{
 "ticker": "UPRO",
 "name": "ProShares UltraPro S&P500",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/upro",
 "html": "https://etfiq.com/funds/upro",
 "markdown": "https://etfiq.com/funds/upro.md",
 "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.",
 "key_facts": [
  {
   "key": "what_spy_did",
   "label": "What SPY did",
   "value": "+2.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UPRO, what SPY did: +2.5%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What 3 times a day gives",
   "value": "+6.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UPRO, what 3 times a day gives: +6.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+4.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UPRO, what the fund returned: +4.1%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22122.6 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UPRO, the fund itself cost: \u22122.6 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$5.3bn",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "UPRO, net assets: $5.3bn (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.88%",
   "source": "485BPOS XBRL, Sep 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "UPRO, expense ratio: 0.88% (485BPOS XBRL, Sep 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+3 times the daily move of SPY, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "SPY moved +2.5% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SPY",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "broad index, US large cap",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$5.3bn",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.88%",
   "source": "485BPOS XBRL, Sep 25, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "11% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22122.0%",
   "SPY": "\u22120.3%",
   "+3x the move": "\u22121.0%",
   "Difference": "\u22121.0 pts",
   "SPY moved about": "10%"
  },
  {
   "window": "3 months",
   "Fund": "+4.1%",
   "SPY": "+2.5%",
   "+3x the move": "+7.6%",
   "Difference": "\u22123.4 pts",
   "SPY moved about": "11%"
  },
  {
   "window": "6 months",
   "Fund": "+48.8%",
   "SPY": "+17.0%",
   "+3x the move": "+50.9%",
   "Difference": "\u22122.1 pts",
   "SPY moved about": "12%"
  },
  {
   "window": "1 year",
   "Fund": "+33.0%",
   "SPY": "+15.7%",
   "+3x the move": "+47.1%",
   "Difference": "\u221214.1 pts",
   "SPY moved about": "13%"
  },
  {
   "window": "3 years",
   "Fund": "+267.2%",
   "SPY": "+85.0%",
   "+3x the move": "+254.9%",
   "Difference": "+12.3 pts",
   "SPY moved about": "15%"
  },
  {
   "window": "Since launch",
   "Fund": "+7040.0%",
   "SPY": "+804.6%",
   "+3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "SPY moved about": "17%"
  }
 ],
 "questions": [
  {
   "q": "Did UPRO return +3 times SPY?",
   "a": "Over the window to Sep 30, 2026, SPY moved +2.5% and UPRO returned +4.1%. 3 times that move is +7.6%, so the fund came out 3.4 points short of it."
  },
  {
   "q": "Why does UPRO not return +3 times over a year?",
   "a": "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."
  },
  {
   "q": "Which +3x SPY ETF tracked its stated multiple most closely?",
   "a": "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 figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}