# UPRO (ProShares UltraPro S&P500)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: UPRO returned +4.1% where its own daily promise gave +6.8%, 2.6 points short.

## Key facts

- UPRO, what SPY did: +2.5%, as of Sep 30, 2026.
- UPRO, what 3 times a day gives: +6.8%, as of Sep 30, 2026.
- UPRO, what the fund returned: +4.1%, as of Sep 30, 2026.
- UPRO, the fund itself cost: −2.6 pts, as of Sep 30, 2026.
- UPRO, net assets: $5.3bn (issuer page, as of Sep 30, 2026).
- UPRO, expense ratio: 0.88% (485BPOS XBRL, Sep 25, 2026).

## UPRO over each window to Sep 30, 2026

| Window | Fund | SPY | +3x the move | Difference | SPY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −2.0% | −0.3% | −1.0% | −1.0 pts | 10% |
| 3 months | +4.1% | +2.5% | +7.6% | −3.4 pts | 11% |
| 6 months | +48.8% | +17.0% | +50.9% | −2.1 pts | 12% |
| 1 year | +33.0% | +15.7% | +47.1% | −14.1 pts | 13% |
| 3 years | +267.2% | +85.0% | +254.9% | +12.3 pts | 15% |
| Since launch | +7040.0% | +804.6% | 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 +2.5% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPY | ETFIQ |
| Segment | broad index, US large cap | ETFIQ |
| Net assets | $5.3bn | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.88% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 11% annualized | ETFIQ |

## Questions

### Did UPRO return +3 times SPY?

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.

### 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 figure itself.


## Cite this page

ETFIQ, UPRO, data as of Sep 30, 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