ProShares - S&P 500 Ex-Technology ETF (SPXT) Stock Analysis

ProShares - S&P 500 Ex-Technology ETF (SPXT) Financial Services Profile

ProShares - S&P 500 Ex-Technology ETF (SPXT) provides targeted exposure to the S&P 500, excluding the Information Technology sector, catering to investors seeking diversified exposure across other sectors. With a market cap of $276M and a beta of 0.85, it offers a specific risk-return profile within the asset management landscape.

What Is the Investment Thesis for SPXT?

SPXT presents a targeted investment vehicle for investors seeking S&P 500 exposure without the Information Technology sector. The fund's value proposition lies in its ability to provide diversification across other sectors, potentially reducing volatility associated with tech stocks. With a beta of 0.85, SPXT exhibits lower volatility compared to the broader S&P 500. Key catalysts include shifts in investor sentiment away from technology and towards other sectors, such as Financials or Healthcare. However, potential risks include underperformance relative to the S&P 500 during periods of strong tech sector growth. The fund's expense ratio and tracking error are important factors to consider when evaluating its overall performance and suitability for portfolio allocation. As of 2026, SPXT's market cap stands at $0.28 billion, reflecting its niche positioning within the ETF market.

Based on FMP financials and quantitative analysis

SPXT Key Highlights

SPXT offers exposure to the S&P 500 Index excluding Information Technology companies.

• The fund maintains a beta of 0.85, indicating lower volatility than the overall S&P 500.
• SPXT's strategy focuses on replicating the S&P 500's performance without the tech sector.
• The fund provides diversification across sectors like Financials, Healthcare, and Industrials.
• SPXT's market capitalization is $0.28 billion as of March 18, 2026.

Who Are SPXT's Competitors?

SPXT is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.

AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance

What Are SPXT's Key Strengths?

Targeted exposure to the S&P 500 excluding the Information Technology sector.

• Lower volatility compared to the overall S&P 500 (beta of 0.85).
• Transparent and predictable passive investment strategy.
• Established brand reputation of ProShares.

What Are SPXT's Weaknesses?

Underperformance relative to the S&P 500 during periods of strong tech sector growth.

• Limited appeal to investors seeking high-growth opportunities in the tech sector.
• Reliance on the performance of non-tech sectors.
• Vulnerability to sector-specific downturns in non-tech industries.

What Could Drive SPXT Stock Higher?

Shifts in investor sentiment away from technology and towards other sectors.

• Rising concerns about technology sector valuations.
• Expansion of distribution channels and partnerships (within the next 1-2 years).
• Development of similar ETFs targeting other sectors (within the next 2-3 years).

What Are the Key Risks for SPXT?

Underperformance relative to the S&P 500 during periods of strong tech sector growth.

• Economic downturns affecting non-tech industries.
• Competition from other sector-specific ETFs.
• Changes in investor sentiment towards the technology sector.

What Are the Growth Opportunities for SPXT?

• Growth opportunity 1: Increased investor interest in sector rotation strategies could drive demand for SPXT. As investors seek to overweight or underweight specific sectors based on macroeconomic conditions or market outlook, SPXT provides a tool to reduce exposure to the Information Technology sector while maintaining broad market exposure. The market size for sector-specific ETFs is expanding, with potential for SPXT to capture a larger share. Timeline: Ongoing.
• Growth opportunity 2: Rising concerns about technology sector valuations may lead investors to seek alternatives like SPXT. If investors believe that tech stocks are overvalued or that other sectors offer better growth prospects, SPXT provides a way to reallocate capital without completely exiting the equity market. The market size for value-oriented investment strategies is significant, with potential for SPXT to attract investors seeking diversification. Timeline: Ongoing.
• Growth opportunity 3: Expansion of distribution channels and partnerships could increase SPXT's visibility and accessibility. By partnering with brokerage firms, financial advisors, and online investment platforms, ProShares can reach a wider audience of potential investors. The market size for ETF distribution is large and growing, with potential for SPXT to benefit from increased awareness. Timeline: Upcoming: within the next 1-2 years.
• Growth opportunity 4: Development of similar ETFs targeting other sectors could broaden ProShares' product line and attract new investors. By creating ETFs that exclude other specific sectors, such as Energy or Consumer Discretionary, ProShares can cater to a wider range of investment preferences and strategies. The market size for thematic ETFs is expanding, with potential for ProShares to become a leading provider of specialized investment solutions. Timeline: Upcoming: within the next 2-3 years.
• Growth opportunity 5: Increased adoption of ETFs by institutional investors could drive demand for SPXT. As institutional investors, such as pension funds and endowments, allocate more capital to ETFs, SPXT could benefit from larger trading volumes and increased assets under management. The market size for institutional ETF investment is substantial, with potential for SPXT to become a core holding in diversified portfolios. Timeline: Ongoing.

What Are SPXT's Competitive Advantages?

• Established brand reputation of ProShares as a provider of specialized ETFs.
• First-mover advantage in offering an S&P 500 Ex-Technology ETF.
• Low expense ratio compared to actively managed funds.
• Passive investment strategy providing transparency and predictability.

What Does SPXT Do?

ProShares - S&P 500 Ex-Technology ETF (SPXT) is designed to track the performance of the S&P 500 Index, but with a key difference: it excludes all companies classified within the Information Technology sector. This allows investors to gain exposure to the broader market while specifically avoiding the volatility and trends associated with technology stocks. The fund operates under normal circumstances by investing at least 80% of its total assets in the component securities of its target index. SPXT is managed by ProShares, a well-known provider of specialized ETFs, including leveraged and inverse funds. The fund’s strategy is to replicate the S&P 500's performance without the tech component, offering a potentially different risk-return profile compared to the standard S&P 500 ETF. SPXT provides a way for investors to diversify their portfolios, focusing on sectors such as Financials, Healthcare, Industrials, and Consumer Staples, among others. The fund's investment approach is passive, aiming to mirror the index's composition and weighting, adjusted for the exclusion of technology companies. This approach offers transparency and predictability for investors seeking a specific market exposure. SPXT is available to investors seeking to adjust their sector allocations within a broad market index fund.

What Products and Services Does SPXT Offer?

• Provide an ETF that tracks the S&P 500 Index.
• Exclude companies in the Information Technology sector from the ETF's holdings.
• Offer investors exposure to the broader market without tech stocks.
• Replicate the S&P 500's performance, adjusted for the exclusion of technology companies.
• Provide a tool for sector rotation strategies.
• Cater to investors seeking diversification away from technology stocks.

How Does SPXT Make Money?

• Generate revenue through management fees charged on assets under management (AUM).
• Earn income from securities lending activities.
• Benefit from increased AUM due to market appreciation and investor inflows.

What Industry Does SPXT Operate In?

The asset management industry is characterized by a wide range of investment vehicles, including ETFs, mutual funds, and hedge funds. SPXT operates within the ETF segment, specifically targeting investors seeking sector-specific exposure. The competitive landscape includes broad market ETFs, sector-specific ETFs, and actively managed funds. Market trends include increasing demand for passive investment strategies and growing interest in thematic ETFs. SPXT differentiates itself by offering a unique combination: broad market exposure with a specific sector exclusion. As of 2026, the ETF market continues to grow, driven by factors such as lower costs and greater transparency compared to traditional investment options.

Who Are SPXT's Key Customers?

• Retail investors seeking diversified exposure to the S&P 500.
• Financial advisors allocating assets for their clients.
• Institutional investors implementing sector rotation strategies.
• Hedge funds using ETFs for tactical asset allocation.

SPXT Valuation & Market Position

With a $276M market cap, ProShares - S&P 500 Ex-Technology ETF sits in the micro-cap segment of the market.

Return on equity for ProShares - S&P 500 Ex-Technology ETF stands at 0.0%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 0.0%, showing how much profit it generates from its asset base. SPXT trades at a trailing price-to-earnings ratio of 0.00, below the Financial Services sector average of ~18x. Its free cash flow yield is 0.0%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.00 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 0.0%, the inverse of the P/E and a quick read on earnings relative to price.

SPXT Financials

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Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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