause its holdings span large caps broadly, the fund tends to move in a direction similar to the US market over the long term. In periods when the financial sector leads the market, however, its performance may diverge from that of broad indexes.
As a sector-exclusion product, its asset base is smaller than that of broad core ETFs, and fund flows tend to depend on shifting views of the financial sector outlook.
ProShares S&P 500 Ex-Financials ETF Pros and Cons
Its strength is the ability to selectively reduce financial sector exposure, while its limited asset size and liquidity compared with broad core ETFs are worth noting.
💪 Key Strengths
⚠️ Points to Watch
ProShares S&P 500 Ex-Financials ETF Alternative ETFs and Related Products
If you want broad exposure that includes the financial sector, large core ETFs such as VOO, IVV, and SPY shown in the table, or VTI, which widens exposure to the entire US market, are direct alternatives. Among ProShares' other sector-exclusion products are SPXE, which excludes energy, SPXT, which excludes technology, and SPXV, which excludes health care, so you can choose based on the sector you want to exclude. To reduce concentration in individual stocks, you may also consider RSP, which tracks the equal-weighted S&P 500.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 VOO | Vanguard S&P 500 ETF | $704.78 | +1.6% | $1.04T | 0.03% | 1.05% | +13.5% |
 IVV | iShares Core S&P 500 ETF | $770.17 | +1.6% | $873.0B | 0.03% | 1.09% | +13.5% |
 SPY | SPDR S&P 500 ETF Trust | $766.81 | +1.6% | $804.8B | 0.09% | 0.99% | +13.6% |
 VTI | Vanguard Morningstar Total Stock Market ETF | $376.92 | +1.5% | $688.7B | 0.03% | 1.05% | +13.6% |
 QQQ | Invesco QQQ Trust Series 1 | $691.95 | +1.0% | $464.6B | 0.18% | 0.45% | +11.7% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corp | 0.27% | $200.13 | -3.2% | $4.82T | 25.3 | 0.39% |
| AAPL | Apple Inc | 0.24% | $349.51 | +5.3% | $5.10T | 38.9 | 0.33% |
| MSFT | Microsoft Corp | 0.18% | $555.80 | +6.7% | $4.13T | 29.0 | 0.7% |
| AMZN | Amazon.com Inc | 0.05% | $266.03 | +6.1% | $2.88T | 21.5 | - |
ProShares S&P 500 Ex-Financials ETF Investor Checkpoints
Here are the points to review before investing in SPXN. Because it is a sector-exclusion product, it is wise to confirm in advance which sector is excluded and whether the cost burden and liquidity are acceptable. Also consider whether it serves as a complement layered on top of core holdings.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense ratio | Check the cumulative impact over a long holding period | Annual fee applies |
| 🏦 Excluded sector | Confirm that the financial sector is excluded | Financials excluded |
| 💧 Liquidity | Check daily trading value and asset size | Limited |
| 💱 Exchange rate | Impact on returns converted to won | Not currency hedged |
Because the financial sector is excluded, performance may lag broad indexes in periods when financial stocks lead the market, and the small asset base means liquidity concerns should also be taken into account.
It is suitable as a complement for investors who want to diversify across US large caps while selectively lowering their financial sector weighting. If you want broad exposure that includes financials, a broad core ETF is a better fit.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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