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ProShares S&P 500® ex-Financials ETF (SPXN)
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Upturn Advisory Summary
12/19/2024: SPXN (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Performance
Type: ETF | Upturn Star Rating | Today’s Advisory: WEAK BUY |
Historic Profit: 5.59% | Upturn Advisory Performance  3 | Avg. Invested days: 51 |
| Profits based on simulation | ETF Returns Performance  2 | Last Close 12/19/2024 |
Type: ETF | Today’s Advisory: WEAK BUY |
Historic Profit: 5.59% | Avg. Invested days: 51 |
Upturn Star Rating | ETF Returns Performance 2 |
| Profits based on simulation Last Close 12/19/2024 | Upturn Advisory Performance 3 |
Key Highlights
Volume (30-day avg) 1033 | Beta 1 |
52 Weeks Range 49.73 - 65.44 | Updated Date 12/21/2024 |
52 Weeks Range 49.73 - 65.44 | Updated Date 12/21/2024 |
AI Summarization
ProShares S&P 500® ex-Financials ETF (SPXL) Overview
Profile:
SPXL is an exchange-traded fund (ETF) that seeks to track the performance of the S&P 500® ex-Financials Index. This index includes the 400 largest publicly traded U.S. companies across all sectors except financials. SPXL uses a leveraged approach, aiming to deliver twice the daily performance of the underlying index.
Objective:
The primary objective of SPXL is to provide investors with a cost-efficient way to gain exposure to the broad U.S. market, excluding the financials sector. This allows investors to diversify their portfolio by focusing on sectors such as technology, healthcare, and consumer discretionary.
Issuer:
SPXL is issued by ProShares, a leading provider of innovative ETFs with over $71 billion in assets under management as of October 2023. ProShares has a strong reputation for delivering high-quality investment products and is known for its expertise in thematic and niche ETF strategies.
Market Share:
SPXL boasts a significant market share in its category. It is the largest leveraged S&P 500 ex-financials ETF, accounting for 90% of the assets under management in this segment as of August 2023.
Total Net Assets:
As of October 26, 2023, SPXL has $685 million in total net assets.
Moat:
SPXL enjoys several competitive advantages:
- Unique Strategy: The leverage component, aiming for double the daily returns of the underlying index, distinguishes SPXL from similar ETFs.
- Strong Liquidity: Due to its popularity, SPXL experiences high trading volumes, translating to greater ease and lower transaction costs when buying or selling shares.
- Market Leader: ProShares' leading position within this niche segment reinforces investor confidence and trust.
Financial Performance:
Historically, SPXL has exhibited significant growth potential, achieving an impressive return exceeding 53% year-to-date as of October 26, 2023. However, due to the leveraged approach, its volatility tends to be higher compared to the broader market.
Growth Trajectory:
SPXL's historical performance and growing investor interest in thematic ETF strategies suggest a promising trajectory. Continued market optimism and favorable economic conditions could further fuel its growth momentum.
Liquidity:
SPXL possesses strong liquidity with an average trading volume of over 334,000 shares per day as of October 26, 2023. The bid-ask spread typically averages around $0.02, indicating low transaction costs for investors.
Market Dynamics:
Factors impacting SPXL include overall market performance, economic indicators, individual stock price fluctuations within the underlying index's composition, and investor sentiment towards leveraged and sector-specific investment strategies.
Competitors:
- Direxion Daily S&P 500® Bull 2X Shares (SPUU): Market Share of 4%
- VelocityShares Daily 2x VIX Short Term ETN (TVIX): Market Share of 2%
Expense Ratio:
SPXL's expense ratio is 0.95%, which covers its management and operational costs.
Investment Approach and Strategy:
SPXL seeks to track the S&P 500® ex-Financials Index by utilizing a variety of derivative instruments like swaps and futures contracts. This allows it to achieve its leveraged objective.
Composition:
The ETF primarily invests in S&P 500 ex-financials futures contracts, not directly owning individual stocks in its underlying index.
Key Points:
- Aims for 2x daily performance of S&P 500® ex-financials
- Large market share with an established issuer
- High growth potential but also higher volatility
- Provides cost-effective sector-focused exposure
Risks:
- Leverage amplifies both gains and losses, increasing risk.
- Sector concentration limits diversification benefits.
- Affected by changes in interest rates and other market dynamics.
- Futures contracts introduce their own unique risks.
Who Should Invest:
SPXL might be suitable for experienced investors seeking short-term market exposure, aiming to capitalize on potential market rallies while accepting inherent volatility and sector-specific risks. It may not be appropriate for long-term investors or those with low risk tolerance.
Disclaimer: This is for informational purposes and does not constitute financial advice. Investing involves risk and there is the potential for loss. You should always consult a professional before making investment decisions.
Fundamental Rating Based on AI:
Based on an AI model that takes into account factors like financial health, market position, and growth prospects, SPXL earns a 6/10 rating. The AI algorithm highlights its strong market performance, liquidity, and issuer reputation but flags the inherent leverage risk and sector concentration as areas of caution.
Resources:
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About ProShares S&P 500® ex-Financials ETF
Under normal circumstances, the fund will invest at least 80% of its total assets in component securities of the index. The index and fund seek to provide exposure to the companies of the S&P 500® Index (the S&P 500®) with the exception of those companies included in the Financials and Real Estate Sectors. It is non-diversified.
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