SPXL vs SSO: Grades, Fees and Holdings Compared

Direxion Daily S&P 500 Bull 3X Shares

SPXLBNYSE Arca

ProShares Ultra S&P500

SSOBNYSE Arca

Overlap

21.6%by weight

Expense ratio

SPXL0.84%SSO0.84%

Avg volume · 30D

SSO 2.0×the volume

SPXL1.62MSSO3.19M

10Y return · a year

SPXL +5.9pt

SPXL+29.3%SSO+23.4%

SPXL vs SSO Performance

Oct 29, 2021 – Oct 30, 2026

+115.8%SPXL+103.1%SSO

Expense ratio: SPXL 0.84%; SSO 0.84%
Fund size: SPXL $7.05B; SSO $8.45B
1Y total return: SPXL +21.3%, better; SSO +16.8%
Yield (12M): SPXL 0.54%; SSO 0.70%, better
Holdings: SPXL 514; SSO 511
Avg volume (30D): SPXL 1.62M sh; SSO 3.19M sh, better
NAV per share: SPXL $285.90; SSO $67.67
52W range

ETF.net Grade

Pillar letters and Scores for SPXL, SSO, with each pillar’s weight
Pillar	SPXL	SSO
Cost30% weight	B59	B59
Mission25% weight	Not scored	A84
Risk15% weight	C41	B63Higher
Tradability15% weight	B60	A82Higher
Holdings10% weight	Not scored	A78
Durability5% weight	A72	A77Higher

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

How we build Categories ›

Same Category. SPXL 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 SPXL 3rd 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
Rank 3CUPROProShares UltraPro S&P500Score 55

Our read on each fund

ETF.net Research

SPXLBDirexion Daily S&P 500 Bull 3X Shares

SSOBProShares Ultra S&P500

In short

SPXL The original 3x S&P 500 ETF. Direxion launched SPXL in November 2008, months ahead of its closest rival, and it still aims to deliver 300% of the index's daily move, at 0.84% net of a waiver through September 1, 2027.

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

SPXL The fund seeks daily investment results, before fees and expenses, equal to 300% 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

SPXL The elder of the 3x S&P 500 funds: live since November 5, 2008, about seven months before UPRO, the other 3x option, arrived.stockanalysis.com
0.84% net of a waiver through September 1, 2027 undercuts UPRO's 0.88% for the same 3x job, and matches SSO's 0.84% (net of a waiver through September 30, 2027) for half the leverage.
A multi-billion-dollar fund that trades actively. Depth matters most in a product whose objective resets every single day.

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

SPXL The 300% target is a one-day target. Hold longer and results can drift well away from 3x the index's move over that stretch, because each day compounds off a new base.sec.gov
Leverage is symmetric: the fund is built to move about three times as far as the S&P 500 on down days too, before fees.sec.gov
The sticker price is 0.95%; the 0.84% you pay depends on a waiver running through September 1, 2027.

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 SPXL profile⁠

Full SSO profile⁠

SPXL vs SSO Holdings

How SPXL and SSO differ

Overlap by weight

21.6%

Shared holdings make up 69.9% of SSO and 21.6% of SPXL.

Level by level

Holdings502 in both21.6%
Asset classEquity100%
Countryby domicile100%

Sector

No Sector split for SPXL.

Country, concentration and asset class

Country by domicile

Country weights in SPXL and SSO, widest gap first
Country	More in SPXLMore in SSO	SPXL	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

SPXL77.4%
SSO49.3%

Securities held

SPXL505
SSO510

Asset class

SPXL: Equity
SSO: Equity

Holdings

Only in SPXL3
In both502
Only in SSO8

Only in SPXL

3 securities, 2.7% of SPXL by weight

Goldman Finl Sq Trsry Inst 5061.65%
Jp Morgan 100 Us Trsy Capital 31631.07%
Kenvue Inc0.01%

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 SPXL and SSO, widest gap first
Holding	More in SPXLMore in SSO	SPXL	SSO
Apple IncAAPL	SSO +3.74 points	1.65%	5.39%
NVIDIA CorpNVDA	SSO +3.63 points	1.68%	5.31%
Microsoft CorpMSFT	SSO +2.87 points	1.28%	4.15%
Amazon.com IncAMZN	SSO +1.75 points	0.78%	2.53%
Alphabet Inc-Cl AGOOGL	SSO +1.22 points	0.54%	1.76%
Broadcom IncAVGO	SSO +1.13 points	0.53%	1.66%
Meta Platforms Inc-Class AMETA	SSO +1.00 points	0.45%	1.45%
Alphabet Inc-Cl CGOOG	SSO +0.98 points	0.44%	1.42%
Eli Lilly & CoLLY	SSO +0.86 points	0.36%	1.22%
Tesla IncTSLA	SSO +0.84 points	0.37%	1.21%
Berkshire Hathaway Inc-Cl BBRK.B	SSO +0.75 points	0.33%	1.08%
Micron Technology IncMU	SSO +0.73 points	0.34%	1.07%
JPMorgan Chase & CoJPM	SSO +0.66 points	0.30%	0.96%
Advanced Micro DevicesAMD	SSO +0.58 points	0.30%	0.88%
Exxonmobil Holdings CorpXOM	SSO +0.58 points	0.24%	0.82%
Visa Inc-Class A SharesV	SSO +0.53 points	0.23%	0.76%
Johnson & JohnsonJNJ	SSO +0.49 points	0.22%	0.71%
Walmart IncWMT	SSO +0.41 points	0.18%	0.59%
AbbVie IncABBV	SSO +0.39 points	0.17%	0.56%
Mastercard Inc - AMA	SSO +0.38 points	0.17%	0.55%
Chevron CorpCVX	SSO +0.35 points	0.15%	0.50%
Costco Wholesale CorpCOST	SSO +0.34 points	0.14%	0.48%
Palantir Technologies Inc-APLTR	SSO +0.30 points	0.15%	0.45%
Cisco Systems IncCSCO	SSO +0.30 points	0.14%	0.44%
Procter & Gamble Co/ThePG	SSO +0.28 points	0.12%	0.40%
Merck & Co. Inc.MRK	SSO +0.28 points	0.12%	0.40%
Coca-Cola Co/TheKO	SSO +0.27 points	0.12%	0.39%
UnitedHealth Group IncUNH	SSO +0.27 points	0.12%	0.39%
Home Depot IncHD	SSO +0.24 points	0.11%	0.35%
Philip Morris InternationalPM	SSO +0.24 points	0.11%	0.35%
Bank of America CorpBAC	SSO +0.24 points	0.11%	0.35%
General ElectricGE	SSO +0.23 points	0.11%	0.34%
Applied Materials IncAMAT	SSO +0.22 points	0.11%	0.33%
Palo Alto Networks IncPANW	SSO +0.22 points	0.10%	0.32%
Lam Research CorpLRCX	SSO +0.22 points	0.10%	0.32%
Caterpillar IncCAT	SSO +0.21 points	0.10%	0.31%
Texas Instruments IncTXN	SSO +0.20 points	0.09%	0.29%
Intel CorpINTC	SSO +0.20 points	0.15%	0.35%
Rtx CorpRTX	SSO +0.20 points	0.09%	0.29%
Netflix IncNFLX	SSO +0.20 points	0.08%	0.28%
Thermo Fisher Scientific IncTMO	SSO +0.19 points	0.09%	0.28%
Goldman Sachs Group IncGS	SSO +0.19 points	0.09%	0.28%
Amgen IncAMGN	SSO +0.19 points	0.08%	0.27%
Wells Fargo & CoWFC	SSO +0.19 points	0.08%	0.27%
Crowdstrike Holdings Inc - ACRWD	SSO +0.18 points	0.09%	0.27%
Intl Business Machines CorpIBM	SSO +0.18 points	0.08%	0.26%
Linde PLCLIN	SSO +0.17 points	0.08%	0.25%
Ge Vernova IncGEV	SSO +0.16 points	0.08%	0.24%
Oracle CorpORCL	SSO +0.16 points	0.08%	0.24%
Morgan StanleyMS	SSO +0.17 points	0.07%	0.24%
Gilead Sciences IncGILD	SSO +0.16 points	0.07%	0.23%
Citigroup IncC	SSO +0.15 points	0.07%	0.22%
Kla CorpKLAC	SSO +0.15 points	0.07%	0.22%
Analog Devices IncADI	SSO +0.15 points	0.07%	0.22%
Amphenol Corp-Cl AAPH	SSO +0.14 points	0.07%	0.21%
Walt Disney Co/TheDIS	SSO +0.15 points	0.06%	0.21%
Pepsico IncPEP	SSO +0.14 points	0.06%	0.20%
Verizon Communications IncVZ	SSO +0.14 points	0.06%	0.20%
ConocophillipsCOP	SSO +0.14 points	0.06%	0.20%
Salesforce IncCRM	SSO +0.14 points	0.06%	0.20%
Abbott LaboratoriesABT	SSO +0.14 points	0.06%	0.20%
Mcdonald's CorpMCD	SSO +0.14 points	0.06%	0.20%
Union Pacific CorpUNP	SSO +0.13 points	0.06%	0.19%
Nextera Energy IncNEE	SSO +0.13 points	0.06%	0.19%
Pfizer IncPFE	SSO +0.13 points	0.06%	0.19%
Deere & CoDE	SSO +0.13 points	0.05%	0.18%
Arista Networks IncANET	SSO +0.13 points	0.06%	0.19%
Welltower IncWELL	SSO +0.13 points	0.05%	0.18%
American Express CoAXP	SSO +0.12 points	0.06%	0.18%
Qualcomm IncQCOM	SSO +0.13 points	0.06%	0.19%
Marvell Technology IncMRVL	SSO +0.12 points	0.06%	0.18%
BlackRock IncBLK	SSO +0.12 points	0.06%	0.18%
Accenture Plc-Cl AACN	SSO +0.12 points	0.05%	0.17%
Sandisk CorpSNDK	SSO +0.12 points	0.06%	0.18%
Tjx Companies IncTJX	SSO +0.12 points	0.05%	0.17%
Intuitive Surgical IncISRG	SSO +0.11 points	0.05%	0.16%
AT&T IncT	SSO +0.11 points	0.05%	0.16%
Vertex Pharmaceuticals IncVRTX	SSO +0.11 points	0.04%	0.15%
Danaher CorpDHR	SSO +0.11 points	0.05%	0.16%
Schwab (Charles) CorpSCHW	SSO +0.10 points	0.05%	0.15%
S&P Global IncSPGI	SSO +0.10 points	0.05%	0.15%
Seagate Technology HoldingsSTX	SSO +0.11 points	0.05%	0.16%
Eaton Corp PLCETN	SSO +0.10 points	0.05%	0.15%
Boeing Co/TheBA	SSO +0.11 points	0.04%	0.15%
Progressive CorpPGR	SSO +0.10 points	0.04%	0.14%
Uber Technologies IncUBER	SSO +0.10 points	0.04%	0.14%
Altria Group IncMO	SSO +0.10 points	0.04%	0.14%
Bristol-Myers Squibb CoBMY	SSO +0.10 points	0.04%	0.14%
Lockheed Martin CorpLMT	SSO +0.10 points	0.04%	0.14%
Chubb LtdCB	SSO +0.10 points	0.04%	0.14%
Western Digital CorpWDC	SSO +0.09 points	0.05%	0.14%
Marathon Petroleum CorpMPC	SSO +0.09 points	0.04%	0.13%
Medtronic PLCMDT	SSO +0.09 points	0.04%	0.13%
Capital One Financial CorpCOF	SSO +0.09 points	0.04%	0.13%
Prologis IncPLD	SSO +0.09 points	0.04%	0.13%
Dell Technologies -CDELL	SSO +0.09 points	0.05%	0.14%
Automatic Data ProcessingADP	SSO +0.09 points	0.04%	0.13%
Lowe's Cos IncLOW	SSO +0.09 points	0.04%	0.13%
Starbucks CorpSBUX	SSO +0.09 points	0.04%	0.13%
Valero Energy CorpVLO	SSO +0.08 points	0.04%	0.12%

All 516 SPXL 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.

SPXL vs SSO Cost

Same expense ratio

$16,029

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

SPXL 0.84%
$16,029
SSO 0.84%
$16,029

Amount$10,000

Years30 years

Cost over time

SPXL 0.84%
SSO 0.84%

Year by year

Year	SPXL	SSO
10	$1,491	$1,491
20	$5,643	$5,643
30	$16,029	$16,029

Expense ratio

0.84%SPXL
0.84%SSO

SPXL0.84%SSO0.84%

0.20%1.72%

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

SPXL 4th cheapest of 7 funds

SSO 4th cheapest of 7 funds

SPXL vs SSO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPXL 0.54%; SSO 0.70%, better
Payout (12M): SPXL $1.45; SSO $0.48
Last payment: SPXL $0.31; SSO $0.12
Ex-dividend: SPXL Sep 22, 2026; SSO Sep 23, 2026
Paid on: SPXL Sep 29, 2026; SSO Sep 29, 2026
Frequency: SPXL Quarterly; SSO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPXLQuarterly · 28 paymentsAll SPXL payments⁠

SSOQuarterly · 16 paymentsAll SSO payments⁠

SPXL vs SSO Risk

Fall from peak · 5 years

SPXL
SSO

Risk facts

VolatilityStd dev, 3 years: SPXL 38.9%SSO 25.2%, better
Return per unit of riskSharpe ratio, 3 years: SPXL 1.24SSO 1.29, better
Worst fallMax drawdown, 5 years: SPXL −63.8%SSO −46.7%, better
Market sensitivityBeta, 5 years: SPXL 3.03SSO 2.02; Market = 1

SPXL and SSO in the news

All news⁠

Category Review
Tactical funds ranged from a 32.2% gain to a 12.5% loss
Updated Sep 29, 2026SPXL
ETF Filings
Simplify files six Smart Leverage ETFs that target 2x without a daily reset
Sep 11, 2026SSO

Popular comparisons

SPXLBvsSPUUB
Direxion Daily S&P 500 Bull 3X Shares · Direxion Daily S&P 500 Bull 2X ETF
Expense ratio
0.84% · 0.60%
Category
SSOBvsSPUUB
ProShares Ultra S&P500 · Direxion Daily S&P 500 Bull 2X ETF
Expense ratio
0.84% · 0.60%
Category
SPXLBvsUPROC
Direxion Daily S&P 500 Bull 3X Shares · ProShares UltraPro S&P500
Expense ratio
0.84% · 0.88%
Category
SSOBvsUPROC
ProShares Ultra S&P500 · ProShares UltraPro S&P500
Expense ratio
0.84% · 0.88%
Category
SPXLBvsUSGXC
Direxion Daily S&P 500 Bull 3X Shares · Corgi U.S. Growth 2x Daily ETF
Expense ratio
0.84% · 0.45%
Category
SSOBvsUSGXC
ProShares Ultra S&P500 · Corgi U.S. Growth 2x Daily ETF
Expense ratio
0.84% · 0.45%
Category

SPXL vs SSO

In short

Stated mandate

Why people hold it

Worth knowing

How SPXL and SSO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPXL

Only in SSO

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Tactical funds ranged from a 32.2% gain to a 12.5% loss

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

How SPXL and SSO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPXL

Only in SSO

Weight gaps