{"url":"https://etfiq.com/compare/leverage/spyu-vs-upro","section":"compare","title":"SPYU vs UPRO: which held to its multiple? | ETFIQ","description":"SPYU sets out to return +4 times SPY each day and UPRO +3 times. Over the three months to Sep 30, 2026 they finished \u22128.5 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, SPYU or UPRO?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, SPYU finished 8.5 points from what its multiple implies and UPRO finished 3.4 points from its own, so UPRO came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are SPYU and UPRO levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the S&P 500, SPYU at +4 times and UPRO at +3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, SPYU or UPRO?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window SPYU\u2019s moved at 11% annualized and UPRO\u2019s at 11%, so SPYU has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold SPYU 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":"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":"SPYU vs UPRO","item":"https://etfiq.com/compare/leverage/spyu-vs-upro"}]},{"@type":"WebPage","name":"SPYU vs UPRO: which held to its multiple?","description":"SPYU sets out to return +4 times SPY each day and UPRO +3 times. Over the three months to Sep 30, 2026 they finished \u22128.5 pts and \u22123.4 pts away.","url":"https://etfiq.com/compare/leverage/spyu-vs-upro","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, SPYU finished 6.9 points short 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 SPYU and UPRO","description":"SPYU sets out to return +4 times SPY each day and UPRO +3 times. Over the three months to Sep 30, 2026 they finished \u22128.5 pts and \u22123.4 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/spyu-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":6734,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / SPYU vs UPRO \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n SPYU vs UPRO: which held to its multiple?\n\n Over three months against its own daily promise, SPYU finished 6.9 points short and UPRO 2.6 points short.\n Copy this for sharing \n \n MAX S&P 500 4X Leveraged ETNs due October 30, 2043 and ProShares UltraPro S&P500.\n\n Download as PDF \n\n +1.6% SPYU returned, 3 months \n +4.1% UPRO returned, 3 months \n \u22128.5 pts SPYU from its stated multiple \n \u22123.4 pts UPRO from its stated multiple \n\n ETFIQ Decay Resistance Score: UPRO scores highe","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/spyu-vs-upro","a":{"ticker":"SPYU","name":"MAX S&P 500 4X Leveraged ETNs due October 30, 2043","issuer":"MAX","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SPYU returned +1.6% where its own daily promise gave +8.5%, 6.9 points short.","url":"https://etfiq.com/funds/spyu","key_facts":[{"label":"What SPY did","value":"+2.5%","as_of":"2026-09-30","source":null},{"label":"What 4 times a day gives","value":"+8.5%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+1.6%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22126.9 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt","as_of":"2026-09-30","source":null},{"label":"Expense ratio","value":"not read by ETFIQ","as_of":"2026-09-30","source":null}]},"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/spyu-vs-upro"}