# UPRO (ProShares UltraPro S&P500)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: UPRO returned +6.4% where its own daily promise gave +9.0%, 2.6 points short.

## Key facts

- UPRO, what SPY did: +3.3%, as of Sep 11, 2026.
- UPRO, what +3 times a day gives: +9.0%, as of Sep 11, 2026.
- UPRO, what the fund returned: +6.4%, as of Sep 11, 2026.
- UPRO, the fund itself cost: −2.6 pts, as of Sep 11, 2026.
- UPRO, net assets: $5.4bn (issuer page, as of Sep 11, 2026).
- UPRO, expense ratio: 0.89% (485BPOS XBRL, Sep 23, 2025).

## UPRO over each window to Sep 11, 2026

| Window | Fund | SPY | +3x the move | Difference | SPY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −4.2% | −1.1% | −3.2% | −1.1 pts | 9% |
| 3 months | +6.4% | +3.3% | +9.9% | −3.5 pts | 12% |
| 6 months | +44.3% | +16.0% | +48.1% | −3.7 pts | 14% |
| 1 year | +39.3% | +17.5% | +52.5% | −13.3 pts | 13% |
| 3 years | +225.5% | +77.9% | +233.6% | −8.1 pts | 15% |
| Since launch | +7078.1% | +804.4% | not meaningful over this window | not meaningful over this window | 17% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +3 times the daily move of SPY, reset daily | ETFIQ |
| Multiple a holder actually got over the window | SPY moved +3.3% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPY | ETFIQ |
| Segment | broad index, us large cap | ETFIQ |
| Net assets | $5.4bn | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.89% | 485BPOS XBRL, Sep 23, 2025 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 12% annualized | ETFIQ |

## Questions

### Did UPRO return +3 times SPY?

Over the window to Sep 11, 2026, SPY moved +3.3% and UPRO returned +6.4%. 3 times that move is +9.9%, so the fund came out 3.5 points short of it.

### Why does UPRO not return +3 times over a year?

Because it resets daily. UPRO aims at +3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +3x SPY ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 3 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, UPRO, data as of Sep 11, 2026. https://etfiq.com/funds/UPRO
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/UPRO  ·  JSON: https://etfiq.com/funds/UPRO.json