Explore ETFs logo

The S&P 500—Tailored for You.

Investing in Large-Cap U.S. Stocks Shouldn't Be One-Size-Fits-All

Consider swapping a traditional S&P 500 fund with an ETF that allows you to underweight or even eliminate technology, health care, financials or energy sector exposure.

Mitigate Sector & Concentration Risks

Geopolitical tensions, technological disruption, and regulatory changes are all contributing to a heightened environment of sector-specific risk. Our Ex-Sector ETFs can help you navigate these risks, while staying invested in the broader S&P 500.

Core Exposure

Invest in large-cap U.S. equities

Express a View

Reduce or eliminate a sector you think will underperform

Manage Risk

Potentially minimize risk by diversifying a concentrated holding

*Diversification does not ensure a profit or guarantee against a loss.

Q&A

Expand All

ProShares Ex-Sector ETFs are for investors seeking an S&P 500 fund and reduced exposure to one of the following sectors or companies: energy, financials and real estate, health care or information technology.

An Ex-Sector ETF may be used as a core holding or a replacement for a traditional S&P 500 fund to potentially enhance return based on the sector's long-term prospects, business cycle, fundamentals and price.

For example, could energy companies struggle to transition from fossil fuels to green energy sources? Could a decline in interest rates hurt financial companies' profits? Are tech stocks richly valued relative to their projected future earnings?

A professional working in a particular sector–a health care executive, for example–may be adequately exposed to that sector's fortunes. An individual may want to manage the single-company risk of a stock gifted or inherited from a family member. Or an investor may have "high-conviction" holdings focused in a particular sector.

ProShares offers four Ex-Sector ETFs.
 
SPXE—S&P 500 Ex-Energy ETF. The fund excludes oil, gas, fuel and energy companies.
 
SPXN—S&P 500 Ex-Financials ETF. The fund excludes the financials and real estate sector.
 
SPXT—S&P 500 Ex-Technology ETF. The fund excludes the information technology sector.
 
SPXV—S&P 500 Ex-Technology ETF. The fund excludes companies in the health care sector.
E-Commerce

Ex-Sector ETFs Have Delivered for Over a Decade

Watch ProShares Global Investment Strategist Simeon Hyman discuss 10 years of the ProShares Ex-Sector ETFs. 

Watch Now
E-Commerce

Quick Take: Health Care's Illusion of Value

Are current health care valuations a buying opportunity or a potential value trap?

Read More
E-Commerce

How to Use Ex-Sector ETFs in a Portfolio

Unexpected economic shocks are often concentrated—and particularly painful—for a relatively narrow slice of the market. An Ex-Sector ETF may offer a simple way to insulate a portfolio and enhance returns.

Read More

Explore ProShares Ex-Sector ETFs

Ex-Sector

SPXE

S&P 500 Ex-Energy ETF

Excludes oil, gas and consumable fuels, and energy equipment and services companies.

star-1 star-2 star-3 star-4 star-5
Morningstar Rating
Overall Morningstar Rating out of 1210 Large Blend funds based on risk-adjusted returns as of 12/31/25.
View Fund Details
Ex-Sector

SPXN

S&P 500 Ex-Financials ETF

Excludes banks, diversified financials, such as consumer finance, asset management, investment banking and brokerage companies, insurance companies and REITs.

star-1 star-2 star-3 star-4 star-5
Morningstar Rating
Overall Morningstar Rating out of 1210 Large Blend funds based on risk-adjusted returns as of 12/31/25.
View Fund Details
Ex-Sector

SPXV

S&P 500 Ex-Health Care ETF

Excludes pharmaceuticals, biotechnology and life sciences tools and services companies, and health care providers, equipment and services companies.

star-1 star-2 star-3 star-4 star-5
Morningstar Rating
Overall Morningstar Rating out of 1210 Large Blend funds based on risk-adjusted returns as of 12/31/25
View Fund Details
Ex-Sector

SPXT

S&P 500 Ex-Technology ETF

Excludes information technology companies, including software, technology hardware and equipment, and semiconductor companies.

View Fund Details

Investing involves risk, including the possible loss of principal. These ProShares ETFs are subject to certain risks, including the risk that each fund may not track the performance of the index and that the fund’s market price may fluctuate, which may decrease performance. Each fund may operate as non-diversified in order to approximate its index; non-diversified and narrowly focused investments typically exhibit higher volatility. Each fund is exposed to the stocks of large cap companies, which tend to go through cycles of outperformance or underperformance lasting up to several years relative to other segments of the stock market. As a result, large cap returns may trail the returns of the overall stock market or other market segments. Please see the summary and full prospectuses for a more complete description of risks. There is no guarantee any ProShares ETF will achieve its investment objective.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing.

The “S&P 500 Ex-Energy Index”, “S&P 500 Ex-Financials & Real Estate Index”, “S&P 500 Ex-Health Care Index”, and “S&P 500 Ex-Information Technology Index” are products of S&P Dow Jones Indices LLC and its affiliates and have been licensed for use by ProShares. “S&P ®” is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”) and “Dow Jones ®” is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates. ProShares have not been passed on by S&P Dow Jones Indices LLC and its affiliates as to their legality or suitability. ProShares based on these indexes are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates, and they make no representation regarding the advisability of investing in ProShares. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

Star rating is 2025 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar RatingTM for funds, or “star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. Star ratings are calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. SPXE, SPXN and SPXV were rated against the following numbers of U.S.-domiciled Large Blend funds for the following time periods: 1211 for the last three years, 1121 for the last five years, and 875 for the last ten years ending 11/30/25. With respect to these Large Blend funds, SPXE received a Morningstar Rating of 4 stars for the three-year period and 4 stars for the five-year period, and 5 stars for the ten-year period; SPXN received a Morningstar Rating of 4 stars for the three-year period and 4 stars for the five-year period, and 5 stars for the ten-year period; and SPXV received a Morningstar Rating of 5 stars for the three-year period and 4 stars for the five-year period, and 5 stars for the ten-year period. Past performance is no guarantee of future results.

ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds’ advisor or sponsor.

Your use of this site signifies that you accept our Terms and Conditions of Use.