How to buy

How to buy the ProShares Ultra S&P500 ETF (SSO)

When considering any exchange-traded fund, you should review factors such as its costs, risks, and underlying assets. Take into account whether the ETF fits your goals, the experience and track record of the management team, and how the ETF has performed in different market conditions.

You should also consider the reputation and financial stability of the ETF issuer, and whether larger funds have better liquidity and lower operating costs. The process for buying the ProShares Ultra S&P500 ETF (SSO) isn’t much different from buying a stock, another ETF, or a mutual fund. Let’s take a look at the process.

1. Open your brokerage app: Log into your brokerage account where you handle your investments.
2. Search for the ETF: Enter the ticker or ETF name into the search bar to bring up the ETF’s trading page.
3. Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this ETF.
4. Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you’re willing to pay.
5. Submit your order: Confirm the details and submit your buy order.
6. Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.

Holdings

Holdings of the ProShares Ultra S&P500 ETF (SSO)

This ProShares ETF has around 500 holdings, just like its underlying benchmark index, the S&P 500. This ETF is a leveraged ETF, primarily using futures and swaps as derivative instruments to achieve its goal of providing 2x daily leveraged exposure to the S&P 500 index.

As the use of swaps enables the ETF to provide 2x leverage on the S&P 500, a 1% increase in the index would theoretically result in a 2% increase in the fund’s value. The following table shows the top 10 equity swap holdings in the ETF as of early 2025:

As of early 2025, the top 10 company holdings in the ProShares ETF portfolio were as follows:

1. Apple (AAPL -0.08%): 5.26%
2. Nvidia (NVDA 1.13%): 4.85%
3. Microsoft (MSFT 3.19%): 4.32%
4. Amazon (AMZN 2.24%): 3.05%
5. Meta Platforms (META 2.57%): 2.28%
6. Broadcom (AVGO 2.19%): 1.55%
7. Alphabet Class A (GOOGL 1.23%): 1.54%
8. Tesla (TSLA 2.6%): 1.41%
9. Alphabet Class C (GOOG 1.38%): 1.27%
10. Berkshire Hathaway Class B (BRK.B 0.53%): 1.25%

Should I invest?

Should I invest in the ProShares Ultra S&P500 ETF (SSO)?

Making any investment is a personal decision. If you’re considering this ProShares ETF, you need to make sure it aligns with your goals, values, and risk tolerance level. This ETF is primarily designed for day traders rather than geared toward long-term investors.

Leveraged ETFs like the ProShares Ultra S&P500 ETF can offer the opportunity to produce double the daily returns of their underlying index (in this case, the S&P 500). Because this leveraged ETF uses financial derivatives and other instruments to achieve its performance objectives, investors can indirectly gain exposure to options or futures contracts without having to purchase them directly.

Like the S&P 500 index, this ETF offers investors exposure to the largest U.S. companies and sectors. To qualify for the S&P 500 index, which is the underlying benchmark that the ProShares Ultra S&P500 ETF seeks to deliver twice the daily returns of, companies must have a large market cap, be highly liquid, maintain a large public float, and be profitable.

There are several reasons that this ETF might not be the right choice for certain investors. By entering into swap agreements and futures contracts linked to the index, the fund can magnify its returns based on the daily movements of the market, allowing investors to potentially profit significantly from a rising market, but risking amplified losses during downturns.

The leverage is reset daily, meaning that the fund aims to achieve its 2x daily return target each trading day. However, this can lead to significant discrepancies in long-term returns compared to simply holding the S&P 500 and enjoying its compounding effects. Because of the leverage, this ProShares ETF experiences significantly higher volatility compared to a standard S&P 500 tracking ETF.