US-listed · NYSE Arca · FIF-eligible (above NZ$50K)
ProShares UPRO ProShares UltraPro S&P 500
Designed to deliver 3× the daily return of the S&P 500 Index. Daily rebalancing produces volatility decay over multi-day holds.
Updated Reviewed quarterly
UPRO is a 3× leveraged ETF designed by ProShares for daily-cycle trading by sophisticated investors — not for buy-and-hold portfolios, despite the popular "3× the S&P 500 over decades" thesis circulating online. Daily-reset compounding produces volatility decay; multi-year buy-and-hold returns historically underperform unleveraged S&P 500 holdings on a risk-adjusted basis after fees + decay + tax. ASIC and the US SEC have issued investor alerts. Read our full leveraged-ETF risk explainer at /learn/leveraged-etfs-risk-nz/ before considering this fund.
About this fund
What is UPRO?
UPRO is the US-listed ticker for ProShares UltraPro S&P 500, issued by ProShares. Designed to deliver 3× the daily return of the S&P 500 Index. Daily rebalancing produces volatility decay over multi-day holds. TER is 0.91% per year. Distributions are paid quarterly.
Next typical distribution: June.UPRO typically pays in Mar · Jun · Sep · Dec. Issuer sets the exact date — verify on the distribution calendar before relying on a payment date.
Platform availability
Where to buy UPRO from New Zealand
Based on each platform's advertised market coverage and fee schedule. Verify with the platform before transacting — instrument coverage can change.
| Platform | Per-trade fee | FX | Min | Notes |
|---|---|---|---|---|
 Sharesies Sharesies | 1.9% per trade | 0.5% | NZ$0 | Beginners, fractional shares, mixing NZ + US ETFs |
 Hatch Hatch | US$3 per trade (≤300 shares) | 0.5% | NZ$0 (US$1 to invest) | NZ investors who want US-only ETFs (SPY, VOO, QQQ, SCHD, JEPI) |
 Stake Stake | US$0 trades | 0.70% | NZ$0 | Frequent US-share traders who hate per-trade fees |
 Interactive Brokers Interactive Brokers | From US$0.35 / trade (Tiered) or US$1 flat (Fixed) | ~0.002% (US$2 min) | US$0 | Larger portfolios, frequent traders, multi-market investors |
 Tiger Brokers Tiger Brokers | US$1.99 per US trade | 0.50% | NZ$0 | NZ investors who want NZ + US + Asian markets in one account |
 Jarden Direct Jarden Direct | NZ$29.90 per NZX trade | ~0.40% | NZ$0 | Larger NZX trades and global market access through one NZ broker |
 ASB Securities ASB Securities | NZ$30 per NZX trade | Bank rates (~1%) | NZ$0 (ASB customer) | Existing ASB customers wanting one login for banking + brokerage |
Showing 7 platforms that list this ETF. Full platform comparison: all 11 NZ brokers → · Full coverage matrix: availability matrix →
NZ tax treatment
How is UPRO taxed for NZ investors?
UPRO is US-domiciled. NZ investors apply Foreign Investment Fund rules once total overseas-share cost basis crosses the de-minimis threshold. Below it, only dividends are taxable.
The FIF de-minimis threshold is NZ$50,000 (source) of overseas-share cost basis. Below it, FIF rules do not apply and only dividends are taxable.
Most NZ retail investors use Fair Dividend Rate (FDR): deemed income = 5% × opening market value × your marginal rate. Comparative Value (CV) can be lower in flat or down years.
FDR vs CV method → · PIE vs FIF comparison →
🧮 Model your own after-tax outcome
Mechanical NZ-tax calculator comparing PIE @ PIR vs FIF @ FDR vs FIF @ CV on your principal, assumed return, time horizon, PIR, and marginal rate. → Open the after-tax calculator
General information only — not personalised tax advice. Confirm your treatment with a registered NZ tax adviser before transacting.
Add up to 4 more tickers to compare TER · yield · distribution · NZ tax structure.
Similar ETFs
ETFs with similar focus to UPRO
Same asset class, issuer cousins, and exchange peers — ranked by closest match. Click any row to compare side-by-side in the multi-compare tool.
| Ticker | Name | TER | Yield | Distribution | NZ tax | Compare |
|---|---|---|---|---|---|---|
| USF | US 500 (USF) Smartshares · NZX | 0.34% | — | Quarterly | PIE | UPRO vs USF |
| USG | US Growth (USG) Smartshares · NZX | 0.55% | — | Quarterly | PIE | UPRO vs USG |
| USS | US Small Cap (USS) Smartshares · NZX | 0.55% | — | Quarterly | PIE | UPRO vs USS |
| SPY | SPY State Street · NYSE Arca | 0.09% | 1.3% | Quarterly | FIF | UPRO vs SPY |
| VOO | VOO Vanguard · NYSE Arca | 0.03% | 1.4% | Quarterly | FIF | UPRO vs VOO |
Distribution history
Last 12 distributions — UPRO
UPRO typically distributes mar · jun · sep · dec. Per-payment history (amount + ex-date + payment date for the last 12 distributions) is published authoritatively on the issuer's own fact sheet and corporate-actions page. We do not yet aggregate per-payment history into the canonical dataset on this site — that work is gated on the live-data-feed roadmap item (#42 in our roadmap).
Next typical distribution month: June. The exact ex-date and payment date are set by ProShares — verify on the issuer source below before relying on a specific date.
Authoritative sources for distribution history
- ProShares UPRO product page — corporate actions + distribution announcements
See /calendar/distributions/ for the rolling 12-month forward calendar across all covered ETFs.
FAQ
Common questions about UPRO
What is the UPRO ETF? ⌄
UPRO is the ProShares UltraPro S&P 500 — a leveraged ETF designed to deliver 3× the daily return of the S&P 500 Index. The 3× exposure resets every trading day at market close. TER is 0.91%, materially higher than unleveraged S&P 500 ETFs (VOO 0.03%, IVV 0.03%, SPY 0.0945%). ProShares explicitly markets UPRO for "short-term tactical positions, not buy-and-hold strategies".
UPRO vs SPXL — what's the difference? ⌄
Both target 3× the daily S&P 500 return, both have 0.91% TER. UPRO is ProShares; SPXL is Direxion. Holdings are nearly identical. Choice between them is operational (broker availability, liquidity, trading volume on the day you trade). Neither is "better" for buy-and-hold — neither is a buy-and-hold instrument.
Can NZ residents buy UPRO? ⌄
Yes. UPRO is available via Hatch, Stake, Sharesies (US market), and Interactive Brokers. Above NZ$50,000 cost basis FIF rules apply (FDR method most common — 5% × MV × marginal rate, regardless of fund performance). The leverage decay + FDR floor combination is generally unfavourable for NZ buy-and-hold investors. See our risk explainer.
Should I hold UPRO for the long term to "amplify" S&P 500 returns? ⌄
No — that thesis is mathematically broken. The popular "3× S&P 500 over decades" thesis assumes 3× the period return, but daily compounding means actual long-term return is lower (sometimes much lower) than 3× the unleveraged index. In choppy or trending-down markets the gap is severe. Multiple academic papers have shown the so-called "leverage for the long run" approach historically underperforms simple unleveraged S&P 500 holdings on a risk-adjusted basis after fees + decay + tax. Read our risk explainer for the worked-example arithmetic.
Where to buy UPRO from New Zealand
The platforms below all support UPRO. Each link opens the platform's site directly — we don't take any payment for placement or for clicks.
Hatch 
Sharesies 
Interactive Brokers 
Stake 
Tiger Brokers Fees + platform details verified against each provider's published rate card. Always check the current schedule before transacting. Full platform comparison →
Sources for this UPRO data
Every TER, yield, and holdings figure on this page traces to one of the documents below. We do not pull live prices; the data is reviewed monthly against issuer fact sheets and exchange listings (last reviewed 2026-05-04).
External links open in a new tab. We do not earn commission on issuer product pages. See our methodology + disclosure.
Related ETFs and resources
Leveraged ETFs — risk explainer (READ FIRST)
Why UPRO / TQQQ / SOXL are not buy-and-hold instruments.
VOO — Vanguard S&P 500 (unleveraged, 0.03% TER)
Buy-and-hold-friendly S&P 500 exposure.
SPY — SPDR S&P 500 (unleveraged, high-liquidity)
Largest, most-liquid S&P 500 ETF.
TQQQ — 3× Nasdaq-100 (same daily-reset mechanic)
Same leverage approach, broader-tech index.
FIF tax explained
How FIF interacts with leveraged ETFs.
