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MVPL vs UPRO

Miller Value Partners Leverage ETF

MVPLDNYSE Arca

ProShares UltraPro S&P500

UPROBNYSE Arca

Overlap

Expense ratio

UPRO −0.84pt a year

MVPL1.72%UPRO0.88%

Avg volume · 30D

UPRO 569.6×the volume

MVPL3.49KUPRO1.99M

MVPL vs UPRO Performance

Oct 31, 2025 – Nov 2, 2026

+13.4%MVPL+19.0%UPRO

Oct 31, 2025 to Nov 2, 2026. MVPL +13.4%. UPRO +19.0%. Use the arrow keys to read each point.−20%−10%0%30%Oct 2025May 2026Nov 2026
Expense ratio
MVPL 1.72%
UPRO 0.88%, better
Fund size
MVPL $31M
UPRO $5.2B
1Y total return
MVPL +13.4%
UPRO +19.0%, better
Yield (12M)
MVPL 0.94%, better
UPRO 0.81%
Holdings
MVPL 1
UPRO 511
Avg volume (30D)
MVPL 3.49K sh
UPRO 1.99M sh, better
NAV per share
MVPL $42.66
UPRO $141.16
52W range

ETF.net Grade

MVPL: Cost 6, Risk 74, Mission 0, Tradability 37, Holdings 51, Durability 40. UPRO: Cost 44, Risk 43, Mission 85, Tradability 84, Holdings 63, Durability 71.
Pillar letters and Scores for MVPL, UPRO, with each pillar’s weight
PillarMVPLUPRO
Cost30% weightF6C44Higher
Mission25% weightF0A85Higher
Risk15% weightA74HigherC43
Tradability15% weightD37A84Higher
Holdings10% weightC51B63Higher
Durability5% weightC40A71Higher

Rank among 2x/3x Long S&P 500 funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MVPL and UPRO are both graded against the same 7 2x/3x Long S&P 500 funds, so their Grades compare head to head.

2x/3x Long S&P 500⁠

Category · 7 funds
See all 7 ›

UPRO ranks 3rd and MVPL 7th of 7 funds in the 2x/3x Long S&P 500 Category.

  1. Rank 1BSSOProShares Ultra S&P500Score 66
  2. Rank 2BSPUUDirexion Daily S&P 500 Bull 2X ETFScore 63
  3. Rank 3BSPXLDirexion Daily S&P 500 Bull 3X SharesScore 55
  4. Rank 3BUPROProShares UltraPro S&P500Score 55
  5. Rank 5CUSGXCorgi U.S. Growth 2x Daily ETFScore 40
  6. Rank 5CUSLXCorgi U.S. Large-Cap 2x Daily ETFScore 40
  7. Rank 7DMVPLMiller Value Partners Leverage ETFScore 31

Our read on each fund

ETF.net Research

MVPLDMiller Value Partners Leverage ETF

UPROBProShares UltraPro S&P500

In short

MVPL Most 2x S&P 500 funds leave the leverage on all day, every day. MVPL is the one with a switch: an active fund that flips between plain index exposure and 2x leveraged ETFs on its adviser's daily signal.

UPRO Triple 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

MVPL The fund seeks capital appreciation through active management of equity securities, index-tracking and leveraged ETFs, and swaps linked to the S&P 500, using daily signals to vary leveraged or unleveraged exposure.

UPRO 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

  • MVPL Leverage with an off switch: when the signal says no, the fund sits in unleveraged S&P 500 exposure, something the always-on 2x and 3x funds in this category cannot do.sec.gov
  • Exposure is set by daily signals rather than fixed at 2x forever, so the leverage dial moves with conditions instead of running wide open through every market.
  • When leverage is on, it buys established 2x S&P 500 ETFs such as SSO and SPUU rather than building the exposure itself. Live since 2024.sec.gov
  • UPRO 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

  • MVPL The 1.72% fee is above the category median, and straight 2x peers cost less: SSO charges 0.84% net of a waiver through September 30, 2027.
  • It does not target a set leverage level, and the 2x ETFs it holds reset daily, so results over several days can drift from twice the index move.sec.gov
  • A small fund that trades lightly, so the spread you pay at the point of trade is part of the real cost of owning it.
  • UPRO 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.

Full MVPL profile⁠

Full UPRO profile⁠

MVPL vs UPRO Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MVPL vs UPRO Cost

Overpaying MVPL vs UPRO

$12,603

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

  • MVPL 1.72%

    $29,308

  • UPRO 0.88%

    $16,705

$10,000
30 years

Cost over time

  • MVPL 1.72%
  • UPRO 0.88%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530MVPL $29,308UPRO $16,705

Year by year

YearMVPLUPROOverpaying
10$2,943$1,559$1,384
20$10,712$5,891$4,821
30$29,308$16,705$12,603

Expense ratio

  • 1.72%MVPL
  • 0.88%UPRO, cheaper
  • Middle half of 2x/3x Long S&P 500 funds
  • Median 0.84%

UPRO 6th cheapest of 7 funds

MVPL 7th cheapest of 7 funds

MVPL vs UPRO Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
MVPL 0.94%, better
UPRO 0.81%
Payout (12M)
MVPL $0.40
UPRO $1.13
Last payment
MVPL $0.40
UPRO $0.27
Ex-dividend
MVPL Dec 18, 2025
UPRO Sep 23, 2026
Paid on
MVPL Dec 19, 2025
UPRO Sep 29, 2026
Frequency
MVPL Irregular
UPRO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MVPLIrregular · 2 paymentsAll MVPL payments⁠
One bar per payment. 2 payments from 2017 to 2026 YTD. Dec 27, 2024 $2.07; Dec 18, 2025 $0.40. Use the arrow keys to read each point.$0$22017202020232026YTD
UPROQuarterly · 28 paymentsAll UPRO payments⁠
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.$0$22017202020232026YTD

MVPL vs UPRO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MVPL 21.2%since Mar 2024UPRO 38.8%
Return per unit of riskSharpe ratio, 3 years
MVPL 0.96since Mar 2024UPRO 1.24
Worst fallMax drawdown, 5 years
MVPL −25.7%since Feb 2024UPRO −63.9%
Market sensitivityBeta, 5 years
MVPL 1.83UPRO 3.03

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