SMN, the ProShares UltraShort Materials, is a $4 million ETF whose main story is the reshoring trade. Over the past year it returned −18.7%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The reshoring trade →
Infrastructure, critical metals and materials: what it takes to make more things at home.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | PAVE | 18.5% | $13.36bn | +13.5% | 0.47% |
| 2 | IGF | 14.0% | $10.07bn | +3.9% | 0.37% |
| 3 | XLB | 10.8% | $7.78bn | +10.9% | 0.08% |
| 4 | COPX | 10.1% | $7.25bn | +45.1% | 0.65% |
| 5 | XME | 5.7% | $4.09bn | +9.7% | 0.35% |
| 82 other ETFs | 40.9% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 87 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| SMN | +16.8% | +12.0% | −16.4% | −18.7% | −15.5% | −15.6% |
| The reshoring tradeits narrative | −4.9% | −3.8% | +9.5% | +14.5% | +20.1% | +12.7% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on February 2, 2007: −27.2% a year.
$10,000 invested October 31, 2016
Year by year
Total return in each calendar year; this year is year to date. A year appears only if SMN traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
SMN tends to move against the market. When the market has moved 1%, SMN has tended to move 1.48% the other way.
SMN tends to move against the reshoring trade. When the reshoring trade has moved 1%, SMN has tended to move 1.81% the other way.
Weekly returns over 157 weeks. The narrative is measured without SMN in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The reshoring trade
Each dot is one of 42 unlevered ETFs whose main narrative is the reshoring trade, placed by its return (up) and how much it swung (right) over the last year. SMN is levered or inverse, so it is shown against them but not counted among them.
Risk
How it is built
Seeks 2x the inverse of the daily return of its exposure. It carries the narrative but does not count toward Share of Narrative, because inverse exposure is excluded.
Narrative exposure
Common questions
What story is SMN selling?
SMN’s main story is the reshoring trade, which covers infrastructure, critical metals and materials: what it takes to make more things at home.
Which ETFs compete with SMN?
The ETFs whose weekly returns move most like SMN’s over the past 3 years are VIXY (0.54), VIXM (0.52) and RBIL (0.52).
How has SMN performed against its story?
Over the past year SMN returned −18.7%, the ETFs carrying the reshoring trade +14.5% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of -0.92 with the story. Past performance only.
Run an ETF in the reshoring trade? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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