What is the primary difference in the tracking objective between SSO and UPRO?

While both funds aim to provide daily returns that are multiples of the S&P 500 Index, their leverage levels differ significantly. SSO, ProShares Ultra S&P 500, generally seeks to provide daily investment results that correspond to twice the performance of the index. Conversely, UPRO, ProShares UltraPro S&P 500, typically targets three times the daily performance of the same index. This distinction means that UPRO is designed for a more aggressive exposure to short-term movements compared to SSO, resulting in potentially larger swings in value in both rising and falling markets.

How does the expense ratio affect the total cost of ownership for these ETFs?

The expense ratio represents the annual fee charged by the fund provider, which directly reduces the investor's return over time. ProShares Ultra S&P 500 has an expense ratio of 0.87%, while ProShares UltraPro S&P 500 charges 0.89%. This creates a 0.02 percentage point difference. While this may seem small, it compounds over time. For investors holding these funds for extended periods, the higher fee of UPRO will slightly more erode returns compared to SSO, assuming all other factors such as index performance remain equal.

Why is understanding daily tracking versus long-term performance important for leveraged funds?

Leveraged ETFs like SSO and UPRO are structured to deliver a specific multiple of the index's return on a daily basis. This does not mean they will deliver the same multiple over weeks, months, or years. Due to the mathematical effect of compounding daily returns, known as volatility decay or path dependency, the cumulative performance can diverge significantly from the simple leveraged calculation of the index's total period return. Therefore, investors must understand that these products are primarily tools for short-term trading rather than traditional long-term buy-and-hold investments.

How do the top ten holdings of SSO and UPRO compare in terms of concentration?

Both funds feature highly concentrated top holdings that mirror the capitalisation weights of the S&P 500. The top ten holdings are identical for both ETFs: NVDA, AAPL, MSFT, AMZN, GOOGL, AVGO, GOOG, META, MU, and TSLA. However, the weightings differ slightly due to the different leverage targets and fund sizes. For SSO, the top holding is NVDA at 5.70%, while for UPRO, it is 4.00%. This indicates that the individual stock impact is more pronounced in the top-heavy structure of SSO compared to the slightly more diluted weightings in UPRO.

What are the dividend yield differences between SSO and UPRO?

ProShares Ultra S&P 500 currently offers a dividend yield of 0.63%, whereas ProShares UltraPro S&P 500 provides a slightly higher yield of 0.69%. These distributions are generated from the underlying constituent stocks in the S&P 500 and can fluctuate based on market conditions and corporate decisions. While UPRO offers a marginally higher yield, the difference is minimal. Investors should primarily focus on the capital appreciation or depreciation potential, as the dividend income is secondary to the significant volatility introduced by the fund's leveraged structure.

How do the fund sizes influence the liquidity of SSO and UPRO?

Net assets play a role in the liquidity of an ETF. ProShares Ultra S&P 500 manages $8.8 billion, while ProShares UltraPro S&P 500 holds $5.5 billion. The larger asset base of SSO suggests it has broader investor adoption and potentially more active trading volume in the secondary market. While both funds are sufficiently liquid for most participants due to the authorised participant mechanism, the higher AUM of SSO might offer slightly tighter bid-ask spreads and more depth in the order book compared to the smaller UPRO.

What does the inception date history imply about these funds' market presence?

ProShares Ultra S&P 500 was established on 19 June 2006, indicating a seasoned history of over 15 years, whereas ProShares UltraPro S&P 500 began on 25 June 2009. The longer operational history of SSO means it has traversed more distinct market cycles, including the 2008 financial crisis and the 2020 pandemic volatility. This longevity suggests a stable management of the fund's mechanics. However, UPRO has also operated through significant market events since its 2009 inception, proving its resilience as a high-leverage product during modern bull and bear markets.

How does the volatility profile differ between a 2x and 3x leveraged S&P 500 ETF?

The difference between double leverage and triple leverage is exponential in terms of risk. SSO magnifies market moves by two times, whereas UPRO amplifies them by three times. If the S&P 500 moves one percent, SSO aims to move two percent, and UPRO aims for three percent. In a declining market, losses are compounded at these rates. Consequently, UPRO exhibits significantly higher volatility than SSO, making it a more sensitive instrument to daily index fluctuations and potentially resulting in more dramatic daily price swings for traders.

Are there specific sectors where one fund might show higher weightings than the other?

The data provided indicates that sector weights for both ProShares Ultra S&P 500 and ProShares UltraPro S&P 500 are not available. Consequently, a direct comparison of sector exposure cannot be made using only the provided figures. However, since both funds track the S&P 500 index, their underlying sector exposure is designed to mirror the market capitalisation of the index. Any slight deviation would likely be due to rebalancing requirements or the mechanics of maintaining the swap agreements used to achieve the leverage targets.

Why are leveraged ETFs like SSO and UPRO generally not recommended for buy-and-hold strategies?

These funds reset their leverage daily. If an investor holds SSO or UPRO for a longer period, the fund's performance will be determined by the compounding of daily returns rather than the total return of the index multiplied by the leverage ratio. In a choppy, sideways market, this daily compounding can erode capital significantly, even if the underlying index ends the period flat or slightly positive. Therefore, they are typically viewed as tools for short-term tactical positioning rather than long-term wealth accumulation.

How do the top holding weights impact the performance sensitivity of SSO compared to UPRO?

SSO has a more concentrated exposure in its largest positions, such as NVDA (5.70%) and AAPL (5.19%). UPRO, while holding the same stocks, has lower individual weights, with NVDA at 4.00% and AAPL at 3.65%. Because SSO is less leveraged, its higher concentration might make it slightly more sensitive to specific large-cap stock movements than a theoretical 2x fund with broader diversification, but in practice, the daily 3x leverage of UPRO means it remains the more volatile instrument overall regardless of the lower individual stock caps.

What should beginners know about the difference in expense ratios before investing?

The expense ratios are 0.87% for SSO and 0.89% for UPRO. Beginners should realise these are high costs compared to standard index ETFs, which often cost under 0.10%. This high fee reflects the cost of maintaining derivatives to achieve leverage. The 0.02% difference means holding UPRO is fractionally more expensive annually. However, the primary cost driver for beginners should be the tracking error and the rapid decay potential during volatile markets, which can dwarf the 2 basis point difference in management fees.

SSO vs UPRO

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

This page compares SSO (ProShares Ultra S&P 500) and UPRO (ProShares UltraPro S&P 500). It reviews fees, holdings, dividends and how each fund tracks its market. Expense ratios are 0.87% and 0.89% respectively. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

SSO

Metric

UPRO

0.87%

Expense Ratio

0.89%

0.63%

Dividend Yield

0.69%

$8.84B

Net Assets

$5.49B

523

Holdings

520

Jun 19, 2006

Inception Date

Jun 25, 2009

–

Index Tracked

–

Trading--Leveraged Equity

Fund Category

Trading--Leveraged Equity

SSO costs about $2.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	SSO	UPRO
NVDANVIDIA Corporation	5.70%	4.00%
AAPLApple Inc.	5.19%	3.65%
MSFTMicrosoft Corporation	3.88%	2.73%
AMZNAmazon.com, Inc.	2.64%	1.85%
GOOGLAlphabet Inc.	2.17%	1.53%
AVGOBroadcom Inc.	1.80%	1.26%
GOOGAlphabet Inc.	1.73%	1.22%
METAMeta Platforms, Inc.	1.55%	1.09%
MUMicron Technology, Inc.	1.21%	0.85%
TSLATesla, Inc.	1.09%	0.76%

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Investment Analysis

SSO

Pros

Large net assets of $8.8 billion enhance liquidity and trading volume.
Long inception date of June 19, 2006, indicates a seasoned fund history.
Diversified top holdings reduce single-stock concentration risk compared to narrower funds.

Considerations

High expense ratio of 0.87% increases the total cost of ownership.
Leveraged structure amplifies market moves, potentially leading to significant volatility.
Moderate dividend yield of 0.63% offers limited income for investors.

UPRO

Pros

Moderate net assets of $5.5 billion provide adequate liquidity for most investors.
Established history since June 25, 2009, demonstrates a track record in leverage.
Broad market exposure through S&P 500 constituents supports diversification.

Considerations

High expense ratio of 0.89% adds to the fund's cost burden.
Extreme volatility from leveraged structure makes it unsuitable for long-term holding.
Lower concentration in top holdings compared to similar leveraged products is not evident.

About SSO and UPRO

SSO (SSO)

The ProShares Ultra S&P 500 (SSO) is an exchange-traded fund designed to provide daily investment results that correspond to two times (2x) the daily performance of the S&P 500 Index. By using swap agreements rather than holding the underlying securities directly, it aims to amplify returns for investors seeking leveraged exposure to large-cap US companies. It is important to note that this is a trading vehicle, not a buy-and-hold strategy. Due to the mechanics of daily rebalancing, compounding effects can cause returns to differ significantly from a simple 2x multiple over periods longer than a single day. The fund holds no direct dividends but may track income sources; however, its primary focus is capital appreciation through leverage. Expenses are 0.87%, which is higher than standard index funds. This tool is suited for experienced traders who understand the risks of leverage, as losses can also be magnified by two times daily movements. Market conditions, volatility, and interest rate changes can impact performance.

UPRO (UPRO)

The ProShares UltraPro S&P 500 (UPRO) is an exchange-traded fund designed to provide daily investment results that correspond to three times the performance of the S&P 500 index. As a leveraged equity fund, it aims to amplify the gains or losses of this broad U.S. market index for a single trading day. It's important to understand that because of its daily rebalancing mechanism, the fund's returns can differ significantly from three times the cumulative performance of the S&P 500 over longer periods. This effect, known as compounding, means that the fund's value is highly sensitive to market volatility. With an expense ratio of 0.89% and net assets of USD 5.49 billion, UPRO is generally used by experienced investors for short-term trading strategies rather than long-term passive investment. Like all investments, its value can rise and fall, and capital is at risk.

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SSO vs UPRO

Fund Snapshot

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SSO

Pros

Considerations

UPRO

Pros

Considerations

About SSO and UPRO

Buy SSO or UPRO in Nemo

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Trusted & Regulated

6% Interest on Cash

Frequently asked questions

What is the primary difference in the tracking objective between SSO and UPRO?

How does the expense ratio affect the total cost of ownership for these ETFs?

Why is understanding daily tracking versus long-term performance important for leveraged funds?

How do the top ten holdings of SSO and UPRO compare in terms of concentration?

What are the dividend yield differences between SSO and UPRO?

How do the fund sizes influence the liquidity of SSO and UPRO?

What does the inception date history imply about these funds' market presence?

How does the volatility profile differ between a 2x and 3x leveraged S&P 500 ETF?

Are there specific sectors where one fund might show higher weightings than the other?

Why are leveraged ETFs like SSO and UPRO generally not recommended for buy-and-hold strategies?

How do the top holding weights impact the performance sensitivity of SSO compared to UPRO?

What should beginners know about the difference in expense ratios before investing?

Fund Snapshot

About SSO and UPRO

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