# UPRO ETF: fees, returns, drawdowns and holdings

> What UPRO holds, its 0.88% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

ProShares UltraPro S&P500 (UPRO) is an exchange-traded fund (ETF) run by ProShares. 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 charges 0.88% a year. From June 2009 to October 2026 it returned about 32.5% a year, and its worst drop was −76.8%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.88% a year (about $88 on $10,000).
- Started trading on June 23, 2009.
- Worst drop since 2009: −76.8%.
- 1 Tactfolio classic strategy holds it.

## 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.

| Fact | UPRO |
| --- | --- |
| Full name | ProShares UltraPro S&P500 |
| Issuer | ProShares |
| Expense ratio | 0.88% a year |
| Started trading | June 23, 2009 |
| Tracks | S&P 500 |
| Type | Leveraged, ETF |
| Facts checked | October 16, 2026 on the [ProShares fund page](https://www.proshares.com/our-etfs/leveraged-and-inverse/upro) |

## 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.

| Measure | UPRO |
| --- | --- |
| Total return | 12,883% |
| Return per year (CAGR) | 32.5% |
| Worst drop from a high | −76.8% |
| Volatility (how much it swings) | 51.0% |
| Last 12 months | 36.9% |
| Last 3 years, per year | 51.4% |
| Last 5 years, per year | 19.1% |
| Last 10 years, per year | 29.4% |

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

| Year | UPRO return |
| --- | --- |
| 2026 (part of the year) | 27.3% |
| 2025 | 31.9% |
| 2024 | 63.6% |
| 2023 | 68.5% |
| 2022 | −56.8% |
| 2021 | 98.6% |
| 2020 | 10.1% |
| 2019 | 102.3% |
| 2018 | −25.1% |
| 2017 | 71.4% |
| 2016 | 30.8% |
| 2015 | −5.2% |
| 2014 | 38.0% |
| 2013 | 118.5% |
| 2012 | 46.8% |
| 2011 | −11.9% |
| 2010 | 36.3% |
| 2009 (part of the year) | 73.8% |

## 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)](https://tactfolio.com/strategies/leverage-rotation-strategy.md), 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](https://tactfolio.com/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](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [Leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs): How a leveraged ETF works, why the daily reset makes long-term returns drift, a two-day 2x and 3x example, and what regulators warn.
- [Leverage](https://tactfolio.com/learn/leverage-explained): What leverage is, how to work out a leverage ratio, and how 2:1 and 10:1 change gains and losses.
- [Leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator): See your effective leverage, what a 1% price move does to your account, and the move that would wipe it out.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.

## Common questions

### What is the expense ratio of UPRO?

UPRO charges 0.88% a year, according to ProShares as of October 16, 2026. That is about $88 a year for every $10,000 you hold.

### When did UPRO start trading?

UPRO started trading on June 23, 2009. It is run by ProShares.

### What does UPRO track?

UPRO tracks the S&P 500. This fund aims to return 3 times the S&P 500's return for a single day, using stocks plus swaps and other contracts.

### How much has UPRO returned per year?

From June 2009 to October 2026, UPRO returned about 32.5% a year with dividends reinvested. Its worst drop was −76.8%. Past returns do not tell you what it will do next.

### Which strategies use UPRO?

One of Tactfolio's classic strategies hold UPRO, including Leverage Rotation Strategy (UPRO above the 200-day average).

## Sources

- [ProShares: ProShares UltraPro S&P500 fund page](https://www.proshares.com/our-etfs/leveraged-and-inverse/upro)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name.