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UPRO

GradeCNew York Stock Exchange Arca

ProShares - UltraPro S&P500

Leveraged · Leveraged & Inverse · ProShares · Inception 2009-06-23 · SEC filings

This 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.

$150.75−3.25 (−2.11%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: down, 59 prints from 154.01 to 150.75. Range 149.73 to 153.21. Use the arrow keys to read each point.$150.00$152.00$153.0010 AM12 PM2 PM4 PM
Expense ratio
0.89%
Fund size
$5.5B
1Y return
+38.3%
Yield · Last 12 months
0.70%
Holdings
522
Volume · 30D
2.3M sh
NAV per share
$147.46
52W range
low $88.15high $158.63

The ETF.net UPRO Grade

C

54/ 100

Rank 3 of 9 in 2x/3x Long S&P 500⁠

Confidence High

Six-pillar profile for UPRO. Scores out of 100: Cost 44, Risk 41, Mission 87, Tradability 81, Holdings 61, Durability 71. Strongest: Mission (87). Weakest: Risk (41). Leans toward Mission and Tradability.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 54 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 44
    Category rank6/9 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 87
    Category rank1/3 · top 33%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 41
    Category rank6/9 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 81
    Category rank1/9 · top 11%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 61
    Category rank2/3 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 71
    Category rank3/9 · top 33%

Graded as of Sep 22, 2026

Our read on UPRO

ETF.net Research

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.

Stated mandate

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

  1. 01Live since 2009, so the daily 3x machinery has run through crashes, melt-ups and full rate cycles rather than one market mood.
  2. 02At 0.89%, it undercuts SPXL (0.95%), the other big fund chasing the same 3x daily S&P 500 objective.
  3. 03The reference is the plain S&P 500, roughly 500 large caps, so no stock-picking bet rides on top of the leverage.proshares.com
  4. 04Multi-billion-dollar asset base and heavy day-to-day trading, which matters for a tool priced and used in single-day increments.

Worth knowing

  1. 01The 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.
  2. 02Leverage 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.
  3. 030.89% 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

As of Sep 20, 2026, 6:50 AM
Asset class
Stocks
Holdings
522
Top-10 weight
65%
Largest holding
Net Other Assets (Liabilities)25.6%

Sectors

  • Technology38.7%
  • Financials12.1%
  • Communication9.5%
  • Consumer Discr.9.3%
  • Health Care9.3%
  • Industrials7.8%
  • Cons. Staples4.5%
  • Energy3.5%
  • Utilities2.0%
  • Real Estate1.8%
  • Materials1.7%

Geography

  • United States98.65%
  • Ireland0.76%
  • United Kingdom0.27%
  • Switzerland0.20%
  • Netherlands0.05%
  • Bermuda0.05%
  • Canada0.01%
The fund’s holdings, weight-ordered — page 1 of 34.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Net Other Assets (Liabilities)25.65%1,402,951,456$1.4B162
002IQMMPROSHARES GENIUS MNY MKT ETF20.59%11,250,000$1.1B61
003NVDANVIDIA CORP4.00%985,685$219M828
004AAPLAPPLE INC3.65%594,433$200M707
005MSFTMICROSOFT CORP2.73%302,448$149M792
006AMZNAMAZON.COM INC1.85%399,795$101M720
007—TREASURY BILL, 0%, due 2026-10-061.83%100,000,000$100M7
008—TREASURY BILL, 0%, due 2026-09-241.74%95,000,000$95M11
009GOOGLALPHABET INC-CL A1.53%239,008$84M704
010AVGOBROADCOM INC1.26%193,780$69M732
011GOOGALPHABET INC-CL C1.22%193,602$67M471
012METAMETA PLATFORMS INC-CLASS A1.09%89,817$60M683
013—TREASURY BILL, 0%, due 2026-11-030.91%50,000,000$50M11
014MUMICRON TECHNOLOGY INC0.85%45,999$47M655
015TSLATESLA INC0.76%114,787$42M509

Showing 1–15 of 509 holdings

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$13,830
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. UPRO $13,830. SPY $11,723. Use the arrow keys to read each point.$7,508$11,080$14,652Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for UPRO. Periods over one year show the average yearly return.
PeriodUPRO
Year to date+33.6%
1 month+2.8%
3 months+9.1%
1 year+38.3%
3 years+55.4%per year
5 years+21.5%per year
10 years+29.3%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for UPRO
YearReturn barUPRO
2026 YTD+33.6%
2025+31.9%
2024+63.6%
2023+68.6%
2022−56.8%
2021+98.6%
2020+10.1%

UPRO in the news

ETF.net Research hasn’t filed on UPRO yet — coverage lands here as it’s written.

UPRO Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.70%Last 12 months
Payout per share
$1.08Last 12 months
Last payment
$0.30 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 27 payments from 2017 to 2026 YTD. Mar 21, 2018 $0.02; Jun 20, 2018 $0.02; Sep 26, 2018 $0.02; Dec 26, 2018 $0.05; Mar 20, 2019 $0.05; Jun 25, 2019 $0.04; Dec 24, 2019 $0.05; Mar 25, 2020 $0.03; Dec 23, 2020 $0.01; Mar 23, 2021 $0.01; Dec 23, 2021 $0.03; Mar 23, 2022 $0.04; Dec 22, 2022 $0.14; Mar 22, 2023 $0.08; Jun 21, 2023 $0.15; Sep 20, 2023 $0.06; Dec 20, 2023 $0.12; Mar 20, 2024 $0.12; Jun 26, 2024 $0.22; Sep 25, 2024 $0.22; Dec 23, 2024 $0.25; Mar 26, 2025 $0.19; Jun 25, 2025 $0.23; Sep 24, 2025 $0.22; Dec 24, 2025 $0.34; Mar 25, 2026 $0.22; Jun 24, 2026 $0.30. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Jun 24, 2026Jun 30, 2026$0.30
Mar 25, 2026Mar 31, 2026$0.22
Dec 24, 2025Dec 31, 2025$0.34
Sep 24, 2025Sep 30, 2025$0.22
Jun 25, 2025Jul 1, 2025$0.23
Mar 26, 2025Apr 1, 2025$0.19
Dec 23, 2024Dec 31, 2024$0.25
Sep 25, 2024Oct 2, 2024$0.22
Jun 26, 2024Jul 3, 2024$0.22
Mar 20, 2024Mar 27, 2024$0.12
Dec 20, 2023Dec 28, 2023$0.12
Sep 20, 2023Sep 27, 2023$0.06

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.

How much the fund’s monthly returns vary, scaled to a year.
40.5%
Annualised · 36 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
1.05
vs 3-month T-bills · to Aug 2026
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.

The largest fall from a peak to the low that followed.
−63.9%
Trough Oct 2022
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.

How strongly the fund’s returns move with its asset-class index.
3.02
vs its asset-class index
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

Expense ratio0.89%
  • 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.

UPRO costs $89.00 a year on $10,000. The median 2x/3x Long S&P 500 fund costs $88.00.