What Is UPRO? ProShares UltraPro S&P500

UPRO is ProShares UltraPro S&P500, an ETF that tracks S&P 500 (3x daily) at a 0.89% expense ratio. Seeks three times the DAILY return of the S&P 500 via swaps. Daily resetting means multi-day returns can differ substantially from 3x the index, and volatility drag erodes value in choppy markets. Built for tactical trading, not buy-and-hold, at a 0.89% fee.

UPRO is issued by ProShares and tracks S&P 500 (3x daily), so a single ticker gives you the whole basket of underlying holdings weighted by the index's methodology rather than by any active stock-picking.

UPRO does not hold a basket of individual stocks. It gets its exposure synthetically, through derivatives such as swaps and futures rather than by owning the underlying shares, so there is no conventional top-10 equity holdings list. See the description above for what UPRO actually tracks and how that exposure is built.

UPRO gives you S&P 500 (3x daily) exposure in one ticker at a 0.89% expense ratio. Most investors use it as a core holding and layer more concentrated thematic baskets on top.

Whether UPRO is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is UPRO a buy?

UPRO yields ~0.68% as of mid-2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see UPRO dividend: yield and schedule.