What ProShares Ultra S&P500 2x Shares (SSO) Sold: Apple Leads on Nov. 4

This article first appeared on GuruFocus .

ProShares Ultra S&P500 2x Shares ( SSO ) was the only ETF selling on Wednesday, Nov. 4, with no ETFs buying. SSO sold $839.8 million of stock, a net outflow of the same amount, and decreased 496 positions while increasing none. The fund, with $6.87 billion in assets, made no new purchases during the session.

What did SSO sell on Wednesday?

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Its largest sells by dollar value were AAPL ($65.2 million), NVDA ($61.8 million) and MSFT ($52.7 million).

Apple ( AAPL ) led the selling at $65.2 million, a reduction of 186,485 shares, followed by NVIDIA ( NVDA ) at $61.8 million and Microsoft ( MSFT ) at $52.7 million. Amazon ( AMZN ) shed $33.4 million and Alphabet ( GOOGL ) $21.6 million. None of the largest sells were new positions or full exits.

How does SSO invest?

SSO is an alternative equity leveraged fund with 2.0x leverage and an expense ratio of 0.88%. It holds 502 stocks, with 37.6% of assets in its 10 largest holdings. Technology accounts for 37.5% of classified stocks, financial services 12.3% and healthcare 10.3%. Large caps make up 99.9% of the mix, mid caps 0.1% and small caps 0.0%. Top holdings include Apple at 7.7%, NVIDIA at 7.31%, Microsoft at 6.23%, Amazon at 3.94% and Alphabet at 2.56%. The fund has a GF Score of 88, a P/E of 23.06, a P/B of 4.59, a dividend yield of 0.74% and a year-to-date return of 10.29%.

ProShares Ultra S&P500 2x Shares ( SSO ) at a glance

Holdings, performance and fees for SSO are on its fund summary page ; the ETF Screener lines it up against its peers. For the stock behind its biggest sell, see AAPL's GF Value page and guru trades .

What should investors watch next for SSO?

Watch whether SSO continues to trim across nearly all of its 502 holdings or resumes adding positions at its next holdings update.