ProShares - Ultra SmallCap600
$32.65−0.62 (−1.86%)
- Expense ratio
- 1.37%
- Fund size
- $26M
- 1Y return
- +28.9%
- Yield · Last 12 months
- 0.84%
- Holdings
- 609
- Volume · 30D
- 0M sh
- NAV per share
- $32.95
- 52W range
The ETF.net SAA Grade
Score 41 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.FScore 24Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 62Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 49Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 79Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 67Category rank
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
- 609
- 26%
- Net Other Assets (Liabilities)
Sectors
- Financials17.8%
- Industrials15.3%
- Technology14.8%
- Consumer Discr.13.3%
- Health Care11.1%
- Real Estate7.5%
- Energy6.2%
- Materials4.6%
- Cons. Staples4.4%
- Communication3.3%
- Utilities1.8%
Geography
- United States97.95%
- Ireland0.64%
- Bermuda0.55%
- Singapore0.23%
- Switzerland0.18%
- Puerto Rico0.13%
- Bahamas0.13%
- Israel0.12%
- 0.07%
SAA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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 | +29.4% |
| 1 month | −10.1% |
| 3 months | −6.0% |
| 1 year | +28.9% |
| 3 years | +21.1% |
| 5 years | +3.4% |
| 10 years | +10.0% |
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 | +29.4% | |
| 2025 | +0.3% | |
| 2024 | +5.6% | |
| 2023 | +21.3% | |
| 2022 | −36.1% | |
| 2021 | +51.8% | |
| 2020 | −1.8% |
SAA in the news
ETF.net Research hasn’t filed on SAA yet — coverage lands here as it’s written.
SAA Dividends
- 0.84%
- $0.28
- $0.03 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 30, 2026 | $0.03 |
| Mar 25, 2026 | Mar 31, 2026 | $0.04 |
| Dec 24, 2025 | Dec 31, 2025 | $0.13 |
| Sep 24, 2025 | Sep 30, 2025 | $0.08 |
| Jun 25, 2025 | Jul 1, 2025 | $0.01 |
| Mar 26, 2025 | Apr 1, 2025 | $0.05 |
| Dec 23, 2024 | Dec 31, 2024 | $0.14 |
| Sep 25, 2024 | Oct 2, 2024 | $0.09 |
| Jun 26, 2024 | Jul 3, 2024 | $0.08 |
| Mar 20, 2024 | Mar 27, 2024 | $0.04 |
| Dec 20, 2023 | Dec 28, 2023 | $0.11 |
| Sep 20, 2023 | Sep 27, 2023 | $0.06 |
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.
- 39.0%
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.
- 0.50
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.
- 2.03
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
- The middle half of Leveraged Long (2x & Other) funds
- Median 0.99%
73 of the 93 Leveraged Long (2x & Other) funds charge less.