At a glance
UPRO charges 0.88% a year. It has $5.45B in assets, the largest of that group; it paid 0.76% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +25.9% with distributions reinvested (S&P 500: +11.5%), 3rd of those 6 funds; over three years it returned +62.3% a year. At its worst it fell 63.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 20 months after the low. Its ten largest positions make up 19.0% of the fund, out of 508 in all.
The short version
ProShares UltraPro S&P500 (UPRO) aims to deliver three times the daily return of the S&P 500 Index, before fees, using a mix of stocks, swaps and futures. It resets its leverage every day, so results over weeks or years can differ sharply from 3x the index. It charges 0.88% a year. With about $5.4 billion in net assets as of August 31, 2026, it is the largest of its leveraged S&P 500 peers.
Price history
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UPRO +25.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| UPRO official prospectus, to Dec 31, 2025 | — | +32.04% | — | +25.47% | +27.81% | — |
| UPRO price data to Oct 27, 2026 | +30.0% | +25.9% | +62.3% | +18.4% | — | +35.5% |
- Over the year to Oct 27, 2026, UPRO returned +25.9%, 3rd of 6 among similar funds.
- Its 5-year annualized return was +18.4%.
- Its worst full calendar year was 2022 (-56.8%); its best was 2021 (+98.6%).
- The deepest fall in its price history was 63.9% (Jan 3, 2022 to Oct 12, 2022), recovered by Jun 17, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +30.0% | — |
| 2025 | +31.9% | +32.04% |
| 2024 | +63.5% | +63.49% |
| 2023 | +68.6% | +68.43% |
| 2022 | -56.8% | -56.80% |
| 2021 | +98.6% | +97.96% |
| 2020 | — | +10.21% |
| 2019 | — | +102.86% |
| 2018 | — | -24.92% |
| 2017 | — | +71.27% |
| 2016 | — | +30.11% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 63.9% over that stretch · deepest drop along the way 63.9%, back to its old high 20.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7900 | |
| 2025 | $0.9800 | +21.0% |
| 2024 | $0.8100 | +97.6% |
| 2023 | $0.4100 | +127.8% |
| 2022 | $0.1800 | +300.0% |
| 2021 | $0.0450 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (25.62% of net assets), with its exposure coming from 11 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 4.07% | |
| Apple, Inc. | 3.54% | |
| Microsoft Corp. | 2.87% | |
| Amazon.com, Inc. | 1.93% | |
| Alphabet, Inc. Class A | 1.51% | |
| Broadcom, Inc. | 1.33% | |
| Alphabet, Inc. Class C | 1.21% | |
| Meta Platforms, Inc. | 0.96% | |
| Micron Technology, Inc. | 0.82% | |
| Tesla, Inc. | 0.79% | |
| JPMorgan Chase & Co. | 0.73% | |
| Berkshire Hathaway, Inc. | 0.70% | |
| Eli Lilly & Co. | 0.70% | |
| Advanced Micro Devices, Inc. | 0.58% | |
| ExxonMobil Holdings Corp. | 0.51% |
By country
United States 49.01%Ireland 0.97%Switzerland 0.14%Bermuda 0.08%Curaçao 0.07%By asset type
Stocks 50.26%RA 0.16%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $185.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.38%, -1.46%, +7.23%.
How it works
The fund's target is the S&P 500, maintained by S&P Dow Jones Indices. The index tracks 500 of the largest US companies, weighted by market capitalization (bigger companies count for more). It is reviewed each September, with weight adjustments in March, June and December. As of August 31, 2026, stocks made up about 50% of the fund's net assets. The largest were NVIDIA (4.1%), Apple (3.5%) and Microsoft (2.9%).
Owning stocks alone can't produce 3x exposure. The rest comes from derivatives, which are contracts whose value tracks something else. Here, that means total return swaps with large financial institutions and futures contracts. About 26% of net assets sat in cash and short-term instruments such as Treasury bills, which back those contracts. ProShare Advisors uses a mathematical model to set the mix and rebalances every day. After the index rises, it adds exposure. After a fall, it cuts back.
This daily reset is the key mechanic. A "day" runs from one net asset value calculation to the next. Over longer periods, compounding can push returns well away from 3x the index, especially in choppy markets. If the index falls close to 33% in a single day, holders could lose their entire investment. The fund also depends on its swap partners meeting their obligations. Fees and financing costs reduce returns as well.
What it really costs
- UPRO charges 0.88% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $90 in the first year and $1,084 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UPRO | $90 | $281 | $488 | $1,084 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its daily-reset 3x leverage is built for short holding periods, and its past losses have been far deeper than the S&P 500's.
UPRO multiplies both the gains and the losses of large US stocks. It launched in June 2009, after the 2008 crisis low, so it has no record from that crash. In the quarter ending March 31, 2020, it lost 60.46%. In 2022 it fell 63.9% between January 3 and October 12, its deepest drop. It took until June 17, 2024, about 20 months, to regain that peak. Its worst calendar year was 2022, at -56.8%. A retiree drawing money from it in a year like that would lock in losses that need a much larger gain to win back.
Income is small. The trailing 12-month yield was 0.76% as of October 27, 2026, paid quarterly. It costs 0.88% a year. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want 3x the S&P 500's daily move for short periods and who monitor positions closely.
- Experienced investors who understand that daily resets and compounding make multi-month returns differ from 3x the index.
- Traders who can accept drops like the 63.9% fall in 2022, plus the risk of total loss if the index falls nearly 33% in one day.
Look elsewhere if
- Long-term savers and retirees who want buy-and-hold S&P 500 exposure. An unleveraged index fund avoids the daily-reset drift and leverage costs.
- Income seekers. The trailing yield was 0.76% as of October 27, 2026, paid quarterly.
- Anyone who may need cash in a downturn. After the October 2022 low, it took about 20 months to regain its prior peak.
Close alternatives
Matched by leveraged/inverse funds on the same index (s&p 500), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| UPRO this fund | 3× | 0.88% | $5.45B | +25.9% | +62.3% |
| SPXL Direxion Daily S&P 500 Bull 3X Shares | 3× | — | $4.00B | +26.4% | +62.6% |
| HIBL Direxion Daily S&P 500 High Beta Bull 3X Sh… | 3× | — | $32.2M | +34.8% | +65.9% |
| SSO ProShares Ultra S&P 500 | 2× | — | $4.80B | +20.1% | +13.9% |
| SPYU MAX S&P 500 4X Leveraged ETN | 4× | — | $157.7M | +15.3% | — |
| SPUU Direxion Daily S&P 500 Bull 2x Shares | 2× | — | $116.8M | +20.8% | +44.0% |
Questions investors ask
Is UPRO good for retirement?
UPRO is built for short-term trading, not long-term retirement savings. It resets its 3x exposure daily, so long-run returns can stray far from 3x the S&P 500. It has posted strong long-term numbers: an average annual return of 27.81% over the 10 years to December 31, 2025. But it also fell 56.8% in 2022 and 60.46% in the first quarter of 2020. Swings like these are hard to absorb when drawing income.
What's the difference between UPRO and SPXL?
Both funds aim for 3x the daily return of the S&P 500. UPRO is issued by ProShares and SPXL by Direxion. Their returns have been close. As of October 27, 2026, UPRO returned 25.9% over one year versus 26.4% for SPXL, and 62.3% a year over three years versus 62.6%. UPRO is larger, at about $5.4 billion in net assets versus roughly $4 billion for SPXL. UPRO's expense ratio is 0.88%. Compare it with SPXL's own prospectus.
Can you lose all your money in UPRO?
Yes. The prospectus warns that if the S&P 500 approaches a 33% loss at any point in a day, holders could lose their entire investment. That has not happened, but losses have been severe. The fund fell 63.9% from January 3 to October 12, 2022. The fund also relies on swap counterparties, the banks on the other side of its contracts, and it could lose money if one failed to pay.
Why doesn't UPRO return 3x the S&P 500 over a year?
Because it targets 3x the index's daily return, not its yearly return. Each day the fund rebalances, adding exposure after gains and cutting it after losses. Over many days, that compounding can push results well above or below 3x the index. Choppy, up-and-down markets tend to hurt. Fees of 0.88% a year and the cost of financing its swaps also lower returns.
Does UPRO pay dividends?
Yes, UPRO pays distributions quarterly, but they are small. As of October 27, 2026, it paid $1.13 per share over the trailing 12 months, a yield of 0.76%. Much of the fund's assets sit in swaps, futures and short-term Treasury instruments rather than stocks. It is designed for magnified daily price moves, not income. Its 0.88% expense ratio is larger than that yield.