Category Review
Tactical funds ranged from a 32.2% gain to a 12.5% loss
ProShares - UltraPro S&P500
CThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.
$155.38−0.08 (−0.05%)
- 0.89%
- $5.7B
- +50.1%
- 0.73%
- 2.1M sh
- $155.44
- low $88.15high $158.63
The ETF.net UPRO Grade
C
Score 53 out of 100
- 3 of 9
Score 53 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C44 out of 100Rank 6 of 9Mission
Whether the fund did what it promised, tested against its stated mandate.A86 out of 100Rank 1 of 3Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C41 out of 100Rank 7 of 9Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A80 out of 100Rank 2 of 9Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B63 out of 100Rank 2 of 4Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A71 out of 100Rank 3 of 9
Our read on UPRO
CThe veteran triple-leverage S&P 500 trade. Running since 2009, it aims to deliver three times the index's move each day, then resets the clock. Multi-billion-dollar, actively traded, and the cheaper of the two big 3x S&P names.
The fund seeks daily investment results, before fees and expenses, designed to deliver three times the daily performance of the S&P 500.
Why people hold it
- Live since 2009, so the daily 3x machinery has run through crashes, melt-ups and full rate cycles rather than one market mood.
- At 0.89%, it undercuts SPXL (0.95%), the other big fund chasing the same 3x daily S&P 500 objective.
- The reference is the plain S&P 500, roughly 500 large caps, so no stock-picking bet rides on top of the leverage.proshares.com
- Multi-billion-dollar asset base and heavy day-to-day trading, which matters for a tool priced and used in single-day increments.
Worth knowing
- The objective resets daily. Hold longer and compounding takes over, so results over weeks or months can land far from 3x the index's move, especially in choppy tape.
- Leverage is symmetrical: a down day in the S&P 500 hits roughly three times as hard. This is a monitor-it-daily instrument, not a drawer holding.
- 0.89% is the middle of the leveraged S&P pack and well above 2x alternatives like SPUU (0.66%), which takes a smaller multiple for a smaller fee.
UPRO Holdings
- Stocks
- 511
- 65%
- Net Other Assets (Liabilities)
Sectors
- Financials37.9%
- Technology28.4%
- Communication6.7%
- Health Care6.4%
- Consumer Discretionary6.1%
- Industrials5.1%
- Consumer Staples3.1%
- Energy2.5%
- Utilities1.4%
- Materials1.2%
- Real Estate1.2%
Geography
- United States98.36%
- Ireland0.85%
- United Kingdom0.27%
- Switzerland0.20%
- Singapore0.18%
- Netherlands0.08%
- Bermuda0.05%
- Canada0.02%
UPRO Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
UPRO$15,013
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | UPRO |
|---|---|
| Year to date | +35.1% |
| 1 month | +5.2% |
| 3 months | +6.6% |
| 1 year | +50.1% |
| 3 years | +55.2% |
| 5 years | +22.6% |
| 10 years | +30.1% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | UPRO |
|---|---|---|
| 2026 YTD | +35.1% | |
| 2025 | +31.9% | |
| 2024 | +63.6% | |
| 2023 | +68.6% | |
| 2022 | −56.8% | |
| 2021 | +98.6% | |
| 2020 | +10.1% |
UPRO in the news
UPRO Dividends
- 0.73%
- $1.13
- $0.27 per share
- Quarterly
Distribution history
UPRO Risk
This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.
- 39.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.19
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −63.9%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 3.03
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
UPRO Cost
0.89%
UPRO0.89%
- The middle half of 2x/3x Long S&P 500 funds
- Median 0.88%
5 of the 7 2x/3x Long S&P 500 funds charge less.
Other funds in 2x/3x Long S&P 500
- BSPUUDirexion Daily S&P 500 Bull 2X ETFExpense ratio 0.66%1 year return +35.9%
- CMVPLMiller Value Partners Leverage ETFExpense ratio 0.88%1 year return +31.0%
- CSPXLDirexion Daily S&P 500 Bull 3X SharesExpense ratio 0.95%1 year return +50.7%
- CUSGXCorgi U.S. Growth 2x Daily ETFExpense ratio 0.45%1 year return —
- CUSLXCorgi U.S. Large-Cap 2x Daily ETFExpense ratio 0.20%1 year return —