BETHESDA, Md.--(BUSINESS WIRE)--ProShares and ProFunds, premier providers of leveraged and inverse funds, announced plans to change the underlying indices for a combined 53 sector ETFs and mutual funds to S&P Select Indices.
The move will align these leveraged and inverse sector funds with leading S&P sector and industry indices that utilize the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate them into their portfolios.
The changes, highlighted below, will apply to 23 ProShares ETFs and 30 ProFunds Mutual Funds. They are anticipated to take effect after the market close on March 17, 2023.
Index Change Details ProShares ETFs
ProShares ETF (Ticker) |
Current Index |
New Index |
Ultra Basic Materials (UYM) |
Dow Jones U.S. Basic Materials Index |
S&P Materials Select Sector Index |
UltraShort Basic Materials (SMN) |
Dow Jones U.S. Basic Materials Index |
S&P Materials Select Sector Index |
Ultra Consumer Goods (UGE) |
Dow Jones U.S. Consumer Goods Index |
S&P Consumer Staples Select Sector Index |
UltraShort Consumer Goods (SZK) |
Dow Jones U.S. Consumer Goods Index |
S&P Consumer Staples Select Sector Index |
Ultra Consumer Services (UCC) |
Dow Jones U.S. Consumer Services Index |
S&P Consumer Discretionary Select Sector Index |
UltraShort Consumer Services (SCC) |
Dow Jones U.S. Consumer Services Index |
S&P Consumer Discretionary Select Sector Index |
Short Financials (SEF) |
Dow Jones U.S. Financials Index |
S&P Financial Select Sector Index |
Ultra Financials (UYG) |
Dow Jones U.S. Financials Index |
S&P Financial Select Sector Index |
UltraShort Financials (SKF) |
Dow Jones U.S. Financials Index |
S&P Financial Select Sector Index |
Ultra Health Care (RXL) |
Dow Jones U.S. Health Care Index |
S&P Health Care Select Sector Index |
UltraShort Health Care (RXD) |
Dow Jones U.S. Health Care Index |
S&P Health Care Select Sector Index |
Ultra Industrials (UXI) |
Dow Jones U.S. Industrials Index |
S&P Industrials Select Sector Index |
UltraShort Industrials (SIJ) |
Dow Jones U.S. Industrials Index |
S&P Industrials Select Sector Index |
Ultra Oil & Gas (DIG) |
Dow Jones U.S. Oil & Gas Index |
S&P Energy Select Sector Index |
UltraShort Oil & Gas (DUG) |
Dow Jones U.S. Oil & Gas Index |
S&P Energy Select Sector Index |
Short Real Estate (REK) |
Dow Jones U.S. Real Estate Index |
S&P Real Estate Select Sector Index |
Ultra Real Estate (URE) |
Dow Jones U.S. Real Estate Index |
S&P Real Estate Select Sector Index |
UltraShort Real Estate (SRS) |
Dow Jones U.S. Real Estate Index |
S&P Real Estate Select Sector Index |
Ultra Telecommunications (LTL) |
Dow Jones U.S. Select Telecommunications Index |
S&P Communication Services Select Sector Index |
Ultra Technology (ROM) |
Dow Jones U.S. Technology Index |
S&P Technology Select Sector Index |
UltraShort Technology (REW) |
Dow Jones U.S. Technology Index |
S&P Technology Select Sector Index |
Ultra Utilities (UPW) |
Dow Jones U.S. Utilities Index |
S&P Utilities Select Sector Index |
UltraShort Utilities (SDP) |
Dow Jones U.S. Utilities Index |
S&P Utilities Select Sector Index |
ProFunds Mutual Funds
ProFunds |
Current Index |
New Index |
Banks UltraSector |
Dow Jones U.S. Banks Index |
S&P Banks Select Industry Index |
Basic Materials UltraSector |
Dow Jones U.S. Basic Materials Index |
S&P Materials Select Sector Index |
Biotechnology UltraSector |
Dow Jones U.S. Biotechnology Index |
S&P Biotechnology Select Industry Index |
Consumer Goods UltraSector |
Dow Jones U.S. Consumer Goods Index |
S&P Consumer Staples Select Sector Index |
Consumer Services UltraSector |
Dow Jones U.S. Consumer Services Index |
S&P Consumer Discretionary Select Sector Index |
Financials UltraSector |
Dow Jones U.S. Financials Index |
S&P Financial Select Sector Index |
Health Care UltraSector |
Dow Jones U.S. Health Care Index |
S&P Health Care Select Sector Index |
Industrials UltraSector |
Dow Jones U.S. Industrials Index |
S&P Industrials Select Sector Index |
Oil & Gas UltraSector |
Dow Jones U.S. Oil & Gas Index |
S&P Energy Select Sector Index |
Short Oil and Gas |
Dow Jones U.S. Oil & Gas Index |
S&P Energy Select Sector Index |
Real Estate UltraSector |
Dow Jones U.S. Real Estate Index |
S&P Real Estate Select Sector Index |
Short Real Estate |
Dow Jones U.S. Real Estate Index |
S&P Real Estate Select Sector Index |
Oil Equipment & Services UltraSector |
Dow Jones U.S. Select Oil Equipment & Services Index |
S&P Oil & Gas Equipment & Services Select Industry Index |
Pharmaceuticals UltraSector |
Dow Jones U.S. Select Pharmaceuticals Index |
S&P Pharmaceuticals Select Industry Index |
Utilities UltraSector |
Dow Jones U.S. Utilities Index |
S&P Utilities Select Sector Index |
Technology UltraSector |
Dow Jones U.S. Technology Index |
S&P Technology Select Sector Index |
ProFunds VP Funds
ProFunds VP |
Current Index |
New Index |
VP Banks |
Dow Jones U.S. Banks Index |
S&P Banks Select Industry Index |
VP Basic Materials |
Dow Jones U.S. Basic Materials Index |
S&P Materials Select Sector Index |
VP Biotechnology |
Dow Jones U.S. Biotechnology Index |
S&P Biotechnology Select Industry Index |
VP Consumer Goods |
Dow Jones U.S. Consumer Goods Index |
S&P Consumer Staples Select Sector Index |
VP Consumer Services |
Dow Jones U.S. Consumer Services Index |
S&P Consumer Discretionary Select Sector Index |
VP Financials |
Dow Jones U.S. Financials Index |
S&P Financial Select Sector Index |
VP Health Care |
Dow Jones U.S. Health Care Index |
S&P Health Care Select Sector Index |
VP Industrials |
Dow Jones U.S. Industrials Index |
S&P Industrials Select Sector Index |
VP Oil & Gas |
Dow Jones U.S. Oil & Gas Index |
S&P Energy Select Sector Index |
VP Real Estate |
Dow Jones U.S. Real Estate Index |
S&P Real Estate Select Sector Index |
VP Pharmaceuticals |
Dow Jones U.S. Select Pharmaceuticals Index |
S&P Pharmaceuticals Select Industry Index |
VP Telecommunications |
Dow Jones U.S. Select Telecommunications Index |
S&P Communication Services Select Sector Index |
VP Technology |
Dow Jones U.S. Technology Index |
S&P Technology Select Sector Index |
VP Utilities |
Dow Jones U.S. Utilities Index |
S&P Utilities Select Sector Index |
Name Changes – The benchmark changes will result in name changes for only the following funds:
Current Name |
New Name |
ProShares Ultra Basic Materials |
ProShares Ultra Materials |
ProShares UltraShort Basic Materials |
ProShares UltraShort Materials |
ProShares Ultra Consumer Goods |
ProShares Ultra Consumer Staples |
ProShares UltraShort Consumer Goods |
ProShares UltraShort Consumer Staples |
ProShares Ultra Consumer Services |
ProShares Ultra Consumer Discretionary |
ProShares UltraShort Consumer Services |
ProShares UltraShort Consumer Discretionary |
ProShares Ultra Oil & Gas |
ProShares Ultra Energy |
ProShares UltraShort Oil & Gas |
ProShares UltraShort Energy |
ProShares Ultra Telecommunications |
ProShares Ultra Communication Services |
Basic Materials UltraSector ProFund |
Materials UltraSector ProFund |
Consumer Goods UltraSector ProFund |
Consumer Staples UltraSector ProFund |
Consumer Services UltraSector ProFund |
Consumer Discretionary UltraSector ProFund |
Oil & Gas UltraSector ProFund |
Energy UltraSector ProFund |
Short Oil and Gas ProFund |
Short Energy ProFund |
Oil Equipment & Services UltraSector ProFund |
Oil & Gas Equipment & Services UltraSector ProFund |
ProFund VP Basic Materials |
ProFund VP Materials |
ProFund VP Consumer Goods |
ProFund VP Consumer Staples |
ProFund VP Consumer Services |
ProFund VP Consumer Discretionary |
ProFund VP Oil & Gas |
ProFund VP Energy |
ProFund VP Telecommunications |
ProFund VP Communication Services |
About ProShares
ProShares has been at the forefront of the ETF revolution since 2006. ProShares now offers one of the largest lineups of ETFs, and along with its affiliates, now manages over $60 billion in assets. The company is a leader in strategies such as dividend growth, rising rates, thematics, crypto, and geared (leveraged and inverse) ETF investing. ProShares continues to innovate with products that provide strategic and tactical opportunities for investors to manage risk and enhance returns.
Geared (leveraged or inverse) ProShares seek daily returns that correspond to a multiple (e.g., 2x or -2x) of the daily return of an index or other benchmark, as measured from one NAV calculation to the next, before fees and expenses. ProShares' returns over periods other than one day generally will differ from the fund multiple times the index return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should consider monitoring their ProShares holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus.
Investing involves risk, including the possible loss of principal. ProShares are generally nondiversified, and each entails certain risks, which may include risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Short positions lose value as security prices increase. Narrowly focused investments typically exhibit higher volatility. Investments in smaller companies typically exhibit higher volatility. Smaller company stocks also may trade at greater spreads or lower trading volumes and may be less liquid than stocks of larger companies. Please see summary and full prospectuses for a more complete description of risks. There is no guarantee any ProShares fund 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.
"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 and ProFunds have not been passed on by S&P Dow Jones Indices LLC and its affiliates as to their legality or suitability. ProShares and ProFunds based on S&P or Dow Jones Indices 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 or ProFunds. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES OR PROFUNDS.
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies Inc. ("S&P"). Neither MSCI, S&P nor any third party involved in making or compiling GICS or any GICS classifications makes any express or implied warranties or representations with respect thereto (or the results to be obtained by the use thereof).
ProShares ETFs are distributed by SEI Investments Distribution Co., which is not affiliated with the funds' advisor. ProFunds are distributed by ProFunds Distributors, Inc.
