Skip to content
etf.net

Launched · SEC filings

ProShares UltraPro S&P500

UPRONYSE ArcaProSharesBThis 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.

$139.14−2.07 (−1.47%)

At close: Nov 2, 2026, 4:00 PM ET

B55/ 100

Rank 3 of 9 in 2x/3x Long S&P 500

B55/100Rank 3 of 9in2x/3x Long S&P 500
Intraday session: down, 79 prints from 141.21 to 139.14. Range 139.14 to 145.47. Use the arrow keys to read each point.140.00142.00143.00144.00145.0010 AM12 PM2 PM4 PM
Expense ratio
0.88%
Fund size
$5.2B
1Y total return
+19.0%
Yield · Last 12 months
0.81%
Holdings
511
Avg volume · 30D
1.99M sh
52W range
low $88.15high $158.63
Launched
Filings
SEC EDGAR

The ETF.net UPRO Grade

B

Score 55 out of 100

Category
2x/3x Long S&P 500⁠
Rank
3 of 9
Six-pillar profile for UPRO. Scores out of 100: Cost 44, Risk 43, Mission 85, Tradability 84, Holdings 63, Durability 71. Strongest: Mission (85). Weakest: Risk (43). Leans toward Mission and Tradability.

Score 55 of 100 falls in the B 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 100
    Rank 6 of 9

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A85 out of 100
    Rank 1 of 3

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C43 out of 100
    Rank 6 of 9

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A84 out of 100
    Rank 1 of 9

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B63 out of 100
    Rank 2 of 4

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A71 out of 100
    Rank 3 of 9

Our read on UPRO

ETF.net Research

In short

BTriple the S&P 500's daily move in one ticker, reset each night. Trading since 2009 at a flat 0.88% with no waiver due to expire. ProShares frames the goal as a single-day one, not a buy-and-forget.

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

  • Mechanically plain: it aims for 3x the S&P 500's daily move, before fees, then rebalances for the next session. No margin account, no borrowing, one ticker.proshares.com
  • The 0.88% fee is the whole story: no waiver to lapse and nothing to reprice, unlike SPXL at 0.84% net of a waiver through September 1, 2027.
  • Listed in 2009 and actively traded ever since, through several volatility shocks. It sits in the upper half of its nine-fund leveraged S&P peer group on our review.
  • It has tracked its daily 3x target closely for a geared fund, which is the job that matters most when the holding period is hours or days.

Worth knowing

  • Daily reset means compounding: over any period longer than a day, returns can differ from 3x the index, and the prospectus notes losses are possible even if the index rises.sec.govproshares.com
  • Leverage cuts both ways and costs money; a one-day index drop is magnified threefold, and the fund's own documents say obtaining the leverage lowers returns.proshares.com
  • At 0.88% it sits near the category median and above 2x options like SPUU at 0.60% net of a waiver through September 1, 2027.

UPRO Performance

Launched Jun 23, 2009

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

UPRO$11,905
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. UPRO $11,905. SPY $11,146. Use the arrow keys to read each point.$8,000$10,000$12,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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+20.9%
1 month−7.8%
3 months−0.6%
1 year+19.0%
3 yearsper year+51.3%
5 yearsper year+15.5%
10 yearsper year+29.4%

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+20.9%
2025+31.9%
2024+63.6%
2023+68.6%
2022−56.8%
2021+98.6%
2020+10.1%

UPRO in the news

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 Nov 2, 2026.
0.81%Last 12 months
Payout per share
$1.13Last 12 months
Last payment
$0.27 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. 28 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; Sep 23, 2026 $0.27. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.27
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

See all 47 payments⁠

$10,000 in UPRO 10 years ago paid $3,200 in dividends.⁠

UPRO Risk

Risk pillarC43 out of 100Rank 6 of 9 in 2x/3x Long S&P 500

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.
38.8%
Annualised · 36 months to Oct 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.
1.24
vs 3-month T-bills · to Oct 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.
3.03
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.

FMP measures it over up to five years of monthly returns.

UPRO Cost

Compare UPRO and USLX

Overpaying vs USLX, cheapest in 2x/3x Long S&P 500

$12,550

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • UPRO 0.88%

    $16,705

  • USLX 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • UPRO 0.88%
  • USLX 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530UPRO $16,705USLX $4,155

Year by year

YearUPROUSLXOverpaying
10$1,559$365$1,194
20$5,891$1,421$4,470
30$16,705$4,155$12,550

Other funds in 2x/3x Long S&P 500

See others