# SAA (ProShares Ultra SmallCap600)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: SAA returned −3.3% where its own daily promise gave −1.9%, 1.4 points short.

## Key facts

- SAA, what IJR did: −0.7%, as of Sep 11, 2026.
- SAA, what +2 times a day gives: −1.9%, as of Sep 11, 2026.
- SAA, what the fund returned: −3.3%, as of Sep 11, 2026.
- SAA, the fund itself cost: −1.4 pts, as of Sep 11, 2026.
- SAA, net assets: $28m (issuer page, as of Sep 11, 2026).
- SAA, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025).

## SAA over each window to Sep 11, 2026

| Window | Fund | IJR | +2x the move | Difference | IJR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −9.6% | −4.6% | −9.2% | −0.4 pts | 11% |
| 3 months | −3.3% | −0.7% | −1.5% | −1.8 pts | 13% |
| 6 months | +31.8% | +17.0% | +34.1% | −2.2 pts | 15% |
| 1 year | +32.4% | +19.9% | +39.9% | −7.5 pts | 16% |
| 3 years | +71.8% | +53.1% | +106.1% | −34.4 pts | 20% |
| Since launch | +1017.4% | +540.1% | not meaningful over this window | not meaningful over this window | 22% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of IJR, reset daily | ETFIQ |
| Multiple a holder actually got over the window | IJR moved −0.7% over this window, too little to read a multiple from | ETFIQ |
| Underlying | IJR | ETFIQ |
| Segment | broad index, us small cap | ETFIQ |
| Net assets | $28m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 23, 2025 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 13% annualized | ETFIQ |

## Questions

### Did SAA return +2 times IJR?

Over the window to Sep 11, 2026, IJR moved −0.7% and SAA returned −3.3%. 2 times that move is −1.5%, so the fund came out 1.8 points short of it.

### Why does SAA not return +2 times over a year?

Because it resets daily. SAA aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, SAA, data as of Sep 11, 2026. https://etfiq.com/funds/SAA
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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