SPUU vs SSO: Grades, Fees and Holdings Compared

Direxion Daily S&P 500 Bull 2X ETF

SPUUBNYSE Arca

ProShares Ultra S&P500

SSOBNYSE Arca

Overlap

43.6%by weight

Expense ratio

SPUU −0.24pt a year

SPUU0.60%SSO0.84%

Avg volume · 30D

SSO 173.4×the volume

SPUU18.4KSSO3.19M

10Y return · a year

SPUU +0.8pt

SPUU+24.2%SSO+23.4%

SPUU vs SSO Performance

Oct 29, 2021 – Oct 30, 2026

+108.8%SPUU+103.1%SSO

Expense ratio: SPUU 0.60%, better; SSO 0.84%
Fund size: SPUU $300M; SSO $8.45B
1Y total return: SPUU +17.5%, better; SSO +16.8%
Yield (12M): SPUU 1.34%, better; SSO 0.70%
Holdings: SPUU 509; SSO 511
Avg volume (30D): SPUU 18.4K sh; SSO 3.19M sh, better
NAV per share: SPUU $224.77; SSO $67.67
52W range

ETF.net Grade

Pillar letters and Scores for SPUU, SSO, with each pillar’s weight
Pillar	SPUU	SSO
Cost30% weight	A74Higher	B59
Mission25% weight	Not scored	A84
Risk15% weight	B63	B63
Tradability15% weight	C44	A82Higher
Holdings10% weight	Not scored	A78
Durability5% weight	B62	A77Higher

Rank among 2x/3x Long S&P 500 funds

How we build Categories ›

Same Category. SPUU and SSO are both graded against the same 7 2x/3x Long S&P 500 funds, so their Grades compare head to head.

2x/3x Long S&P 500⁠

Category · 7 funds

See all 7 ›

SSO ranks 1st and SPUU 2nd of 7 funds in the 2x/3x Long S&P 500 Category.

Rank 1BSSOProShares Ultra S&P500Score 66
Rank 2BSPUUDirexion Daily S&P 500 Bull 2X ETFScore 63
Rank 3BSPXLDirexion Daily S&P 500 Bull 3X SharesScore 55

Our read on each fund

ETF.net Research

SPUUBDirexion Daily S&P 500 Bull 2X ETF

SSOBProShares Ultra S&P500

In short

SPUU Two times the daily move of the S&P 500, for 0.60% net of a waiver through September 1, 2027: the lowest fee on the S&P 500 bull-leverage shelf. The trade-off is a quieter ticker than the category's household name.

SSO The 2x S&P 500 trade in its original wrapper: ProShares has run SSO since 2006, resetting the leverage every single day. Half the dial of the 3x crowd, at 0.84% net of a waiver through September 30, 2027.

Stated mandate

SPUU The fund seeks daily investment results, before fees and expenses, equal to 200% of the performance of the S&P 500® Index.

SSO 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

SPUU 0.60% net of a waiver through September 1, 2027 (0.66% gross) undercuts the category median and rival SSO, at 0.84% net of its own waiver through September 30, 2027.
Aims for 200% of the S&P 500's daily move, reset every day, built on roughly 500 large-cap stocks plus swaps. No guesswork about the exposure.direxion.com
Listed in 2014, making it one of the longer-running 2x S&P 500 funds, and it rates among the stronger builds in a small peer group.direxion.com

SSO Mechanically plain: it aims for twice the S&P 500's move each day, then resets. Half the daily dial of the 3x versions, UPRO and SPXL.proshares.com
Holds roughly 500 S&P 500 stocks plus swaps for the extra exposure, and has tracked its daily target tightly, among the stronger builds in its peer group.proshares.com
Size and volume are on its side: a multi-billion-dollar fund that changes hands actively every session.
Trading since 2006, part of the original ProShares leveraged lineup, so there is a long record across several market cycles.sec.gov

Worth knowing

SPUU The daily reset is the whole story: over stretches longer than a day, results can drift from 2x the index's cumulative move, and choppy markets widen that gap.direxion.com
Thinly traded next to the biggest names in the aisle, which can show up as wider bid-ask spreads.
Leverage is symmetric. A 1% down day in the S&P 500 lands as roughly 2% here, before fees.

SSO The daily reset is the whole game. Hold longer than a day and compounding means your result can differ from 2x the index move, especially in choppy markets.proshares.com
Leverage cuts both ways: a one-day drop in the S&P 500 is doubled in the fund, before fees.proshares.com
0.84% net of a waiver through September 30, 2027 (0.88% gross), near the category median. SPUU runs 0.60% net of a waiver through September 1, 2027 for the same 2x target.

Full SPUU profile⁠

Full SSO profile⁠

SPUU vs SSO Holdings

How SPUU and SSO differ

Overlap by weight

43.6%

Shared holdings make up 69.9% of SSO and 43.6% of SPUU.

Level by level

Holdings502 in both43.6%
Asset classEquity100%
Countryby domicile100%

Sector

No Sector split for SPUU.

Country, concentration and asset class

Country by domicile

Country weights in SPUU and SSO, widest gap first
Country	More in SPUUMore in SSO	SPUU	SSO
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

SPUU69.2%
SSO49.3%

Securities held

SPUU504
SSO510

Asset class

SPUU: Equity
SSO: Equity

Holdings

Only in SPUU2
In both502
Only in SSO8

Only in SPUU

2 securities, 0.2% of SPUU by weight

Goldman Finl Sq Trsry Inst 5060.15%
Kenvue Inc0.02%

Only in SSO

8 securities, 20.1% of SSO by weight

Proshares Genius Mny Mkt Etf15.52%
TREASURY BILL, 0%, due 2026-12-291.63%
TREASURY BILL, 0%, due 2027-01-260.88%
TREASURY BILL, 0%, due 2027-01-190.73%
TREASURY BILL, 0%, due 2027-02-110.58%
TREASURY BILL, 0%, due 2026-12-240.46%
TREASURY BILL, 0%, due 2026-11-030.30%
TREASURY BILL, 0%, due 2026-12-170.02%

Weight gaps

The 100 widest of 502 Holdings in both funds.

Holding weights in SPUU and SSO, widest gap first
Holding	More in SPUUMore in SSO	SPUU	SSO
Apple IncAAPL	SSO +2.05 points	3.34%	5.39%
NVIDIA CorpNVDA	SSO +1.91 points	3.40%	5.31%
Microsoft CorpMSFT	SSO +1.57 points	2.58%	4.15%
Amazon.com IncAMZN	SSO +0.96 points	1.57%	2.53%
Alphabet Inc-Cl AGOOGL	SSO +0.67 points	1.09%	1.76%
Broadcom IncAVGO	SSO +0.58 points	1.08%	1.66%
Meta Platforms Inc-Class AMETA	SSO +0.55 points	0.90%	1.45%
Alphabet Inc-Cl CGOOG	SSO +0.54 points	0.88%	1.42%
Eli Lilly & CoLLY	SSO +0.50 points	0.72%	1.22%
Tesla IncTSLA	SSO +0.46 points	0.75%	1.21%
Berkshire Hathaway Inc-Cl BBRK.B	SSO +0.42 points	0.66%	1.08%
Micron Technology IncMU	SSO +0.38 points	0.69%	1.07%
JPMorgan Chase & CoJPM	SSO +0.36 points	0.60%	0.96%
Exxonmobil Holdings CorpXOM	SSO +0.33 points	0.49%	0.82%
Visa Inc-Class A SharesV	SSO +0.30 points	0.46%	0.76%
Advanced Micro DevicesAMD	SSO +0.27 points	0.61%	0.88%
Johnson & JohnsonJNJ	SSO +0.27 points	0.44%	0.71%
Walmart IncWMT	SSO +0.24 points	0.35%	0.59%
AbbVie IncABBV	SSO +0.22 points	0.34%	0.56%
Mastercard Inc - AMA	SSO +0.21 points	0.34%	0.55%
Chevron CorpCVX	SSO +0.20 points	0.30%	0.50%
Costco Wholesale CorpCOST	SSO +0.19 points	0.29%	0.48%
Cisco Systems IncCSCO	SSO +0.16 points	0.28%	0.44%
Merck & Co. Inc.MRK	SSO +0.16 points	0.24%	0.40%
Procter & Gamble Co/ThePG	SSO +0.15 points	0.25%	0.40%
Palantir Technologies Inc-APLTR	SSO +0.15 points	0.30%	0.45%
Coca-Cola Co/TheKO	SSO +0.15 points	0.24%	0.39%
UnitedHealth Group IncUNH	SSO +0.15 points	0.24%	0.39%
Home Depot IncHD	SSO +0.13 points	0.22%	0.35%
Philip Morris InternationalPM	SSO +0.14 points	0.21%	0.35%
Bank of America CorpBAC	SSO +0.13 points	0.22%	0.35%
General ElectricGE	SSO +0.13 points	0.21%	0.34%
Palo Alto Networks IncPANW	SSO +0.12 points	0.20%	0.32%
Rtx CorpRTX	SSO +0.11 points	0.18%	0.29%
Applied Materials IncAMAT	SSO +0.11 points	0.22%	0.33%
Lam Research CorpLRCX	SSO +0.11 points	0.21%	0.32%
Caterpillar IncCAT	SSO +0.11 points	0.20%	0.31%
Netflix IncNFLX	SSO +0.11 points	0.17%	0.28%
Texas Instruments IncTXN	SSO +0.10 points	0.19%	0.29%
Amgen IncAMGN	SSO +0.11 points	0.16%	0.27%
Thermo Fisher Scientific IncTMO	SSO +0.11 points	0.17%	0.28%
Linde PLCLIN	SSO +0.10 points	0.15%	0.25%
Wells Fargo & CoWFC	SSO +0.10 points	0.17%	0.27%
Goldman Sachs Group IncGS	SSO +0.10 points	0.18%	0.28%
Intl Business Machines CorpIBM	SSO +0.10 points	0.16%	0.26%
Crowdstrike Holdings Inc - ACRWD	SSO +0.10 points	0.17%	0.27%
Gilead Sciences IncGILD	SSO +0.10 points	0.13%	0.23%
Ge Vernova IncGEV	SSO +0.08 points	0.16%	0.24%
Morgan StanleyMS	SSO +0.09 points	0.15%	0.24%
Oracle CorpORCL	SSO +0.08 points	0.16%	0.24%
Pepsico IncPEP	SSO +0.08 points	0.12%	0.20%
Citigroup IncC	SSO +0.08 points	0.14%	0.22%
Verizon Communications IncVZ	SSO +0.08 points	0.12%	0.20%
ConocophillipsCOP	SSO +0.08 points	0.12%	0.20%
Walt Disney Co/TheDIS	SSO +0.08 points	0.13%	0.21%
Analog Devices IncADI	SSO +0.08 points	0.14%	0.22%
Abbott LaboratoriesABT	SSO +0.08 points	0.12%	0.20%
Kla CorpKLAC	SSO +0.08 points	0.14%	0.22%
Salesforce IncCRM	SSO +0.08 points	0.12%	0.20%
Amphenol Corp-Cl AAPH	SSO +0.08 points	0.13%	0.21%
Mcdonald's CorpMCD	SSO +0.08 points	0.12%	0.20%
Union Pacific CorpUNP	SSO +0.07 points	0.12%	0.19%
Nextera Energy IncNEE	SSO +0.08 points	0.11%	0.19%
Pfizer IncPFE	SSO +0.08 points	0.11%	0.19%
Deere & CoDE	SSO +0.07 points	0.11%	0.18%
Welltower IncWELL	SSO +0.07 points	0.11%	0.18%
Accenture Plc-Cl AACN	SSO +0.07 points	0.10%	0.17%
American Express CoAXP	SSO +0.07 points	0.11%	0.18%
BlackRock IncBLK	SSO +0.07 points	0.11%	0.18%
Tjx Companies IncTJX	SSO +0.07 points	0.10%	0.17%
AT&T IncT	SSO +0.07 points	0.09%	0.16%
Arista Networks IncANET	SSO +0.06 points	0.13%	0.19%
Vertex Pharmaceuticals IncVRTX	SSO +0.06 points	0.09%	0.15%
S&P Global IncSPGI	SSO +0.06 points	0.09%	0.15%
Intuitive Surgical IncISRG	SSO +0.06 points	0.10%	0.16%
Marvell Technology IncMRVL	SSO +0.05 points	0.13%	0.18%
Qualcomm IncQCOM	SSO +0.06 points	0.13%	0.19%
Danaher CorpDHR	SSO +0.06 points	0.10%	0.16%
Schwab (Charles) CorpSCHW	SSO +0.05 points	0.10%	0.15%
Progressive CorpPGR	SSO +0.05 points	0.09%	0.14%
Boeing Co/TheBA	SSO +0.06 points	0.09%	0.15%
Altria Group IncMO	SSO +0.06 points	0.08%	0.14%
Medtronic PLCMDT	SSO +0.05 points	0.08%	0.13%
Uber Technologies IncUBER	SSO +0.05 points	0.09%	0.14%
Bristol-Myers Squibb CoBMY	SSO +0.06 points	0.08%	0.14%
Marathon Petroleum CorpMPC	SSO +0.05 points	0.08%	0.13%
Eaton Corp PLCETN	SSO +0.05 points	0.10%	0.15%
Chubb LtdCB	SSO +0.06 points	0.08%	0.14%
Lockheed Martin CorpLMT	SSO +0.05 points	0.09%	0.14%
Seagate Technology HoldingsSTX	SSO +0.06 points	0.10%	0.16%
Sandisk CorpSNDK	SSO +0.05 points	0.13%	0.18%
Capital One Financial CorpCOF	SSO +0.05 points	0.08%	0.13%
Valero Energy CorpVLO	SSO +0.05 points	0.07%	0.12%
Prologis IncPLD	SSO +0.05 points	0.08%	0.13%
Automatic Data ProcessingADP	SSO +0.06 points	0.07%	0.13%
Intel CorpINTC	SSO +0.05 points	0.30%	0.35%
Phillips 66PSX	SSO +0.05 points	0.07%	0.12%
Lowe's Cos IncLOW	SSO +0.05 points	0.08%	0.13%
Mckesson CorpMCK	SSO +0.04 points	0.08%	0.12%
Intercontinental Exchange InICE	SSO +0.05 points	0.06%	0.11%

All 510 SPUU holdings⁠All 521 SSO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SPUU vs SSO Cost

Overpaying SSO vs SPUU

$4,212

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SPUU 0.60%
$11,817
SSO 0.84%
$16,029

Amount$10,000

Years30 years

Cost over time

SPUU 0.60%
SSO 0.84%
Overpaying

Year by year

Year	SPUU	SSO	Overpaying
10	$1,076	$1,491	$415
20	$4,116	$5,643	$1,527
30	$11,817	$16,029	$4,212

Expense ratio

0.60%SPUU, cheaper
0.84%SSO

SPUU0.60%SSO0.84%

0.20%1.72%

Middle half of 2x/3x Long S&P 500 funds
Median 0.84%

SPUU 3rd cheapest of 7 funds

SSO 4th cheapest of 7 funds

SPUU vs SSO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPUU 1.34%, better; SSO 0.70%
Payout (12M): SPUU $2.90; SSO $0.48
Last payment: SPUU $0.26; SSO $0.12
Ex-dividend: SPUU Sep 22, 2026; SSO Sep 23, 2026
Paid on: SPUU Sep 29, 2026; SSO Sep 29, 2026
Frequency: SPUU Quarterly; SSO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPUUQuarterly · 31 paymentsAll SPUU payments⁠

SSOQuarterly · 16 paymentsAll SSO payments⁠

SPUU vs SSO Risk

Fall from peak · 5 years

SPUU
SSO

Risk facts

VolatilityStd dev, 3 years: SPUU 25.1%, betterSSO 25.2%
Return per unit of riskSharpe ratio, 3 years: SPUU 1.32, betterSSO 1.29
Worst fallMax drawdown, 5 years: SPUU −46.6%, betterSSO −46.7%
Market sensitivityBeta, 5 years: SPUU 2.01SSO 2.02; Market = 1

SPUU and SSO in the news

All news⁠

ETF Filings
Simplify files six Smart Leverage ETFs that target 2x without a daily reset
Sep 11, 2026SSO

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SPUU vs SSO

In short

Stated mandate

Why people hold it

Worth knowing

How SPUU and SSO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPUU

Only in SSO

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Simplify files six Smart Leverage ETFs that target 2x without a daily reset

How SPUU and SSO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPUU

Only in SSO

Weight gaps