# SAA (ProShares Ultra SmallCap600)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: SAA returned −15.8% where its own daily promise gave −14.7%, 1.2 points short.

## Key facts

- SAA, what IJR did: −7.5%, as of Sep 30, 2026.
- SAA, what 2 times a day gives: −14.7%, as of Sep 30, 2026.
- SAA, what the fund returned: −15.8%, as of Sep 30, 2026.
- SAA, the fund itself cost: −1.2 pts, as of Sep 30, 2026.
- SAA, net assets: $25m (issuer page, as of Sep 30, 2026).
- SAA, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## SAA over each window to Sep 30, 2026

| Window | Fund | IJR | +2x the move | Difference | IJR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −10.9% | −5.5% | −11.1% | +0.1 pts | 9% |
| 3 months | −15.8% | −7.5% | −14.9% | −0.9 pts | 12% |
| 6 months | +15.8% | +9.6% | +19.3% | −3.5 pts | 14% |
| 1 year | +24.1% | +16.0% | +31.9% | −7.8 pts | 16% |
| 3 years | +67.5% | +51.1% | +102.2% | −34.6 pts | 20% |
| Since launch | +929.1% | +514.6% | 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 | +2.12 times, against +2 stated | ETFIQ |
| Underlying | IJR | ETFIQ |
| Segment | broad index, US small cap | ETFIQ |
| Net assets | $25m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 12% annualized | ETFIQ |

## Questions

### Did SAA return +2 times IJR?

Over the window to Sep 30, 2026, IJR moved −7.5% and SAA returned −15.8%. 2 times that move is −14.9%, so the fund came out 0.9 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 30, 2026. https://etfiq.com/funds/saa
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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