SPXL vs UPRO: Grades, Fees and Holdings Compared

Direxion Daily S&P 500 Bull 3X Shares

SPXLBNYSE Arca

ProShares UltraPro S&P500

UPROCNYSE Arca

Overlap

21.6%by weight

Expense ratio

SPXL −0.04pt a year

SPXL0.84%UPRO0.88%

Avg volume · 30D

UPRO 1.2×the volume

SPXL1.62MUPRO1.99M

10Y return · a year

SPXL +0.2pt

SPXL+29.3%UPRO+29.1%

SPXL vs UPRO Performance

Oct 29, 2021 – Oct 30, 2026

+115.8%SPXL+112.1%UPRO

Expense ratio: SPXL 0.84%, better; UPRO 0.88%
Fund size: SPXL $7.05B; UPRO $5.2B
1Y total return: SPXL +21.3%, better; UPRO +20.8%
Yield (12M): SPXL 0.54%; UPRO 0.80%, better
Holdings: SPXL 514; UPRO 511
Avg volume (30D): SPXL 1.62M sh; UPRO 1.99M sh, better
NAV per share: SPXL $285.90; UPRO $141.16
52W range

ETF.net Grade

Pillar letters and Scores for SPXL, UPRO, with each pillar’s weight
Pillar	SPXL	UPRO
Cost30% weight	B59Higher	C44
Mission25% weight	Not scored	A85
Risk15% weight	C41	C43Higher
Tradability15% weight	B60	A84Higher
Holdings10% weight	Not scored	B63
Durability5% weight	A72Higher	A71

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

How we build Categories ›

Same Category. SPXL 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 ›

SPXL ranks 3rd 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

SPXLBDirexion Daily S&P 500 Bull 3X Shares

UPROCProShares UltraPro S&P500

In short

SPXL The original 3x S&P 500 ETF. Direxion launched SPXL in November 2008, months ahead of its closest rival, and it still aims to deliver 300% of the index's daily move, at 0.84% net of a waiver through September 1, 2027.

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

SPXL The fund seeks daily investment results, before fees and expenses, equal to 300% 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

SPXL The elder of the 3x S&P 500 funds: live since November 5, 2008, about seven months before UPRO, the other 3x option, arrived.stockanalysis.com
0.84% net of a waiver through September 1, 2027 undercuts UPRO's 0.88% for the same 3x job, and matches SSO's 0.84% (net of a waiver through September 30, 2027) for half the leverage.
A multi-billion-dollar fund that trades actively. Depth matters most in a product whose objective resets every single day.

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

SPXL The 300% target is a one-day target. Hold longer and results can drift well away from 3x the index's move over that stretch, because each day compounds off a new base.sec.gov
Leverage is symmetric: the fund is built to move about three times as far as the S&P 500 on down days too, before fees.sec.gov
The sticker price is 0.95%; the 0.84% you pay depends on a waiver running through September 1, 2027.

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 SPXL profile⁠

Full UPRO profile⁠

SPXL vs UPRO Holdings

How SPXL and UPRO differ

Overlap by weight

21.6%

Shared holdings make up 51.5% of UPRO and 21.6% of SPXL.

Level by level

Holdings502 in both21.6%
Asset classEquity100%
Countryby domicile100%

Sector

No Sector split for SPXL.

Country, concentration and asset class

Country by domicile

Country weights in SPXL and UPRO, widest gap first
Country	More in SPXLMore in UPRO	SPXL	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

SPXL77.4%
UPRO60.5%

Securities held

SPXL505
UPRO510

Asset class

SPXL: Equity
UPRO: Equity

Holdings

Only in SPXL3
In both502
Only in UPRO8

Only in SPXL

3 securities, 2.7% of SPXL by weight

Goldman Finl Sq Trsry Inst 5061.65%
Jp Morgan 100 Us Trsy Capital 31631.07%
Kenvue Inc0.01%

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 SPXL and UPRO, widest gap first
Holding	More in SPXLMore in UPRO	SPXL	UPRO
Apple IncAAPL	UPRO +2.32 points	1.65%	3.97%
NVIDIA CorpNVDA	UPRO +2.22 points	1.68%	3.90%
Microsoft CorpMSFT	UPRO +1.78 points	1.28%	3.06%
Amazon.com IncAMZN	UPRO +1.08 points	0.78%	1.86%
Alphabet Inc-Cl AGOOGL	UPRO +0.75 points	0.54%	1.29%
Broadcom IncAVGO	UPRO +0.69 points	0.53%	1.22%
Meta Platforms Inc-Class AMETA	UPRO +0.62 points	0.45%	1.07%
Alphabet Inc-Cl CGOOG	UPRO +0.60 points	0.44%	1.04%
Eli Lilly & CoLLY	UPRO +0.53 points	0.36%	0.89%
Tesla IncTSLA	UPRO +0.52 points	0.37%	0.89%
Berkshire Hathaway Inc-Cl BBRK.B	UPRO +0.47 points	0.33%	0.80%
Micron Technology IncMU	UPRO +0.45 points	0.34%	0.79%
JPMorgan Chase & CoJPM	UPRO +0.41 points	0.30%	0.71%
Exxonmobil Holdings CorpXOM	UPRO +0.37 points	0.24%	0.61%
Advanced Micro DevicesAMD	UPRO +0.35 points	0.30%	0.65%
Visa Inc-Class A SharesV	UPRO +0.33 points	0.23%	0.56%
Johnson & JohnsonJNJ	UPRO +0.30 points	0.22%	0.52%
Walmart IncWMT	UPRO +0.25 points	0.18%	0.43%
AbbVie IncABBV	UPRO +0.24 points	0.17%	0.41%
Mastercard Inc - AMA	UPRO +0.24 points	0.17%	0.41%
Chevron CorpCVX	UPRO +0.22 points	0.15%	0.37%
Costco Wholesale CorpCOST	UPRO +0.21 points	0.14%	0.35%
Palantir Technologies Inc-APLTR	UPRO +0.18 points	0.15%	0.33%
Cisco Systems IncCSCO	UPRO +0.18 points	0.14%	0.32%
Procter & Gamble Co/ThePG	UPRO +0.18 points	0.12%	0.30%
Merck & Co. Inc.MRK	UPRO +0.17 points	0.12%	0.29%
Coca-Cola Co/TheKO	UPRO +0.17 points	0.12%	0.29%
UnitedHealth Group IncUNH	UPRO +0.17 points	0.12%	0.29%
Home Depot IncHD	UPRO +0.15 points	0.11%	0.26%
Philip Morris InternationalPM	UPRO +0.15 points	0.11%	0.26%
Bank of America CorpBAC	UPRO +0.15 points	0.11%	0.26%
General ElectricGE	UPRO +0.14 points	0.11%	0.25%
Applied Materials IncAMAT	UPRO +0.13 points	0.11%	0.24%
Palo Alto Networks IncPANW	UPRO +0.14 points	0.10%	0.24%
Lam Research CorpLRCX	UPRO +0.14 points	0.10%	0.24%
Caterpillar IncCAT	UPRO +0.13 points	0.10%	0.23%
Rtx CorpRTX	UPRO +0.12 points	0.09%	0.21%
Texas Instruments IncTXN	UPRO +0.13 points	0.09%	0.22%
Netflix IncNFLX	UPRO +0.12 points	0.08%	0.20%
Thermo Fisher Scientific IncTMO	UPRO +0.11 points	0.09%	0.20%
Amgen IncAMGN	UPRO +0.12 points	0.08%	0.20%
Goldman Sachs Group IncGS	UPRO +0.11 points	0.09%	0.20%
Wells Fargo & CoWFC	UPRO +0.12 points	0.08%	0.20%
Crowdstrike Holdings Inc - ACRWD	UPRO +0.11 points	0.09%	0.20%
Intl Business Machines CorpIBM	UPRO +0.11 points	0.08%	0.19%
Linde PLCLIN	UPRO +0.11 points	0.08%	0.19%
Intel CorpINTC	UPRO +0.11 points	0.15%	0.26%
Ge Vernova IncGEV	UPRO +0.10 points	0.08%	0.18%
Gilead Sciences IncGILD	UPRO +0.10 points	0.07%	0.17%
Morgan StanleyMS	UPRO +0.10 points	0.07%	0.17%
Oracle CorpORCL	UPRO +0.10 points	0.08%	0.18%
Citigroup IncC	UPRO +0.09 points	0.07%	0.16%
Analog Devices IncADI	UPRO +0.09 points	0.07%	0.16%
Kla CorpKLAC	UPRO +0.09 points	0.07%	0.16%
Walt Disney Co/TheDIS	UPRO +0.09 points	0.06%	0.15%
Pepsico IncPEP	UPRO +0.09 points	0.06%	0.15%
Amphenol Corp-Cl AAPH	UPRO +0.08 points	0.07%	0.15%
Verizon Communications IncVZ	UPRO +0.09 points	0.06%	0.15%
ConocophillipsCOP	UPRO +0.09 points	0.06%	0.15%
Salesforce IncCRM	UPRO +0.09 points	0.06%	0.15%
Abbott LaboratoriesABT	UPRO +0.08 points	0.06%	0.14%
Mcdonald's CorpMCD	UPRO +0.08 points	0.06%	0.14%
Union Pacific CorpUNP	UPRO +0.08 points	0.06%	0.14%
Nextera Energy IncNEE	UPRO +0.08 points	0.06%	0.14%
Pfizer IncPFE	UPRO +0.08 points	0.06%	0.14%
Deere & CoDE	UPRO +0.08 points	0.05%	0.13%
Welltower IncWELL	UPRO +0.08 points	0.05%	0.13%
American Express CoAXP	UPRO +0.07 points	0.06%	0.13%
Arista Networks IncANET	UPRO +0.08 points	0.06%	0.14%
Accenture Plc-Cl AACN	UPRO +0.07 points	0.05%	0.12%
BlackRock IncBLK	UPRO +0.07 points	0.06%	0.13%
Qualcomm IncQCOM	UPRO +0.08 points	0.06%	0.14%
Marvell Technology IncMRVL	UPRO +0.08 points	0.06%	0.14%
Tjx Companies IncTJX	UPRO +0.07 points	0.05%	0.12%
Sandisk CorpSNDK	UPRO +0.07 points	0.06%	0.13%
AT&T IncT	UPRO +0.07 points	0.05%	0.12%
Intuitive Surgical IncISRG	UPRO +0.07 points	0.05%	0.12%
Vertex Pharmaceuticals IncVRTX	UPRO +0.07 points	0.04%	0.11%
Danaher CorpDHR	UPRO +0.06 points	0.05%	0.11%
S&P Global IncSPGI	UPRO +0.06 points	0.05%	0.11%
Schwab (Charles) CorpSCHW	UPRO +0.06 points	0.05%	0.11%
Seagate Technology HoldingsSTX	UPRO +0.07 points	0.05%	0.12%
Eaton Corp PLCETN	UPRO +0.06 points	0.05%	0.11%
Boeing Co/TheBA	UPRO +0.07 points	0.04%	0.11%
Progressive CorpPGR	UPRO +0.07 points	0.04%	0.11%
Uber Technologies IncUBER	UPRO +0.07 points	0.04%	0.11%
Altria Group IncMO	UPRO +0.06 points	0.04%	0.10%
Bristol-Myers Squibb CoBMY	UPRO +0.06 points	0.04%	0.10%
Chubb LtdCB	UPRO +0.06 points	0.04%	0.10%
Lockheed Martin CorpLMT	UPRO +0.06 points	0.04%	0.10%
Marathon Petroleum CorpMPC	UPRO +0.06 points	0.04%	0.10%
Medtronic PLCMDT	UPRO +0.06 points	0.04%	0.10%
Western Digital CorpWDC	UPRO +0.05 points	0.05%	0.10%
Capital One Financial CorpCOF	UPRO +0.06 points	0.04%	0.10%
Prologis IncPLD	UPRO +0.06 points	0.04%	0.10%
Automatic Data ProcessingADP	UPRO +0.05 points	0.04%	0.09%
Valero Energy CorpVLO	UPRO +0.05 points	0.04%	0.09%
Lowe's Cos IncLOW	UPRO +0.05 points	0.04%	0.09%
Mckesson CorpMCK	UPRO +0.05 points	0.04%	0.09%
Dell Technologies -CDELL	UPRO +0.05 points	0.05%	0.10%

All 516 SPXL 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.

SPXL vs UPRO Cost

Overpaying UPRO vs SPXL

$676

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

SPXL 0.84%
$16,029
UPRO 0.88%
$16,705

Amount$10,000

Years30 years

Cost over time

SPXL 0.84%
UPRO 0.88%
Overpaying

Year by year

Year	SPXL	UPRO	Overpaying
10	$1,491	$1,559	$68
20	$5,643	$5,891	$248
30	$16,029	$16,705	$676

Expense ratio

0.84%SPXL, cheaper
0.88%UPRO

SPXL0.84%UPRO0.88%

0.20%1.72%

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

SPXL 4th cheapest of 7 funds

UPRO 6th cheapest of 7 funds

SPXL vs UPRO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPXL 0.54%; UPRO 0.80%, better
Payout (12M): SPXL $1.45; UPRO $1.13
Last payment: SPXL $0.31; UPRO $0.27
Ex-dividend: SPXL Sep 22, 2026; UPRO Sep 23, 2026
Paid on: SPXL Sep 29, 2026; UPRO Sep 29, 2026
Frequency: SPXL Quarterly; UPRO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPXLQuarterly · 28 paymentsAll SPXL payments⁠

UPROQuarterly · 28 paymentsAll UPRO payments⁠

SPXL vs UPRO Risk

Fall from peak · 5 years

SPXL
UPRO

Risk facts

VolatilityStd dev, 3 years: SPXL 38.9%UPRO 38.8%, better
Return per unit of riskSharpe ratio, 3 years: SPXL 1.24UPRO 1.24
Worst fallMax drawdown, 5 years: SPXL −63.8%, betterUPRO −63.9%
Market sensitivityBeta, 5 years: SPXL 3.03UPRO 3.03; Market = 1

SPXL and UPRO in the news

All news⁠

Category Review
Tactical funds ranged from a 32.2% gain to a 12.5% loss
Updated Sep 29, 2026SPXL

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SPXL vs UPRO

In short

Stated mandate

Why people hold it

Worth knowing

How SPXL and UPRO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPXL

Only in UPRO

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Tactical funds ranged from a 32.2% gain to a 12.5% loss

How SPXL and UPRO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPXL

Only in UPRO

Weight gaps