ETF Evaluator:
ProShares Ultra S&P 500 Equal Weight ()
Follow This ETF
(as of Nov 13)
Best Performing in Trading--Leveraged Equity Over the Last Year
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ETF Details
ProShares Ultra S&P 500 Equal Weight Overview
ProShares Ultra S&P 500 Equal Weight (URSP) is a passively managed Miscellaneous Trading--Leveraged Equity exchange-traded fund (ETF). ProShares launched the ETF in 2025.
The investment seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&P 500 Equal Weight Index.
The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The index is designed to measure the performance of companies listed in the S&P 500 Index on an equal weight basis. The fund is non-diversified.
About ProShares Ultra S&P 500 Equal Weight (URSP)
There are 2 members of the management team with an average tenure of 1.18 years: Michael Neches (2025) and Devin Sullivan (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 Equal Weighted TR USD index with a weighting of 200%. ProShares Ultra S&P 500 Equal Weight has 517 securities in its portfolio. The top 10 holdings constitute 183.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares Ultra S&P 500 Equal Weight is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares Ultra S&P 500 Equal Weight has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 211.9% There is 0.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares Ultra S&P 500 Equal Weight has -112.1% of the portfolio in cash.
Assets Under Management
The fund has $41 million in total assets, which is below the $247 million average for the Trading--Leveraged Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
URSP Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares Ultra S&P 500 Equal Weight expense ratio is high compared to funds in the Trading--Leveraged Equity category. ProShares Ultra S&P 500 Equal Weight has an expense ratio of 0.95%, which is 1% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares Ultra S&P 500 Equal Weight has a portfolio turnover rate of 72%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 3226% for the Trading--Leveraged Equity category.
Recently, in the month of October 2026, ProShares Ultra S&P 500 Equal Weight returned 9.5%, which earned it a grade of A, as the Trading--Leveraged Equity category had an average return of -23.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares Ultra S&P 500 Equal Weight has a trailing yield of 1.23%, which is below the 6.60% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares Ultra S&P 500 Equal Weight Grades
Year to date, the ETF has returned 25.1%, 31.2 percentage points better than the category, which translates into a grade of B. The fund has returned 29.4% over the past year (grade of A).
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URSP Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| URSP Return (NAV) | 9.5% | 2.2% | 29.4% | na | na | na |
| URSP Return (Price) | 7.3% | 2.1% | 29.3% | na | na | na |
| NAV +/- Price Return | 2.223% | 0.165% | 0.105% | na | na | na |
| Trading--Leveraged Equity Avg | -23.2% | -15.7% | -13.4% | 29.6% | 3.1% | 9.3% |
| URSP Grade (NAV) | A | B | A | na | na | na |
| +/- Category (NAV) | 32.7% | 17.9% | 42.8% | na | na | na |
| URSP Tax-Cost Ratio | na | na | 0.5% | na | na | na |
URSP Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| URSP Return (NAV) | 25.1% | na | na | na | na | na | na | na | na | na | na |
| URSP Return (Price) | 25.3% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.008% | na | na | na | na | na | na | na | na | na | na |
| Trading--Leveraged Equity Avg | -6.1% | 42.7% | 29.7% | 64.7% | -37.0% | 45.0% | 6.2% | 64.1% | -31.9% | 61.0% | 29.3% |
| URSP Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 31.2% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.2% |
| Total Assets: | $ 41 Mil |
| Share Class Assets: | $ 41 Mil |
| Turnover: | 72.0% |
| Expense Ratio: | 0.95% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 Equal Weighted TR USD |
| Index Weighting: | 200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.2 years | |||
| Average Tenure: 1.2 years | |||
| Managers (Year): Neches Michael (2025), Sullivan Devin (2025) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 517 |
| % in Top 10 Holdings: | 183.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 211.9% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.2% |
| Cash: | -112.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | August 25, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.96% |
