  The observed X-ray luminosity of SS 433 is ~10^36 erg/s, it is known that all
the radiation is formed in the famous SS 433 jets. The bolometric luminosity of
SS 433 is ~10^40 erg/s, and originally the luminosity must be realized in
X-rays. The original radiation is probably thermalized in the supercritical
accretion disk wind, however the missing more than four orders of magnitude is
surprising. We have analysed the XMM-Newton spectra of SS 433 using a model of
adiabatically and radiatively cooling X-ray jets. The multi-temperature thermal
jet model reproduces very well the strongest observed emission lines, but it
can not reproduce the continuum radiation and some spectral features. We have
found a notable contribution of ionized reflection to the spectrum in the
energy range from 3 to 12 keV. The reflected spectrum is an evidence of the
supercritical disk funnel, where the illuminating radiation comes from deeper
funnel regions, to be further reflected in the outer visible funnel walls. The
illuminating spectrum is similar to that observed in ULXs, its luminosity has
to be no less than ~10^39 erg/s. A soft excess has been detected, that does not
depend on the thermal jet model details. It may be represented as a BB with a
temperature of ~0.1 keV and luminosity of ~3*10^37 erg/s. The soft spectral
component has about the same parameters as those found in ULXs.
