ProShares Ultra SmallCap600 (SAA) Valuation

NYSE Arca: SAAP/E, earnings yield and other ratios of the holdings combined.

SAA valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 40.1
Forward P/E: 13.7
Price / sales: 1.06
Price / book: 1.98
EV / EBITDA: 11.2
Earnings yield: 2.49%
Dividend yield: 1.61%
Return on equity: 4.9%
Net margin: 2.6%
Beta: 1.09

SAA valuation vs other stock ETFs

P/E (TTM)Forward P/E

SAA valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
SAA	40.1	13.7	1.06	1.98	1.61%	4.9%	2.6%	15.0%
SPY	25.9	19.9	3.67	5.47	1.08%	21.1%	14.2%	1.9%
QQQ	34.2	23.4	5.93	9.27	0.58%	27.1%	17.4%	6.9%
DIA	20.9	18.4	3.16	5.52	1.55%	26.4%	15.1%	0.0%
VTI	28.2	19.4	3.31	5.00	1.07%	17.7%	11.8%	4.6%
IWM	n/m	13.9	1.25	2.03	1.38%	−1.7%	−1.0%	28.1%

Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.

SAA valuation by sector

P/E (TTM)Forward P/E

SAA valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Financial Services	13.4%	17.2	10.7	1.06	1.43	2.52%	8.3%
Industrials	11.9%	29.6	16.0	1.05	2.62	0.97%	8.8%
Technology	11.5%	50.3	14.6	1.59	2.99	0.30%	5.9%
Consumer Cyclical	9.7%	54.0	12.1	0.57	1.89	1.06%	3.5%
Healthcare	8.6%	n/m	16.7	2.01	2.93	0.19%	−3.8%
Real Estate	5.5%	24.8	23.8	2.46	1.46	5.59%	5.9%
Energy	4.7%	22.6	11.5	0.85	1.53	2.46%	6.8%
Consumer Defensive	3.8%	n/m	12.7	0.61	1.58	2.22%	−3.9%
Basic Materials	3.4%	n/m	11.6	0.97	2.16	1.54%	−4.2%
Communication Services	2.6%	28.4	14.9	1.44	2.07	0.97%	7.3%
Utilities	1.4%	18.1	18.3	2.13	1.62	3.45%	9.0%
Services	0.1%	14.2	15.3	1.60	2.99	2.71%	21.0%

SAA earnings yield vs bond yields

SAA earnings yield (forward)

7.29%

SAA earnings yield (trailing)

2.49%

SAA dividend yield

1.61%

Bond market yield (AGG)

5.33%

T-bill yield (BIL)

3.91%

Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.

How SAA weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

SAA largest holdings: valuation

SAA largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
PAYC	Paycom Software, Inc.	0.47%	26.6	16.7	5.3	0.60%	0.95%
GKOS	Glaukos Corporation	0.46%	—	—	15.9	—	−0.49%
MTCH	Match Group, Inc.	0.45%	15.2	9.7	2.8	1.86%	1.60%
RHP	Ryman Hospitality Properties, Inc.	0.41%	30.7	25.8	3.2	3.81%	0.72%
PTGX	Protagonist Therapeutics, Inc.	0.40%	125.0	36.9	29.5	—	0.17%
SM	SM Energy Company	0.39%	7.0	4.4	1.9	2.23%	3.01%
VSAT	Viasat, Inc.	0.36%	—	144.9	1.8	—	−0.07%
JXN	Jackson Financial Inc.	0.36%	143.5	—	1.4	2.76%	0.13%
LTH	Life Time Group Holdings, Inc.	0.34%	22.1	20.2	2.8	—	0.84%
ACA	Arcosa, Inc.	0.34%	36.3	29.9	2.5	0.14%	0.50%
ALKS	Alkermes plc	0.34%	108.5	133.3	4.1	—	0.17%
ETSY	Etsy, Inc.	0.34%	24.9	14.9	2.7	—	0.73%
LW	Lamb Weston Holdings, Inc.	0.34%	29.3	14.7	1.1	2.84%	0.62%
ESI	Element Solutions Inc	0.34%	47.4	17.0	2.7	0.91%	0.38%
ZWS	Zurn Elkay Water Solutions Corporation	0.33%	29.2	22.9	4.4	0.94%	0.62%
KMX	CarMax, Inc.	0.33%	25.3	21.6	0.3	—	0.71%
RAL	Ralliant Corporation	0.33%	—	21.7	3.4	0.30%	−2.89%
CAG	Conagra Brands, Inc.	0.33%	—	10.6	0.6	4.84%	−4.99%
TGTX	TG Therapeutics, Inc.	0.32%	19.6	25.9	10.3	—	0.89%
POOL	Pool Corporation	0.32%	15.8	17.1	1.2	3.01%	1.08%
EMN	Eastman Chemical Company	0.32%	16.3	9.2	0.8	5.39%	1.05%
VSXY	Victoria's Secret & Co	0.32%	19.5	13.6	1.0	—	0.87%
TRNO	Terreno Realty Corporation	0.32%	17.2	80.0	13.9	3.56%	0.99%
EPAM	EPAM Systems, Inc.	0.31%	16.6	8.3	1.1	—	1.02%
AWI	Armstrong World Industries, Inc.	0.31%	23.0	17.1	4.2	0.81%	0.74%

Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.

About SAA valuation

Adding up its 580 holdings with company data, SAA trades at 40.1 times trailing earnings and 13.7 times analysts' forward estimates, with a price-to-book ratio of 1.98 and a dividend yield of 1.61%. Its earnings yield of 2.49% is 2.83 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 4.0% of the fund and earn 7.4% of its combined profit. By sector, Consumer Cyclical is the most expensive at 54.0 times earnings and Services the cheapest at 14.2. Companies that lost money over the past year are 15.0% of the covered weight.

How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 96.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

SAA valuation FAQ

What is the P/E ratio of SAA?

Based on its holdings, SAA has a trailing P/E of 40.1 and a forward P/E of 13.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of SAA?

The trailing earnings yield is 2.49% (1 ÷ P/E) and the forward earnings yield 7.29%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is SAA more expensive than the S&P 500?

SAA trades at 40.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.7 and 19.9.

What is the price-to-book ratio of SAA?

The holdings of SAA trade at 1.98 times book value, with a combined return on equity of 4.9%.

Which sector in SAA has the highest P/E?

Consumer Cyclical has the highest P/E at 54.0 and Services the lowest at 14.2.