ETF Evaluator:
ProShares Ultra S&P500 (SSO)
Follow This ETF
(as of Jul 31)
Best Performing in Trading--Leveraged Equity Over the Last Year
| 4486.4% | Direxion Daily MU Bull 2X Shares (MUU) |
| 4217.1% | GraniteShares 2x Long MU Daily ETF (MULL) |
| 1949.9% | GraniteShares 2x Long INTC Daily ETF (INTW) |
| 967.3% | Direxion Daily Semicondct Bull 3X ETF (SOXL) |
| 875.2% | Direxion Daily AMD Bull 2X Shares (AMUU) |
Risk
Index
Risk
Index
ETF Details
ProShares Ultra S&P500 Overview
ProShares Ultra S&P500 (SSO) is a passively managed Miscellaneous Trading--Leveraged Equity exchange-traded fund (ETF). ProShares launched the ETF in 2006.
The investment seeks daily investment results that correspond to two times (2x) the daily performance of the S&P 500® Index.
The fund invests in financial instruments that the advisors believe, in combination, should produce daily returns consistent with the Daily Target. The index is designed to measure the performance of 500 of the largest companies listed and domiciled in the U.S. Under normal circumstances, the fund will obtain leveraged exposure to at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. The fund is non-diversified.
About ProShares Ultra S&P500 (SSO)
There are 2 members of the management team with an average tenure of 10.46 years: Michael Neches (2013) and Devin Sullivan (2018). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 200%. ProShares Ultra S&P500 has 524 securities in its portfolio. The top 10 holdings constitute 40.7% 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&P500 is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares Ultra S&P500 has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 75.9% 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 1.2% (1.2% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares Ultra S&P500 has 21.5% of the portfolio in cash.
Assets Under Management
The fund has $7 billion in total assets, which is above the $368 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.
SSO 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&P500 expense ratio is high compared to funds in the Trading--Leveraged Equity category. ProShares Ultra S&P500 has an expense ratio of 0.87%, which is 10% lower than its category average, making the fund expense ratio grade a B. 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&P500 has a portfolio turnover rate of 4%, which indicates that it holds its assets around / 0.3 years. By way of comparison, the average portfolio turnover is 394% for the Trading--Leveraged Equity category.
Recently, in the month of June 2026, ProShares Ultra S&P500 returned -2.6%, which earned it a grade of B, as the Trading--Leveraged Equity category had an average return of -10.8%. 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&P500 has a trailing yield of 0.67%, which is below the 5.91% category average.
The fund normally distributes its income quarterly 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&P500 Grades
Year to date, the ETF has returned 17.0%, 21.2 percentage points worse than the category, which translates into a grade of B. The fund has returned 39.0% over the past year (grade of B), 33.4% over the past three years (grade of B) and 18.4% per year over the past five years (grade of B) and 24.0% per year over the past 10 years (grade of A).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about ProShares Ultra S&P500, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
SSO Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SSO Return (NAV) | -2.6% | 30.2% | 39.0% | 33.4% | 18.4% | 24.0% |
| SSO Return (Price) | -2.8% | 30.1% | 39.0% | 33.3% | 18.4% | 24.0% |
| NAV +/- Price Return | 0.141% | 0.091% | 0.041% | 0.015% | 0.019% | 0.001% |
| Trading--Leveraged Equity Avg | -10.8% | 63.4% | 106.4% | 24.3% | 6.6% | 11.3% |
| SSO Grade (NAV) | B | C | B | B | B | A |
| +/- Category (NAV) | 8.1% | -33.2% | -67.4% | 9.0% | 11.8% | 12.6% |
| SSO Tax-Cost Ratio | na | na | 0.3% | 0.3% | 0.2% | 0.2% |
SSO Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SSO Return (NAV) | 17.0% | 26.2% | 43.5% | 46.5% | -38.9% | 60.3% | 21.6% | 63.7% | -14.4% | 44.2% | 21.2% |
| SSO Return (Price) | 16.8% | 26.2% | 43.5% | 46.7% | -39.0% | 60.6% | 21.5% | 63.5% | -14.6% | 44.4% | 21.5% |
| NAV +/- Price Ret | -0.008% | -0.002% | -0.001% | 0.004% | 0.001% | 0.005% | -0.003% | -0.5% | 1.3% | 0.3% | 1.4% |
| Trading--Leveraged Equity Avg | 38.2% | 41.3% | 29.5% | 62.2% | -36.7% | 45.0% | 6.2% | 64.1% | -31.9% | 61.0% | 29.3% |
| SSO Grade (NAV) | B | C | B | B | C | B | B | C | A | C | C |
| +/- Category | -21.2% | -15.1% | 14.0% | -15.7% | -2.2% | 15.3% | 15.4% | -0.4% | 17.4% | -16.8% | -8.0% |
| Risk Measures | |
| Beta: | 2.04 |
| R-Squared: | 100% |
| Standard Deviation: | 26.6% |
| Category Risk Index: | 0.51 |
| Category Risk Rating: | Low |
| Total Risk Index: | 2.19 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.7% |
| Total Assets: | $ 7,969 Mil |
| Share Class Assets: | $ 7,969 Mil |
| Turnover: | 4.0% |
| Expense Ratio: | 0.87% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 12.8 years | |||
| Average Tenure: 10.5 years | |||
| Managers (Year): Neches Michael (2013), Sullivan Devin (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 524 |
| % in Top 10 Holdings: | 40.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 75.9% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 1.2% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.0% |
| Cash: | 21.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | June 19, 2006 |
Expenses and Fees
| Expense Ratio (%): | 0.87% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
