UPRO: ProShares UltraPro S&P500

What does UPRO hold?#

This fund aims to return 3 times the S&P 500’s return for a single day, using stocks plus swaps and other contracts. It resets every day, so over weeks or years its results can be very different from 3 times the index, and losses can be large. It is built for daily moves, not as a plain long-term index fund.

It tracks the S&P 500.

What is the UPRO expense ratio?#

UPRO charges 0.88% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.88% fee comes to about $88 a year.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

How has UPRO done since 2009?#

From June 2009 to October 2026, UPRO returned about 32.5% a year. Say you put in $10,000 at the start. It would have been worth about $1,298,291 at the end, with every dividend reinvested.

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

UPRO returns by year#

What was UPRO’s worst drop?#

A drawdown is how far a fund falls from its last high point. UPRO’s worst fall was −76.8%, from February 19, 2020 to March 23, 2020. It got back to that high on January 8, 2021.

The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

Which Tactfolio strategies hold UPRO?#

One classic strategy holds UPRO at least some of the time. Each is a set of written rules you can open, test and copy.

• Leverage Rotation Strategy (UPRO above the 200-day average), by Michael Gayed and Charles Bilello, 2016

Test UPRO in your own rules#

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add UPRO, and see how a rule such as “hold it only above its 200-day average” would have done. Strategies run on daily prices and hold US stocks and ETFs only.

The details#

Prices come from Tactfolio’s stored daily prices for UPRO. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns.

Fund facts come from ProShares. We checked them on October 16, 2026. Read what a backtest simulates and how to read drawdown and CAGR for more on these measures.