ProShares Launches Only ETF to Target 2x Daily Returns of the S&P 500 Equal Weight Index

Aug 27, 2025

World’s largest provider of leveraged and inverse ETFs expands lineup with novel way to magnify returns of S&P 500 companies. 

BETHESDA, Md. – ProShares, the world’s leader in leveraged and inverse ETFs, today announced the launch of Ultra S&P 500 Equal Weight (URSP)—the only ETF designed to target 2x the daily returns of the S&P 500 Equal Weight Index. URSP expands ProShares’ $60 billion suite of leveraged and inverse ETFs, which also includes UltraPro QQQ (TQQQ), the world’s largest leveraged ETF.1 

Unlike the traditional S&P 500, which weights stocks by market capitalization, the S&P 500 Equal Weight Index assigns each company a uniform weight of 0.2% at its quarterly rebalance. This approach reduces concentration and tilts exposure toward smaller companies—an important distinction at a time when over one-third of the S&P 500’s weight is concentrated in just seven companies.2 

“The S&P 500 for a long time has been the most widely followed U.S. large-cap benchmark. As the S&P 500 has become in recent years increasingly concentrated in a limited number of mega-cap companies, many in the technology sector, more investors have preferred large-cap U.S. equity exposure more evenly distributed among the companies in the index,” said ProShares CEO Michael L. Sapir. “We are pleased to offer the only levered ETF benchmarked to the S&P 500 Equal Weight Index for those investors who desire magnified exposure to S&P 500 companies less dominated by the biggest names and the technology sector.” 

ProShares pioneered the leveraged and inverse ETF category nearly two decades ago and remains the largest provider in the world,3 offering funds linked to major stock indexes, single stocks, fixed income, commodities, currencies, cryptocurrencies, and volatility. 

About ProShares 

ProShares has been at the forefront of the ETF revolution since 2006. ProShares manages over $85 billion in assets and offers one of the largest lineups of ETFs.4 The company is a leader in strategies such as dividend growth, high income, interest rate hedged bond, crypto-linked and geared (leveraged and inverse) ETF investing. ProShares continues to innovate with products that provide strategic and tactical opportunities for investors to manage risk and enhance returns. 

Sources:

1Bloomberg, as of 7/31/25.

2Bloomberg, as of 8/21/25.

3Morningstar, as of 7/31/25.

4Includes assets of both ProShares ETFs and its mutual fund affiliate, ProFunds, as of 8/20/25.

Media Contact
Steve Schaefer

(212) 207-9456

Steve@hewescomm.com

Investor Contact
ProShares

(866) 776-5125

info@proshares.com
Media Contact
Steve Schaefer

(212) 207-9456

Steve@hewescomm.com

Investor Contact
ProShares

(866) 776-5125

info@proshares.com

Geared ProShares ETFs seek daily investment results that correspond, before fees and expenses, to a multiple of (e.g., 2x or -2x) the daily performance of its underlying benchmark (the “Daily Target”). While the Funds have a daily investment objective, you may hold Fund shares for longer than one day if you believe it is consistent with your goals and risk tolerance. For any holding period other than a day, your return may be higher or lower than the Daily Target. These differences may be significant. Smaller index gains/losses and higher index volatility contribute to returns worse than the Daily Target. Larger index gains/losses and lower index volatility contribute to returns better than the Daily Target. The more extreme these factors are, the more they occur together, and the longer your holding period while these factors apply, the more your return will tend to deviate. Investors should consider periodically monitoring their geared fund investments in light of their goals and risk tolerance. 

Investing involves risk, including the possible loss of principal. Leveraged ProShares ETFs are non-diversified and entail certain risks, including risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Because the weights of the index are only reviewed on a quarterly basis, the ETF should not be expected to have a truly equal weight composition at all times. The ETF’s underlying index is designed to be a size-neutral version of the cap-weighted S&P 500 Index and therefore should be expected to produce significantly different returns. Please see the summary and full prospectuses for a more complete description of risks. There is no guarantee any ProShares ETF will achieve its investment objective.  

Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Your brokerage commissions will reduce returns. 

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses at ProShares.com. Read them carefully before investing. 

ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds’ advisor or sponsor.

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