Average Daily Volume
6.55M
Fund Overview
The ProShares UltraPro S&P 500 (UPRO) is a leveraged ETF designed to deliver three times (3x) the daily performance of the S&P 500 Index. This ETF is intended for short-term trading and tactical strategies due to its leveraged nature, which amplifies both gains and losses. UPRO achieves its objective through the use of financial derivatives, including futures contracts, swaps, and other instruments. Investors should be aware that the fund resets its leverage daily, meaning performance over longer periods may deviate significantly from three times the cumulative return of the S&P 500 due to compounding effects.
- Asset Class
-
Equity
- Industry
-
N/A
- Annual Dividend Rate
-
- Smart Beta
-
No
- Leveraged / Inverse
-
N/A / No
- Dividend Quality - Yield
-
- N/A
- Currency Hedged
-
No
- Portfolio Turnover
-
34 %
- Dividend Date
-
Why Invest in the UPRO ETF?
Potential Benefits
- Provides 3x daily leveraged exposure to the S&P 500, enabling amplified returns in bullish market conditions.
- Offers a cost-effective way to gain leveraged exposure without using margin accounts or derivatives directly.
- High liquidity and tight bid-ask spreads due to its popularity among traders.
- Can be used for short-term tactical bets or hedging strategies in a diversified portfolio.
Potential Risks
- Leverage magnifies losses as well as gains, leading to significant volatility and potential rapid declines.
- Daily reset means long-term performance can diverge substantially from 3x the S&P 500 due to compounding.
- High expense ratio compared to non-leveraged ETFs, which can erode returns over time.
- Not suitable for buy-and-hold investors due to the risks of volatility decay.
- Performance can be negatively impacted by frequent market fluctuations, even if the index trends upward over time.
RSI data unavailable or insufficient history.
Monthly Returns (%)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
| 2026 |
+3.3%
|
-3.6%
|
-15.7%
|
+33.2%
|
+15.5%
|
-4.7%
|
-1.1%
|
+7.1%
|
-2.0%
|
-
|
-
|
-
|
| 2025 |
+6.7%
|
-5.0%
|
-17.6%
|
-8.7%
|
+18.2%
|
+14.9%
|
+5.9%
|
+4.9%
|
+9.9%
|
+5.8%
|
-0.7%
|
-0.9%
|
| 2024 |
+3.5%
|
+14.7%
|
+8.8%
|
-13.0%
|
+14.3%
|
+9.8%
|
+1.8%
|
+5.1%
|
+5.1%
|
-4.1%
|
+17.4%
|
-8.4%
|
| 2023 |
+18.1%
|
-8.7%
|
+9.4%
|
+3.6%
|
-0.2%
|
+19.1%
|
+8.9%
|
-6.4%
|
-14.7%
|
-7.9%
|
+28.1%
|
+12.9%
|
| 2022 |
-15.9%
|
-9.9%
|
+10.1%
|
-25.4%
|
-2.1%
|
-24.9%
|
+28.6%
|
-13.3%
|
-26.9%
|
+23.1%
|
+14.4%
|
-17.7%
|
| 2021 |
-3.7%
|
+7.7%
|
+13.3%
|
+16.2%
|
+1.4%
|
+6.6%
|
+6.9%
|
+9.0%
|
-13.9%
|
+21.9%
|
-2.7%
|
+13.2%
|
| 2020 |
-0.9%
|
-23.0%
|
-48.1%
|
+37.2%
|
+13.4%
|
+3.2%
|
+17.7%
|
+22.0%
|
-12.3%
|
-8.5%
|
+35.2%
|
+11.1%
|
| 2019 |
+23.9%
|
+9.3%
|
+4.9%
|
+11.8%
|
-18.9%
|
+21.4%
|
+3.8%
|
-6.6%
|
+5.3%
|
+5.7%
|
+10.7%
|
+8.4%
|
| 2018 |
+18.2%
|
-13.5%
|
-8.7%
|
-0.1%
|
+6.5%
|
+1.3%
|
+10.7%
|
+9.1%
|
+1.2%
|
-20.8%
|
+4.3%
|
-26.3%
|
| 2017 |
+5.1%
|
+11.9%
|
-0.2%
|
+2.8%
|
+3.7%
|
+1.5%
|
+5.9%
|
+0.2%
|
+5.7%
|
+6.8%
|
+8.9%
|
+3.5%
|
< -5%
-5% to -2%
-2% to 0%
0%
0% to +2%
+2% to +5%
> +5%
Top Holdings (by weight)
| Symbol |
Company Name |
Weight |
|
MSFT
|
MICROSOFT CORP |
5.2 % |
|
AAPL
|
APPLE INC |
5.1 % |
|
NVDA
|
NVIDIA CORP |
4.7 % |
|
AMZN
|
AMAZON.COM INC |
3.2 % |
|
META
|
META PLATFORMS INC CLASS A |
2.2 % |
|
BRK-B
|
BERKSHIRE HATHAWAY INC CLASS B |
1.8 % |
|
GOOGL
|
ALPHABET INC CLASS A |
1.7 % |
|
AVGO
|
BROADCOM INC |
1.5 % |
|
GOOG
|
ALPHABET INC CLASS C |
1.4 % |
|
TSLA
|
TESLA INC |
1.2 % |
Top 10 holdings shown, out of 512 total holdings.
Related ETFs: UPRO vs Peers
Comparison highlights key differences on cost, coverage, and focus within sector ETFs.
Investment Strategy
UPRO seeks to deliver 3x the daily return of the S&P 500 Index by using a combination of derivatives, including futures contracts, swaps, and other financial instruments. The fund does not invest directly in the stocks of the S&P 500 but instead gains exposure synthetically. The leverage is reset daily, meaning the fund's performance is designed to match three times the index's daily movement, not its long-term cumulative return. This makes UPRO more suitable for short-term trading rather than buy-and-hold strategies.
Frequently Asked Questions
Is UPRO suitable for long-term investing?
No, UPRO is designed for short-term trading due to the effects of daily leverage resetting, which can lead to significant deviation from 3x the long-term return of the S&P 500.
How does UPRO achieve its 3x leverage?
UPRO uses derivatives such as futures contracts, swaps, and other financial instruments to amplify its daily exposure to the S&P 500.
What is volatility decay, and how does it affect UPRO?
Volatility decay refers to the erosion of returns in leveraged ETFs due to daily rebalancing in volatile markets. Even if the S&P 500 trends upward over time, UPRO's returns may lag due to compounding effects.
Can UPRO lose more than my initial investment?
No, the maximum loss is limited to the amount invested, though losses can be substantial due to the 3x leverage.
Industry Overview
UPRO is part of the leveraged and inverse ETF category, which caters to traders and sophisticated investors seeking amplified exposure to major indices like the S&P 500. These ETFs are popular for short-term strategies, hedging, or tactical positioning but come with heightened risks. The leveraged ETF space has grown significantly, offering products tied to equities, commodities, and fixed income. Investors in UPRO should understand that its 3x daily leverage makes it unsuitable for long-term holding periods due to the effects of compounding and volatility decay.
Alternative Comparison
Compared to its closest peers, UPRO stands out for its 3x leverage on the S&P 500, whereas SSO offers 2x exposure (ProShares Ultra S&P 500). SPXL (Direxion Daily S&P 500 Bull 3X Shares) is another 3x leveraged S&P 500 ETF with a similar objective but may differ slightly in expense ratios and liquidity. Unlike non-leveraged S&P 500 ETFs like SPY or IVV, UPRO is designed for aggressive, short-term trading rather than long-term investment.
Issuer Overview
ProShares is a leading provider of leveraged and inverse ETFs, known for innovative products that cater to tactical traders and advanced investors. The firm specializes in ETFs that deliver amplified or inverse exposure to various asset classes, including equities, fixed income, and commodities. ProShares has a strong reputation for liquidity and transparency in its fund offerings.
Conclusion
UPRO is a powerful tool for traders seeking amplified exposure to the S&P 500, but it comes with significant risks due to its leveraged structure. It is best suited for experienced investors who understand the implications of daily resets and volatility decay. Long-term investors should consider non-leveraged S&P 500 ETFs for more stable returns.
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