ProShares - Ultra SmallCap600
CThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.
$32.10−0.01 (−0.04%)
- 1.37%
- $26M
- +37.5%
- 0.76%
- 0M sh
- $32.08
- low $22.57high $38.94
The ETF.net SAA Grade
C
Score 43 out of 100
- 36 of 99
Score 43 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F24 out of 100Rank 75 of 99Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B65 out of 100Rank 23 of 96Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C53 out of 100Rank 48 of 99Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A80 out of 100Rank 3 of 23Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B67 out of 100Rank 21 of 99
Our read on SAA
CLeverage rarely goes small. This one doubles the daily move of the S&P SmallCap 600, a basket of roughly 600 US small caps, and ProShares has run it since 2007.
ProShares Ultra SmallCap600 aims, before fees and expenses, to deliver daily results equal to twice the daily performance of the S&P SmallCap 600 Index.
Why people hold it
- Plain 2x daily exposure to the S&P SmallCap 600, not a sector slice, with ProShares running the same mechanism since its 2007 launch.proshares.com
- The reference basket is broad by leveraged standards: roughly 600 US small caps, so no single sector or one giant name steers the day.
- Odd corner of the shelf: no other fund in its leveraged peer group levers this same small-cap index, which is mostly stocked with Dow, Nasdaq and sector plays.
- Distributions are paid on a quarterly cadence.
Worth knowing
- Daily reset: the 2x target applies to one day at a time. Held longer, compounding can push results away from twice the index move over that stretch.proshares.com
- At a 1.37% expense ratio it costs more than the typical leveraged bull fund, and more than bigger peers like QLD, UDOW and FAS.
- It's a small fund that trades lightly, so spreads and order size matter more here than with the headline leveraged names.
SAA Holdings
- Stocks
- 604
- 26%
- Net Other Assets (Liabilities)
Sectors
- Financials17.1%
- Industrials15.3%
- Technology15.0%
- Consumer Discretionary12.1%
- Health Care10.6%
- Energy7.2%
- Real Estate7.1%
- Materials5.7%
- Consumer Staples4.8%
- Communication3.3%
- Utilities1.7%
Geography
- United States97.84%
- Ireland0.60%
- Bermuda0.55%
- Singapore0.29%
- Switzerland0.19%
- Bahamas0.14%
- Puerto Rico0.13%
- Israel0.12%
- 0.14%
SAA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
SAA$13,745
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | SAA |
|---|---|
| Year to date | +25.1% |
| 1 month | −6.2% |
| 3 months | −11.6% |
| 1 year | +37.5% |
| 3 years | +21.4% |
| 5 years | +1.8% |
| 10 years | +10.2% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SAA |
|---|---|---|
| 2026 YTD | +25.1% | |
| 2025 | +0.3% | |
| 2024 | +5.6% | |
| 2023 | +21.3% | |
| 2022 | −36.1% | |
| 2021 | +51.8% | |
| 2020 | −1.8% |
SAA in the news
SAA Dividends
- 0.76%
- $0.25
- $0.04 per share
- Quarterly
Distribution history
SAA Risk
This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.
- 38.9%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.51
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −55.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 2.06
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SAA Cost
1.37%
SAA1.37%
- The middle half of Leveraged Long (2x & Other) funds
- Median 1.00%
74 of the 95 Leveraged Long (2x & Other) funds charge less.
Other funds in Leveraged Long (2x & Other)
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- CUYMProShares - Ultra MaterialsExpense ratio 1.22%1 year return +22.9%
- CUGLDDirexion Daily Gold Bull 2X ETFExpense ratio 1.09%1 year return —
- CTARKTradr 2X Long Innovation ETFExpense ratio 1.15%1 year return −17.9%
- CUGEProShares - Ultra Consumer StaplesExpense ratio 2.19%1 year return +13.4%