Leverage the Broad Market, Not the Concentration

ProShares Ultra S&P 500 Equal Weight (URSP) is the only ETF designed to target 2x the daily performance of the S&P 500 Equal Weight Index—offering amplified exposure to a more balanced version of the U.S. equity market at a time when concentration has reached historic levels.

Key Benefits of URSP:

1. Mitigate Concentration with Amplified Equal-Weight Exposure
2. Balance Sector Exposure in a Top-Heavy Market
3. De-emphasize Stretched Valuations While Magnifying the Broad Market

1. Mitigate Concentration with Amplified Equal-Weight Exposure

The U.S. equity market has become increasingly concentrated in a handful of mega-cap companies. As of 12/31/25, just three stocks—Nvidia, Apple, and Microsoft^[1]—represented more than 20% of the market-cap-weighted S&P 500. In contrast, those same three stocks collectively account for less than 1% of the S&P 500 Equal Weight Index.

By equally weighting all constituents, the index reduces single-stock dominance and ensures no individual company disproportionately drives performance. URSP enables investors to seek amplified returns across a broader set of companies, rather than relying on a small handful.

2. Balance Sector Exposure in a Top-Heavy Market

The rise of mega-cap technology companies has also led to significant sector imbalances in many portfolios, with information technology representing an outsized share of traditional market-cap-weighted exposure. URSP still allocates meaningful exposure to tech, but also unlocks more participation from other sectors that may benefit from a broadening out.

3. De-emphasize Stretched Valuations While Magnifying the Broad Market

Market concentration has not only increased concentration risk—it has also contributed to pushing valuations higher. The top 10 stocks in the S&P 500 now represent an elevated share of the index and have helped drive overall valuations meaningfully above historical norms.

As of 12/31/25:

• The S&P 500 traded at 27.3x forward earnings
• The S&P 500 Equal Weight Index traded at 20.8x

An equally weighted approach emphasizes companies outside of the most expensive mega-cap cohort, reducing exposure to the most stretched valuations within the S&P 500.

URSP allows investors to stay fully invested in U.S. equities—and amplify that exposure—while decreasing reliance on the market’s highest-priced stocks.

The Bottom Line

ProShares Ultra S&P 500 Equal Weight (URSP) may appeal to investors looking to reduce concentration without giving up leveraged exposure to the broader U.S. equity market.

1. Source: ProShares. URSP Holdings: Nvidia (0.15%), Microsoft (0.15%), Apple (0.15%) as of 12/31/2025.