# SEF (ProShares Short Financials)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: SEF returned −6.1% where its own daily promise gave −7.5%, 1.4 points over.

## Key facts

- SEF, what XLF did: +7.7%, as of Sep 11, 2026.
- SEF, what −1 times a day gives: −7.5%, as of Sep 11, 2026.
- SEF, what the fund returned: −6.1%, as of Sep 11, 2026.
- SEF, the fund itself added: +1.4 pts, as of Sep 11, 2026.
- SEF, net assets: $15m (source, as filed for May 31, 2026).
- SEF, expense ratio: not read by ETFIQ, as of Sep 11, 2026.

## SEF over each window to Sep 11, 2026

| Window | Fund | XLF | -1x the move | Difference | XLF moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +1.5% | −1.2% | +1.2% | +0.3 pts | 13% |
| 3 months | −6.1% | +7.7% | −7.7% | +1.6 pts | 13% |
| 6 months | −13.5% | +18.1% | −18.1% | +4.6 pts | 14% |
| 1 year | −2.8% | +7.6% | −7.6% | +4.8 pts | 14% |
| 3 years | −32.6% | +73.0% | −73.0% | +40.4 pts | 16% |
| Since launch | −90.0% | +543.0% | not meaningful over this window | not meaningful over this window | 22% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 times the daily move of XLF, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -0.79 times, against -1 stated | ETFIQ |
| Underlying | XLF | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $15m | source, as filed for May 31, 2026 |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 13% annualized | ETFIQ |

## Questions

### Did SEF return -1 times XLF?

Over the window to Sep 11, 2026, XLF moved +7.7% and SEF returned −6.1%. 1 times that move is −7.7%, so the fund came out 1.6 points ahead of it.

### Why does SEF not return -1 times over a year?

Because it resets daily. SEF aims at -1 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -1 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, SEF, data as of Sep 11, 2026. https://etfiq.com/funds/SEF
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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