{"url":"https://etfiq.com/compare/leverage/spxu-vs-upro","section":"compare","title":"SPXU vs UPRO: which held to its multiple? | ETFIQ","description":"SPXU sets out to return -3 times SPY each day and UPRO +3 times. Over the three months to Sep 30, 2026 they finished +2.1 pts and \u22123.4 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, SPXU or UPRO?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, SPXU finished 2.1 points from what its multiple implies and UPRO finished 3.4 points from its own, so SPXU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are SPXU and UPRO levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the S&P 500, SPXU at -3 times and UPRO at +3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, SPXU or UPRO?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window SPXU\u2019s moved at 11% annualized and UPRO\u2019s at 11%, so SPXU has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold SPXU or UPRO for a year?","acceptedAnswer":{"@type":"Answer","text":"Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, SPXU or UPRO?","acceptedAnswer":{"@type":"Answer","text":"SPXU charges 0.90% a year and UPRO charges 0.88%, so UPRO is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"SPXU vs UPRO","item":"https://etfiq.com/compare/leverage/spxu-vs-upro"}]},{"@type":"WebPage","name":"SPXU vs UPRO: which held to its multiple?","description":"SPXU sets out to return -3 times SPY each day and UPRO +3 times. Over the three months to Sep 30, 2026 they finished +2.1 pts and \u22123.4 pts away.","url":"https://etfiq.com/compare/leverage/spxu-vs-upro","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, SPXU finished 3.4 points over and UPRO 2.6 points short.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of SPXU and UPRO","description":"SPXU sets out to return -3 times SPY each day and UPRO +3 times. Over the three months to Sep 30, 2026 they finished +2.1 pts and \u22123.4 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/spxu-vs-upro","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":7119,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / SPXU vs UPRO \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n SPXU vs UPRO: which held to its multiple?\n\n Over three months against its own daily promise, SPXU finished 3.4 points over and UPRO 2.6 points short.\n Copy this for sharing \n \n ProShares UltraPro Short S&P500 and ProShares UltraPro S&P500.\n\n Download as PDF \n\n \u22125.4% SPXU returned, 3 months \n +4.1% UPRO returned, 3 months \n +2.1 pts SPXU from its stated multiple \n \u22123.4 pts UPRO from its stated multiple \n\n ETFIQ Decay Resistance Score: SPXU scores higher\n Did it keep up wi","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/spxu-vs-upro","a":{"ticker":"SPXU","name":"ProShares UltraPro Short S&P500","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SPXU returned \u22125.4% where its own daily promise gave \u22128.9%, 3.4 points over.","url":"https://etfiq.com/funds/spxu","key_facts":[{"label":"What SPY did","value":"+2.5%","as_of":"2026-09-30","source":null},{"label":"What \u22123 times a day gives","value":"\u22128.9%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22125.4%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+3.4 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$430m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.90%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"b":{"ticker":"UPRO","name":"ProShares UltraPro S&P500","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: UPRO returned +4.1% where its own daily promise gave +6.8%, 2.6 points short.","url":"https://etfiq.com/funds/upro","key_facts":[{"label":"What SPY did","value":"+2.5%","as_of":"2026-09-30","source":null},{"label":"What 3 times a day gives","value":"+6.8%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+4.1%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22122.6 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$5.3bn","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.88%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/spxu-vs-upro"}