ProShares - Ultra S&P500
BThis 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.
$72.03−0.01 (−0.01%)
- 0.88%
- $9.2B
- +35.1%
- 0.66%
- 3.2M sh
- $72.03
- low $48.63high $72.80
The ETF.net SSO Grade
B
Score 66 out of 100
- 1 of 9
Score 66 of 100 falls in the B 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.B59 out of 100Rank 4 of 9Mission
Whether the fund did what it promised, tested against its stated mandate.A84 out of 100Rank 2 of 3Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B64 out of 100Rank 3 of 9Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A82 out of 100Rank 1 of 9Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A78 out of 100Rank 1 of 4Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A77 out of 100Rank 1 of 9
Our read on SSO
BThe original 2x S&P 500 ETF, running since 2006. It aims to double the index's daily move and stops there, in a corner of the market where most rivals reach for 3x.
The fund seeks daily investment results, before fees and expenses, corresponding to twice the daily performance of the S&P 500.
Why people hold it
- Launched in 2006, one of the first leveraged S&P 500 funds, and now a multi-billion-dollar fund that trades actively.
- 2x, not 3x: half the daily leverage of SPXL and UPRO, over the same roughly 500 large-cap stocks.
- The 0.88% fee sits at the middle of the leveraged S&P 500 pack, and this is one of the tighter implementations of the daily 2x mandate in that group.
Worth knowing
- Leverage resets every day. Hold longer than a day and the result depends on the path the index took, which can differ from 2x the index's move.proshares.com
- Amplification cuts both ways: a down day for the S&P 500 lands roughly twice as hard here.
- SPUU targets the same daily 2x S&P 500 exposure for 0.66%.
SSO Holdings
- Stocks
- 512
- 52%
- IQMM
Sectors
- Technology33.5%
- Financials26.9%
- Communication8.0%
- Health Care7.5%
- Consumer Discretionary7.2%
- Industrials6.0%
- Consumer Staples3.7%
- Energy2.9%
- Utilities1.6%
- Materials1.4%
- Real Estate1.4%
Geography
- United States98.08%
- Ireland0.98%
- United Kingdom0.31%
- Singapore0.23%
- Switzerland0.23%
- Netherlands0.10%
- Bermuda0.06%
- Canada0.01%
SSO Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
SSO$13,507
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 | SSO |
|---|---|
| Year to date | +25.1% |
| 1 month | +3.6% |
| 3 months | +5.0% |
| 1 year | +35.1% |
| 3 years | +39.0% |
| 5 years | +19.4% |
| 10 years | +24.0% |
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 | SSO |
|---|---|---|
| 2026 YTD | +25.1% | |
| 2025 | +26.2% | |
| 2024 | +43.2% | |
| 2023 | +46.6% | |
| 2022 | −39.0% | |
| 2021 | +60.2% | |
| 2020 | +21.5% |
SSO in the news
Category Review
Tactical funds ranged from a 32.2% gain to a 12.5% loss
Category Review
Index option income was not one bet this year
First-Year Review
Liberty One's Spectrum ETF returned 6.4%, 8.9 percentage points behind an S&P 500 fund
SSO Dividends
- 0.66%
- $0.48
- $0.12 per share
- Quarterly
Distribution history
SSO 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.
- 25.5%
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.
- 1.24
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.
- −46.7%
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.
- 2.02
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SSO Cost
0.88%
SSO0.88%
- The middle half of 2x/3x Long S&P 500 funds
- Median 0.88%
3 of the 7 2x/3x Long S&P 500 funds charge less.
Other funds in 2x/3x Long S&P 500
- BSPUUDirexion Daily S&P 500 Bull 2X ETFExpense ratio 0.66%1 year return +35.9%
- CMVPLMiller Value Partners Leverage ETFExpense ratio 0.88%1 year return +31.0%
- CUPROProShares - UltraPro S&P500Expense ratio 0.89%1 year return +50.1%
- CSPXLDirexion Daily S&P 500 Bull 3X SharesExpense ratio 0.95%1 year return +50.7%
- CUSGXCorgi U.S. Growth 2x Daily ETFExpense ratio 0.45%1 year return —