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SSO −0.83% today · Analysis updated Nov 13, 2026, 6:30 PM ET
Why is ProShares Ultra S&P500 (SSO) stock down today?
No news items or SEC filings were found for SSO in the 14 days before Nov 13, so this view rests only on price and volume data. The fund closed at $67.05 on Nov 13, about 5.3% below its $70.77 close on Oct 28 and well below its late-October range of roughly $69-$71. The Nov 5 session remains the key event in the data: volume of 9.74M shares and 71,835 trades, a low of $63.43, and a $63.51 close. Since then the stock has partly recovered, reaching $68.08 on Nov 11, but it has eased for two sessions to $67.61 and then $67.05. Nov 13 traded between $65.93 and $68.11 on 4.56M shares, close to the recent average, and closed above its $66.77 VWAP. The data does not identify a company-specific cause for the Nov 5 drop or the rebound, so the pattern is best read as a broader leveraged-equity move. Because SSO resets its 2x exposure daily, its path can diverge from the S&P 500 over longer periods.
About ProShares Ultra S&P500
ProShares Ultra S&P500 (SSO) is a leveraged ETF that launched in 2006 and aims to deliver twice the daily return of the S&P 500, before fees. It is one of the largest and longest-running 2x S&P 500 funds, with roughly $8–9 billion in assets.
How the fund works
SSO tries to return 2x the S&P 500's move each day. It gets that exposure by holding the index's stocks directly, plus swaps and S&P 500 futures, with cash kept in money-market holdings. Because the leverage resets every day, returns over weeks or months can be quite different from 2x the index. In choppy markets, this compounding effect can wear returns down over time. Losses are also doubled. The expense ratio is roughly 0.9% a year, far higher than a plain S&P 500 fund, and the fund pays a small dividend each quarter.
What usually moves SSO
- Daily moves in the S&P 500
- Big tech and AI-related stocks, which are a large share of the index
- Market volatility and compounding from the daily leverage reset
- Interest rates, which affect what the swaps and futures cost
- Fed policy and economic data