SPUU vs UPRO: Grades, Fees and Holdings Compared

Direxion Daily S&P 500 Bull 2X ETF

SPUUBNYSE Arca

ProShares UltraPro S&P500

UPROCNYSE Arca

Overlap

43.6%by weight

Expense ratio

SPUU −0.28pt a year

SPUU0.60%UPRO0.88%

Avg volume · 30D

UPRO 108.0×the volume

SPUU18.4KUPRO1.99M

10Y return · a year

UPRO +4.9pt

SPUU+24.2%UPRO+29.1%

SPUU vs UPRO Performance

Oct 29, 2021 – Oct 30, 2026

+108.8%SPUU+112.1%UPRO

Expense ratio: SPUU 0.60%, better; UPRO 0.88%
Fund size: SPUU $300M; UPRO $5.2B
1Y total return: SPUU +17.5%; UPRO +20.8%, better
Yield (12M): SPUU 1.34%, better; UPRO 0.80%
Holdings: SPUU 509; UPRO 511
Avg volume (30D): SPUU 18.4K sh; UPRO 1.99M sh, better
NAV per share: SPUU $224.77; UPRO $141.16
52W range

ETF.net Grade

Pillar letters and Scores for SPUU, UPRO, with each pillar’s weight
Pillar	SPUU	UPRO
Cost30% weight	A74Higher	C44
Mission25% weight	Not scored	A85
Risk15% weight	B63Higher	C43
Tradability15% weight	C44	A84Higher
Holdings10% weight	Not scored	B63
Durability5% weight	B62	A71Higher

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

How we build Categories ›

Same Category. SPUU 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 ›

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

Rank 1BSSOProShares Ultra S&P500Score 66
Rank 2BSPUUDirexion Daily S&P 500 Bull 2X ETFScore 63
Rank 3BSPXLDirexion Daily S&P 500 Bull 3X SharesScore 55
Rank 3CUPROProShares UltraPro S&P500Score 55
Rank 5CUSGXCorgi U.S. Growth 2x Daily ETFScore 40

Our read on each fund

ETF.net Research

SPUUBDirexion Daily S&P 500 Bull 2X ETF

UPROCProShares UltraPro S&P500

In short

SPUU Two times the daily move of the S&P 500, for 0.60% net of a waiver through September 1, 2027: the lowest fee on the S&P 500 bull-leverage shelf. The trade-off is a quieter ticker than the category's household name.

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

SPUU The fund seeks daily investment results, before fees and expenses, equal to 200% of the performance of the S&P 500® Index.

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

SPUU 0.60% net of a waiver through September 1, 2027 (0.66% gross) undercuts the category median and rival SSO, at 0.84% net of its own waiver through September 30, 2027.
Aims for 200% of the S&P 500's daily move, reset every day, built on roughly 500 large-cap stocks plus swaps. No guesswork about the exposure.direxion.com
Listed in 2014, making it one of the longer-running 2x S&P 500 funds, and it rates among the stronger builds in a small peer group.direxion.com

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

SPUU The daily reset is the whole story: over stretches longer than a day, results can drift from 2x the index's cumulative move, and choppy markets widen that gap.direxion.com
Thinly traded next to the biggest names in the aisle, which can show up as wider bid-ask spreads.
Leverage is symmetric. A 1% down day in the S&P 500 lands as roughly 2% here, before fees.

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.gov proshares.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 SPUU profile⁠

Full UPRO profile⁠

SPUU vs UPRO Holdings

How SPUU and UPRO differ

Overlap by weight

43.6%

Shared holdings make up 51.5% of UPRO and 43.6% of SPUU.

Level by level

Holdings502 in both43.6%
Asset classEquity100%
Countryby domicile100%

Sector

No Sector split for SPUU.

Country, concentration and asset class

Country by domicile

Country weights in SPUU and UPRO, widest gap first
Country	More in SPUUMore in UPRO	SPUU	UPRO
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

SPUU69.2%
UPRO60.5%

Securities held

SPUU504
UPRO510

Asset class

SPUU: Equity
UPRO: Equity

Holdings

Only in SPUU2
In both502
Only in UPRO8

Only in SPUU

2 securities, 0.2% of SPUU by weight

Goldman Finl Sq Trsry Inst 5060.15%
Kenvue Inc0.02%

Only in UPRO

8 securities, 28.6% of UPRO by weight

Proshares Genius Mny Mkt Etf21.65%
TREASURY BILL, 0%, due 2027-01-192.48%
TREASURY BILL, 0%, due 2027-01-121.07%
TREASURY BILL, 0%, due 2026-11-030.96%
TREASURY BILL, 0%, due 2027-01-260.95%
TREASURY BILL, 0%, due 2027-02-110.95%
TREASURY BILL, 0%, due 2026-12-240.29%
TREASURY BILL, 0%, due 2026-12-290.23%

Weight gaps

The 100 widest of 502 Holdings in both funds.

Holding weights in SPUU and UPRO, widest gap first
Holding	More in SPUUMore in UPRO	SPUU	UPRO
Apple IncAAPL	UPRO +0.63 points	3.34%	3.97%
NVIDIA CorpNVDA	UPRO +0.50 points	3.40%	3.90%
Microsoft CorpMSFT	UPRO +0.48 points	2.58%	3.06%
Amazon.com IncAMZN	UPRO +0.29 points	1.57%	1.86%
Alphabet Inc-Cl AGOOGL	UPRO +0.20 points	1.09%	1.29%
Eli Lilly & CoLLY	UPRO +0.17 points	0.72%	0.89%
Meta Platforms Inc-Class AMETA	UPRO +0.17 points	0.90%	1.07%
Alphabet Inc-Cl CGOOG	UPRO +0.16 points	0.88%	1.04%
Broadcom IncAVGO	UPRO +0.14 points	1.08%	1.22%
Tesla IncTSLA	UPRO +0.14 points	0.75%	0.89%
Berkshire Hathaway Inc-Cl BBRK.B	UPRO +0.14 points	0.66%	0.80%
Exxonmobil Holdings CorpXOM	UPRO +0.12 points	0.49%	0.61%
JPMorgan Chase & CoJPM	UPRO +0.11 points	0.60%	0.71%
Visa Inc-Class A SharesV	UPRO +0.10 points	0.46%	0.56%
Micron Technology IncMU	UPRO +0.10 points	0.69%	0.79%
Johnson & JohnsonJNJ	UPRO +0.08 points	0.44%	0.52%
Walmart IncWMT	UPRO +0.08 points	0.35%	0.43%
AbbVie IncABBV	UPRO +0.07 points	0.34%	0.41%
Mastercard Inc - AMA	UPRO +0.07 points	0.34%	0.41%
Chevron CorpCVX	UPRO +0.07 points	0.30%	0.37%
Costco Wholesale CorpCOST	UPRO +0.06 points	0.29%	0.35%
Merck & Co. Inc.MRK	UPRO +0.05 points	0.24%	0.29%
Coca-Cola Co/TheKO	UPRO +0.05 points	0.24%	0.29%
Procter & Gamble Co/ThePG	UPRO +0.05 points	0.25%	0.30%
UnitedHealth Group IncUNH	UPRO +0.05 points	0.24%	0.29%
Cisco Systems IncCSCO	UPRO +0.04 points	0.28%	0.32%
Home Depot IncHD	UPRO +0.04 points	0.22%	0.26%
Philip Morris InternationalPM	UPRO +0.05 points	0.21%	0.26%
Intel CorpINTC	SPUU +0.04 points	0.30%	0.26%
Advanced Micro DevicesAMD	UPRO +0.04 points	0.61%	0.65%
Bank of America CorpBAC	UPRO +0.04 points	0.22%	0.26%
Palantir Technologies Inc-APLTR	UPRO +0.03 points	0.30%	0.33%
Rtx CorpRTX	UPRO +0.03 points	0.18%	0.21%
Amgen IncAMGN	UPRO +0.04 points	0.16%	0.20%
Linde PLCLIN	UPRO +0.04 points	0.15%	0.19%
Netflix IncNFLX	UPRO +0.03 points	0.17%	0.20%
General ElectricGE	UPRO +0.04 points	0.21%	0.25%
Gilead Sciences IncGILD	UPRO +0.04 points	0.13%	0.17%
Intl Business Machines CorpIBM	UPRO +0.03 points	0.16%	0.19%
Palo Alto Networks IncPANW	UPRO +0.04 points	0.20%	0.24%
Thermo Fisher Scientific IncTMO	UPRO +0.03 points	0.17%	0.20%
Wells Fargo & CoWFC	UPRO +0.03 points	0.17%	0.20%
Caterpillar IncCAT	UPRO +0.03 points	0.20%	0.23%
Texas Instruments IncTXN	UPRO +0.03 points	0.19%	0.22%
Kimberly-Clark CorpKMB	UPRO +0.03 points	0.02%	0.05%
Pepsico IncPEP	UPRO +0.03 points	0.12%	0.15%
ConocophillipsCOP	UPRO +0.03 points	0.12%	0.15%
Verizon Communications IncVZ	UPRO +0.03 points	0.12%	0.15%
Goldman Sachs Group IncGS	UPRO +0.02 points	0.18%	0.20%
Lam Research CorpLRCX	UPRO +0.03 points	0.21%	0.24%
Crowdstrike Holdings Inc - ACRWD	UPRO +0.03 points	0.17%	0.20%
Abbott LaboratoriesABT	UPRO +0.02 points	0.12%	0.14%
Walt Disney Co/TheDIS	UPRO +0.02 points	0.13%	0.15%
Accenture Plc-Cl AACN	UPRO +0.02 points	0.10%	0.12%
Nextera Energy IncNEE	UPRO +0.03 points	0.11%	0.14%
Pfizer IncPFE	UPRO +0.03 points	0.11%	0.14%
Deere & CoDE	UPRO +0.02 points	0.11%	0.13%
Ge Vernova IncGEV	UPRO +0.02 points	0.16%	0.18%
Union Pacific CorpUNP	UPRO +0.02 points	0.12%	0.14%
Morgan StanleyMS	UPRO +0.02 points	0.15%	0.17%
Mcdonald's CorpMCD	UPRO +0.02 points	0.12%	0.14%
Applied Materials IncAMAT	UPRO +0.02 points	0.22%	0.24%
Salesforce IncCRM	UPRO +0.03 points	0.12%	0.15%
Welltower IncWELL	UPRO +0.02 points	0.11%	0.13%
Citigroup IncC	UPRO +0.02 points	0.14%	0.16%
Vertex Pharmaceuticals IncVRTX	UPRO +0.02 points	0.09%	0.11%
AT&T IncT	UPRO +0.03 points	0.09%	0.12%
Analog Devices IncADI	UPRO +0.02 points	0.14%	0.16%
Amphenol Corp-Cl AAPH	UPRO +0.02 points	0.13%	0.15%
American Express CoAXP	UPRO +0.02 points	0.11%	0.13%
Oracle CorpORCL	UPRO +0.02 points	0.16%	0.18%
Tjx Companies IncTJX	UPRO +0.02 points	0.10%	0.12%
S&P Global IncSPGI	UPRO +0.02 points	0.09%	0.11%
Medtronic PLCMDT	UPRO +0.02 points	0.08%	0.10%
BlackRock IncBLK	UPRO +0.02 points	0.11%	0.13%
Intercontinental Exchange InICE	UPRO +0.02 points	0.06%	0.08%
Kla CorpKLAC	UPRO +0.02 points	0.14%	0.16%
Regeneron PharmaceuticalsREGN	UPRO +0.02 points	0.05%	0.07%
Marathon Petroleum CorpMPC	UPRO +0.02 points	0.08%	0.10%
Altria Group IncMO	UPRO +0.02 points	0.08%	0.10%
Bristol-Myers Squibb CoBMY	UPRO +0.02 points	0.08%	0.10%
Progressive CorpPGR	UPRO +0.02 points	0.09%	0.11%
Valero Energy CorpVLO	UPRO +0.02 points	0.07%	0.09%
Schwab (Charles) CorpSCHW	UPRO +0.01 points	0.10%	0.11%
Boeing Co/TheBA	UPRO +0.02 points	0.09%	0.11%
Automatic Data ProcessingADP	UPRO +0.02 points	0.07%	0.09%
Chubb LtdCB	UPRO +0.02 points	0.08%	0.10%
Phillips 66PSX	UPRO +0.02 points	0.07%	0.09%
Danaher CorpDHR	UPRO +0.01 points	0.10%	0.11%
Uber Technologies IncUBER	UPRO +0.02 points	0.09%	0.11%
Mckesson CorpMCK	UPRO +0.01 points	0.08%	0.09%
Intuitive Surgical IncISRG	UPRO +0.02 points	0.10%	0.12%
Lockheed Martin CorpLMT	UPRO +0.01 points	0.09%	0.10%
Lowe's Cos IncLOW	UPRO +0.01 points	0.08%	0.09%
Prologis IncPLD	UPRO +0.02 points	0.08%	0.10%
Cme Group IncCME	UPRO +0.02 points	0.07%	0.09%
Cvs Health CorpCVS	UPRO +0.01 points	0.08%	0.09%
Capital One Financial CorpCOF	UPRO +0.02 points	0.08%	0.10%
Southern Co/TheSO	UPRO +0.02 points	0.07%	0.09%
Starbucks CorpSBUX	UPRO +0.01 points	0.08%	0.09%

All 510 SPUU holdings⁠All 522 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.

SPUU vs UPRO Cost

Overpaying UPRO vs SPUU

$4,888

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

SPUU 0.60%
$11,817
UPRO 0.88%
$16,705

Amount$10,000

Years30 years

Cost over time

SPUU 0.60%
UPRO 0.88%
Overpaying

Year by year

Year	SPUU	UPRO	Overpaying
10	$1,076	$1,559	$483
20	$4,116	$5,891	$1,775
30	$11,817	$16,705	$4,888

Expense ratio

0.60%SPUU, cheaper
0.88%UPRO

SPUU0.60%UPRO0.88%

0.20%1.72%

Middle half of 2x/3x Long S&P 500 funds
Median 0.84%

SPUU 3rd cheapest of 7 funds

UPRO 6th cheapest of 7 funds

SPUU vs UPRO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPUU 1.34%, better; UPRO 0.80%
Payout (12M): SPUU $2.90; UPRO $1.13
Last payment: SPUU $0.26; UPRO $0.27
Ex-dividend: SPUU Sep 22, 2026; UPRO Sep 23, 2026
Paid on: SPUU Sep 29, 2026; UPRO Sep 29, 2026
Frequency: SPUU Quarterly; UPRO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPUUQuarterly · 31 paymentsAll SPUU payments⁠

UPROQuarterly · 28 paymentsAll UPRO payments⁠

SPUU vs UPRO Risk

Fall from peak · 5 years

SPUU
UPRO

Risk facts

VolatilityStd dev, 3 years: SPUU 25.1%, betterUPRO 38.8%
Return per unit of riskSharpe ratio, 3 years: SPUU 1.32, betterUPRO 1.24
Worst fallMax drawdown, 5 years: SPUU −46.6%, betterUPRO −63.9%
Market sensitivityBeta, 5 years: SPUU 2.01UPRO 3.03; Market = 1

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