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.
How to buy
Where can I buy UPRO from New Zealand?
Hatch NZ-built. US$3 flat per trade, ~0.5% FX.
Stake Commission-free US shares; ~0.7% FX.
Sharesies NZ + AU + US in one account; tiered subscription pricing.
Interactive Brokers Tiered commissions; FX margin ~0.002% (lowest published of platforms reviewed).
See the full platform comparison for fees, minimums, and supported markets across all 11 NZ-accessible brokers.
NZ tax
How is UPRO taxed for NZ investors?
UPRO is US-listed, so it sits in the Foreign Investment Fund (FIF) regime once your overseas-share holdings exceed NZ$50,000 cost basis. Below that threshold, the FIF regime does not apply and you pay tax on dividends only.
Above NZ$50K cost basis, most NZ retail investors use the Fair Dividend Rate (FDR) method — deemed income = 5% × opening market value × your marginal tax rate. FDR vs CV method →
Tax outcomes depend on your portfolio size, marginal rate, and FDR-vs-CV election. See PIE vs FIF for the full comparison and consult a registered NZ tax adviser for personalised guidance.
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.
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.