SSO

SSO reports 525 positions, but the weights make it behave like about 27.7 equally weighted ones. Computed by this site from the fund's SEC Form N-PORT filing — see what this measure does not tell you and the full table.

• 010 Expense ratio
• 010 Maximum drawdown
• 009 Variance drag
• 006 Total return
• 005 Duration
• 005 Standard deviation
• 005 Beta
• 004 Rebalancing bands

• Why Variance Drag Quietly Destroys Leveraged ETF Returns

  A daily-rebalanced 2x ETF surrenders roughly one annualized variance to compounding each year — about 2.9 percentage points at S&P 500 volatility levels —...

  31 May 2026 10 min Investment Framework

• The Honest Math of Daily-Reset Leverage: What QLD, SSO, and TQQQ Actually Cost in a 4% Rate Regime

  A 2x daily-reset ETF such as QLD does not deliver 2x the annual return of the Nasdaq-100. It delivers roughly 2x of each daily return, compounded — a...

  04 Apr 2026 11 min ETF Analysis

• Why Capital Preservation Is the Secret to Winning with Leveraged Assets

  The case for capital preservation in a leveraged portfolio is not a temperament argument — it is an arithmetic one. Drawdown recovery is non-linear: a 50%...

  29 Mar 2026 9 min Long-Term Strategy

• What Rising Interest Rates Mean for Leveraged ETF Borrowing Costs

  Leveraged ETFs do not borrow on margin. They obtain exposure through total return swaps whose financing leg is reset daily at short-term rates (Fed Funds or...

  28 Mar 2026 12 min Macro & Markets

• Leveraged ETFs vs Index ETFs: What Daily Reset Actually Costs a Long-Term Holder

  Leveraged ETFs are engineered to deliver a multiple of the index's daily return, then reset every evening. Their multi-year payoff is path-dependent, not...

  27 Mar 2026 10 min ETF Analysis

• Can Leveraged ETFs Be Part of a Long-Term Portfolio? Risk Mitigation Strategies

  Daily-reset leveraged ETFs are not buy-and-hold instruments. Holding-period return depends on the realized path of the underlying, not just its start and...

  26 Mar 2026 11 min Long-Term Strategy

• The Honest Math of Leveraged ETFs - Path Dependency, Volatility Decay, and the Behavioral Gap

  Over the last five years, TQQQ delivered a 27.0% CAGR while QQQM delivered 17.6% — a ratio of 1.53x, not the 3x the leverage label implies. Realized...

  26 Mar 2026 10 min Long-Term Strategy

• The Math of Leveraged ETF Decay: Myth vs. Reality in Trending Markets

  Daily-reset leverage produces a return that, over any non-trivial horizon, is not L times the index — it is L times the daily return, compounded, then taxed...

  25 Mar 2026 9 min Long-Term Strategy

• The Honest Math of Leveraged ETFs: What Long-Horizon Investors Need to Understand Before Holding 2x or 3x

  Over the trailing five years, TQQQ compounded at 27.0% while QQQ compounded at 17.6%. A 3x daily-reset product captured roughly 1.5x of the underlying — not...

  24 Mar 2026 11 min ETF Analysis

• QLD vs SSO: What 2x Leveraged ETFs Actually Cost a Long-Term Holder

  Over the last five years QLD compounded at 24.9% versus QQQ's 17.6% — meaningful, but well short of the naive "2x" expectation of roughly 35% once...

  24 Mar 2026 9 min ETF Analysis

• The Honest Math of Leveraged ETFs: A 5-Year Data Read on TQQQ, SSO, and UPRO

  Over the trailing five years, TQQQ delivered roughly 1.5x the realized CAGR of QQQM — not 3x — while taking on roughly 3x the drawdown and 3x the...

  22 Mar 2026 9 min Investment Framework