ProFunds UltraSector Oil & Gas Fund
ENPSX
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- ProFunds UltraSector Oil & Gas Fund (ENPSX) is a leveraged mutual fund that seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the S&P Energy Select Sector Index, which tracks U.S. energy sector companies in the S&P 500 engaged in energy equipment and services and oil and gas consumable fuels; the fund employs investment techniques including derivatives such as swap agreements, futures contracts, and short sales to achieve its objectives. It offers two share classes, Investor Class (ENPIX) and Service Class (ENPSX), with a net expense ratio of 1.61% supported by a contractual fee waiver effective December 1, 2024, through November 30, 2025; minimum investments are $15,000 for individuals and $5,000 for financial professionals, with no limits on exchanges. The fund primarily invests in U.S. equities (approximately 70% allocation), cash equivalents, and other financial instruments for leverage and hedging, targeting institutional and retail investors seeking amplified exposure to the energy sector. Incepted on June 19, 2000, and headquartered in Bethesda, Maryland as part of ProFunds Group, a provider of specialized sector-focused leveraged and inverse mutual funds, ENPSX operates within the trading-leveraged equity category and is available for sale in the United States. The fund is managed by Michael Neches since October 2013 and Tarak Davé since April 2018. Recent developments include a contractual expense ratio waiver renewed for the period December 1, 2024, to November 30, 2025, aimed at maintaining competitive costs amid volatile energy markets; this follows prior waivers and supports total returns despite a gross expense ratio of 1.61%. In January 2023, ProFunds and affiliate ProShares announced benchmark changes for 53 geared sector funds, including energy-focused products, shifting to S&P Select Sector Indices for enhanced alignment with sector performance. No major acquisitions, partnerships, or liquidations specific to ENPSX have been reported in the last two years, though ProFunds continues semi-annual index reconstitutions and maintains daily leverage resets.