SSO vs UPRO: Grades, Fees and Holdings Compared

ProShares Ultra S&P500

SSOBNYSE Arca

ProShares UltraPro S&P500

UPROCNYSE Arca

Overlap

79.9%by weight

Expense ratio

SSO −0.04pt a year

SSO0.84%UPRO0.88%

Avg volume · 30D

SSO 1.6×the volume

SSO3.19MUPRO1.99M

10Y return · a year

UPRO +5.7pt

SSO+23.4%UPRO+29.1%

SSO vs UPRO Performance

Oct 29, 2021 – Oct 30, 2026

+103.1%SSO+112.1%UPRO

Expense ratio: SSO 0.84%, better; UPRO 0.88%
Fund size: SSO $8.45B; UPRO $5.2B
1Y total return: SSO +16.8%; UPRO +20.8%, better
Yield (12M): SSO 0.70%; UPRO 0.80%, better
Holdings: SSO 511; UPRO 511
Avg volume (30D): SSO 3.19M sh, better; UPRO 1.99M sh
NAV per share: SSO $67.67; UPRO $141.16
52W range

ETF.net Grade

Pillar letters and Scores for SSO, UPRO, with each pillar’s weight
Pillar	SSO	UPRO
Cost30% weight	B59Higher	C44
Mission25% weight	A84	A85Higher
Risk15% weight	B63Higher	C43
Tradability15% weight	A82	A84Higher
Holdings10% weight	A78Higher	B63
Durability5% weight	A77Higher	A71

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

How we build Categories ›

Same Category. SSO and UPRO 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 UPRO 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
Rank 5CUSGXCorgi U.S. Growth 2x Daily ETFScore 40

Our read on each fund

ETF.net Research

SSOBProShares Ultra S&P500

UPROCProShares UltraPro S&P500

In short

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.

UPRO Triple the S&P 500's daily move in one ticker, reset each night. Trading since 2009 at a flat 0.88% with no waiver due to expire. ProShares frames the goal as a single-day one, not a buy-and-forget.

Stated mandate

SSO The fund seeks daily investment results, before fees and expenses, corresponding to twice the daily performance of the S&P 500.

UPRO The fund seeks daily investment results, before fees and expenses, designed to deliver three times the daily performance of the S&P 500.

Why people hold it

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

UPRO Mechanically plain: it aims for 3x the S&P 500's daily move, before fees, then rebalances for the next session. No margin account, no borrowing, one ticker.proshares.com
The 0.88% fee is the whole story: no waiver to lapse and nothing to reprice, unlike SPXL at 0.84% net of a waiver through September 1, 2027.
Listed in 2009 and actively traded ever since, through several volatility shocks. It sits in the upper half of its nine-fund leveraged S&P peer group on our review.
It has tracked its daily 3x target closely for a geared fund, which is the job that matters most when the holding period is hours or days.

Worth knowing

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.

UPRO Daily reset means compounding: over any period longer than a day, returns can differ from 3x the index, and the prospectus notes losses are possible even if the index rises.sec.gov proshares.com
Leverage cuts both ways and costs money; a one-day index drop is magnified threefold, and the fund's own documents say obtaining the leverage lowers returns.proshares.com
At 0.88% it sits near the category median and above 2x options like SPUU at 0.60% net of a waiver through September 1, 2027.

Full SSO profile⁠

Full UPRO profile⁠

SSO vs UPRO Holdings

How SSO and UPRO differ

Overlap by weight

79.9%

Shared holdings make up 100% of SSO and 98.9% of UPRO.

Level by level

Holdings509 in both79.9%
Sector11 Sectors90.1%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in SSO and UPRO, widest gap first
Sector	More in SSOMore in UPRO	SSO	UPRO
Financials	UPRO +9.9 points	27.7%	37.6%
Technology	SSO +4.1 points	32.1%	28.0%
Health Care	SSO +1.2 points	8.0%	6.8%
Communication	SSO +1.0 points	7.3%	6.3%
Consumer Discretionary	SSO +1.0 points	7.3%	6.3%
Industrials	SSO +0.8 points	6.0%	5.2%
Consumer Staples	SSO +0.6 points	3.9%	3.3%
Energy	SSO +0.5 points	3.2%	2.7%
Utilities	SSO +0.3 points	1.7%	1.4%
Real Estate	SSO +0.2 points	1.4%	1.2%
Materials	SSO +0.2 points	1.5%	1.3%

Country, concentration and asset class

Country by domicile

Country weights in SSO and UPRO, widest gap first
Country	More in SSOMore in UPRO	SSO	UPRO
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

SSO49.3%
UPRO60.5%

Securities held

SSO510
UPRO510

Asset class

SSO: Equity
UPRO: Equity

Holdings

Only in SSO1
In both509
Only in UPRO1

Only in SSO

1 security, 0.0% of SSO by weight

TREASURY BILL, 0%, due 2026-12-170.02%

Only in UPRO

1 security, 1.1% of UPRO by weight

TREASURY BILL, 0%, due 2027-01-121.07%

Weight gaps

The 100 widest of 509 Holdings in both funds.

Holding weights in SSO and UPRO, widest gap first
Holding	More in SSOMore in UPRO	SSO	UPRO
Proshares Genius Mny Mkt EtfIQMM	UPRO +6.13 points	15.52%	21.65%
TREASURY BILL, 0%, due 2027-01-19	UPRO +1.75 points	0.73%	2.48%
Apple IncAAPL	SSO +1.42 points	5.39%	3.97%
TREASURY BILL, 0%, due 2026-12-29	SSO +1.40 points	1.63%	0.23%
NVIDIA CorpNVDA	SSO +1.41 points	5.31%	3.90%
Microsoft CorpMSFT	SSO +1.09 points	4.15%	3.06%
Amazon.com IncAMZN	SSO +0.67 points	2.53%	1.86%
TREASURY BILL, 0%, due 2026-11-03	UPRO +0.66 points	0.30%	0.96%
Alphabet Inc-Cl AGOOGL	SSO +0.47 points	1.76%	1.29%
Broadcom IncAVGO	SSO +0.44 points	1.66%	1.22%
Meta Platforms Inc-Class AMETA	SSO +0.38 points	1.45%	1.07%
Alphabet Inc-Cl CGOOG	SSO +0.38 points	1.42%	1.04%
TREASURY BILL, 0%, due 2027-02-11	UPRO +0.36 points	0.58%	0.95%
Eli Lilly & CoLLY	SSO +0.33 points	1.22%	0.89%
Tesla IncTSLA	SSO +0.32 points	1.21%	0.89%
Berkshire Hathaway Inc-Cl BBRK.B	SSO +0.28 points	1.08%	0.80%
Micron Technology IncMU	SSO +0.28 points	1.07%	0.79%
JPMorgan Chase & CoJPM	SSO +0.25 points	0.96%	0.71%
Advanced Micro DevicesAMD	SSO +0.23 points	0.88%	0.65%
Exxonmobil Holdings CorpXOM	SSO +0.21 points	0.82%	0.61%
Visa Inc-Class A SharesV	SSO +0.20 points	0.76%	0.56%
Johnson & JohnsonJNJ	SSO +0.19 points	0.71%	0.52%
TREASURY BILL, 0%, due 2026-12-24	SSO +0.17 points	0.46%	0.29%
Walmart IncWMT	SSO +0.16 points	0.59%	0.43%
AbbVie IncABBV	SSO +0.15 points	0.56%	0.41%
Mastercard Inc - AMA	SSO +0.14 points	0.55%	0.41%
Chevron CorpCVX	SSO +0.13 points	0.50%	0.37%
Costco Wholesale CorpCOST	SSO +0.13 points	0.48%	0.35%
Palantir Technologies Inc-APLTR	SSO +0.12 points	0.45%	0.33%
Cisco Systems IncCSCO	SSO +0.12 points	0.44%	0.32%
Procter & Gamble Co/ThePG	SSO +0.10 points	0.40%	0.30%
Merck & Co. Inc.MRK	SSO +0.11 points	0.40%	0.29%
UnitedHealth Group IncUNH	SSO +0.10 points	0.39%	0.29%
Coca-Cola Co/TheKO	SSO +0.10 points	0.39%	0.29%
Home Depot IncHD	SSO +0.09 points	0.35%	0.26%
Intel CorpINTC	SSO +0.09 points	0.35%	0.26%
Philip Morris InternationalPM	SSO +0.09 points	0.35%	0.26%
Bank of America CorpBAC	SSO +0.09 points	0.35%	0.26%
General ElectricGE	SSO +0.09 points	0.34%	0.25%
Applied Materials IncAMAT	SSO +0.09 points	0.33%	0.24%
Lam Research CorpLRCX	SSO +0.08 points	0.32%	0.24%
Palo Alto Networks IncPANW	SSO +0.08 points	0.32%	0.24%
Caterpillar IncCAT	SSO +0.08 points	0.31%	0.23%
Texas Instruments IncTXN	SSO +0.07 points	0.29%	0.22%
Rtx CorpRTX	SSO +0.08 points	0.29%	0.21%
Goldman Sachs Group IncGS	SSO +0.08 points	0.28%	0.20%
Thermo Fisher Scientific IncTMO	SSO +0.08 points	0.28%	0.20%
TREASURY BILL, 0%, due 2027-01-26	UPRO +0.07 points	0.88%	0.95%
Netflix IncNFLX	SSO +0.08 points	0.28%	0.20%
Crowdstrike Holdings Inc - ACRWD	SSO +0.07 points	0.27%	0.20%
Amgen IncAMGN	SSO +0.07 points	0.27%	0.20%
Wells Fargo & CoWFC	SSO +0.07 points	0.27%	0.20%
Intl Business Machines CorpIBM	SSO +0.07 points	0.26%	0.19%
Linde PLCLIN	SSO +0.06 points	0.25%	0.19%
Ge Vernova IncGEV	SSO +0.06 points	0.24%	0.18%
Oracle CorpORCL	SSO +0.06 points	0.24%	0.18%
Morgan StanleyMS	SSO +0.07 points	0.24%	0.17%
Gilead Sciences IncGILD	SSO +0.06 points	0.23%	0.17%
Kla CorpKLAC	SSO +0.06 points	0.22%	0.16%
Citigroup IncC	SSO +0.06 points	0.22%	0.16%
Analog Devices IncADI	SSO +0.06 points	0.22%	0.16%
Amphenol Corp-Cl AAPH	SSO +0.06 points	0.21%	0.15%
Walt Disney Co/TheDIS	SSO +0.06 points	0.21%	0.15%
Salesforce IncCRM	SSO +0.05 points	0.20%	0.15%
Pepsico IncPEP	SSO +0.05 points	0.20%	0.15%
Verizon Communications IncVZ	SSO +0.05 points	0.20%	0.15%
ConocophillipsCOP	SSO +0.05 points	0.20%	0.15%
Abbott LaboratoriesABT	SSO +0.06 points	0.20%	0.14%
Mcdonald's CorpMCD	SSO +0.06 points	0.20%	0.14%
Union Pacific CorpUNP	SSO +0.05 points	0.19%	0.14%
Arista Networks IncANET	SSO +0.05 points	0.19%	0.14%
Qualcomm IncQCOM	SSO +0.05 points	0.19%	0.14%
Nextera Energy IncNEE	SSO +0.05 points	0.19%	0.14%
Pfizer IncPFE	SSO +0.05 points	0.19%	0.14%
Marvell Technology IncMRVL	SSO +0.04 points	0.18%	0.14%
Deere & CoDE	SSO +0.05 points	0.18%	0.13%
Welltower IncWELL	SSO +0.05 points	0.18%	0.13%
American Express CoAXP	SSO +0.05 points	0.18%	0.13%
Sandisk CorpSNDK	SSO +0.05 points	0.18%	0.13%
BlackRock IncBLK	SSO +0.05 points	0.18%	0.13%
Accenture Plc-Cl AACN	SSO +0.05 points	0.17%	0.12%
Tjx Companies IncTJX	SSO +0.05 points	0.17%	0.12%
Intuitive Surgical IncISRG	SSO +0.04 points	0.16%	0.12%
AT&T IncT	SSO +0.04 points	0.16%	0.12%
Seagate Technology HoldingsSTX	SSO +0.04 points	0.16%	0.12%
Danaher CorpDHR	SSO +0.05 points	0.16%	0.11%
Eaton Corp PLCETN	SSO +0.04 points	0.15%	0.11%
Schwab (Charles) CorpSCHW	SSO +0.04 points	0.15%	0.11%
Vertex Pharmaceuticals IncVRTX	SSO +0.04 points	0.15%	0.11%
S&P Global IncSPGI	SSO +0.04 points	0.15%	0.11%
Boeing Co/TheBA	SSO +0.04 points	0.15%	0.11%
Progressive CorpPGR	SSO +0.03 points	0.14%	0.11%
Uber Technologies IncUBER	SSO +0.03 points	0.14%	0.11%
Western Digital CorpWDC	SSO +0.04 points	0.14%	0.10%
Altria Group IncMO	SSO +0.04 points	0.14%	0.10%
Lockheed Martin CorpLMT	SSO +0.04 points	0.14%	0.10%
Dell Technologies -CDELL	SSO +0.04 points	0.14%	0.10%
Chubb LtdCB	SSO +0.04 points	0.14%	0.10%
Bristol-Myers Squibb CoBMY	SSO +0.04 points	0.14%	0.10%
Capital One Financial CorpCOF	SSO +0.03 points	0.13%	0.10%

All 521 SSO holdings⁠All 522 UPRO 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.

SSO vs UPRO Cost

Overpaying UPRO vs SSO

$676

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

SSO 0.84%
$16,029
UPRO 0.88%
$16,705

Amount$10,000

Years30 years

Cost over time

SSO 0.84%
UPRO 0.88%
Overpaying

Year by year

Year	SSO	UPRO	Overpaying
10	$1,491	$1,559	$68
20	$5,643	$5,891	$248
30	$16,029	$16,705	$676

Expense ratio

0.84%SSO, cheaper
0.88%UPRO

SSO0.84%UPRO0.88%

0.20%1.72%

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

SSO 4th cheapest of 7 funds

UPRO 6th cheapest of 7 funds

SSO vs UPRO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SSO 0.70%; UPRO 0.80%, better
Payout (12M): SSO $0.48; UPRO $1.13
Last payment: SSO $0.12; UPRO $0.27
Ex-dividend: SSO Sep 23, 2026; UPRO Sep 23, 2026
Paid on: SSO Sep 29, 2026; UPRO Sep 29, 2026
Frequency: SSO Quarterly; UPRO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SSOQuarterly · 16 paymentsAll SSO payments⁠

UPROQuarterly · 28 paymentsAll UPRO payments⁠

SSO vs UPRO Risk

Fall from peak · 5 years

SSO
UPRO

Risk facts

VolatilityStd dev, 3 years: SSO 25.2%, betterUPRO 38.8%
Return per unit of riskSharpe ratio, 3 years: SSO 1.29, betterUPRO 1.24
Worst fallMax drawdown, 5 years: SSO −46.7%, betterUPRO −63.9%
Market sensitivityBeta, 5 years: SSO 2.02UPRO 3.03; Market = 1

SSO and UPRO 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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SSO vs UPRO

In short

Stated mandate

Why people hold it

Worth knowing

How SSO and UPRO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SSO

Only in UPRO

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 SSO and UPRO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SSO

Only in UPRO

Weight gaps