SRS provides -2x exposure to the S&P Real Estate Select Sector Index a market cap-weighted index of US real estate companies, as classified by S&P Dow Jones. Naturally, the index is dominated by REITs, although non-REIT real estate firms are also included. The fund is designed to be a trading vehicle, not a long-term investment. Additionally, SRS rebalances its exposure on a daily basis. As a result, compounding and path dependency make its long-term returns difficult to predict when compared with a beta-1 fund tracking the same index, such as IYR. The index undergoes annual reconstitution and quarterly review. Prior to March 17, 2023, the fund tracked the Dow Jones US Real Estate Index.
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