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 portfolio 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.

There are three common ways to get UPRO exposure. Buy shares (or fractional shares) of UPRO directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so UPRO sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. UPRO trades like a stock during market hours, so you buy it the same way you would any listed share.

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Whether UPRO is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks S&P 500 (3x daily), so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is UPRO a buy?

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 portfolios 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.

New to funds like UPRO? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.