# SEF (ProShares Short Financials)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: SEF returned +3.5% where its own daily promise gave +1.8%, 1.7 points over.

## Key facts

- SEF, what XLF did: −2.2%, as of Sep 30, 2026.
- SEF, what −1 times a day gives: +1.8%, as of Sep 30, 2026.
- SEF, what the fund returned: +3.5%, as of Sep 30, 2026.
- SEF, the fund itself added: +1.7 pts, as of Sep 30, 2026.
- SEF, net assets: $18m (issuer page, as of Sep 30, 2026).
- SEF, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## SEF over each window to Sep 30, 2026

| Window | Fund | XLF | -1x the move | Difference | XLF moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +8.1% | −7.1% | +7.1% | +1.0 pts | 13% |
| 3 months | +3.5% | −2.2% | +2.2% | +1.3 pts | 13% |
| 6 months | −5.9% | +8.8% | −8.8% | +2.8 pts | 13% |
| 1 year | +3.8% | +0.7% | −0.7% | +4.5 pts | 15% |
| 3 years | −30.9% | +68.6% | −68.6% | +37.7 pts | 16% |
| Since launch | −89.3% | +501.9% | 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 | XLF moved −2.2% over this window, too little to read a multiple from | ETFIQ |
| Underlying | XLF | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $18m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| 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 30, 2026, XLF moved −2.2% and SEF returned +3.5%. −1 times that move is +2.2%, so the fund came out 1.3 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 30, 2026. https://etfiq.com/funds/sef
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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