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UPRO and SPXL both track 3x the daily return of the S&P 500, and their long-term results have been nearly identical. The practical differences come down to fees, liquidity, and issuer lineup: as of August 2026, SPXL's net expense ratio (0.84%, reduced by a fee waiver scheduled through September 1, 2027) sits slightly below UPRO's (0.89%). This article compares the two point by point.
Basic Specs - Two S&P 500 3x ETFs
UPRO (ProShares UltraPro S&P500) and SPXL (Direxion Daily S&P 500 Bull 3X) both target 3x the daily S&P 500 return. Theoretically identical returns, but subtle differences exist in practice.
UPRO: ProShares, launched June 23, 2009 (inception date per ProShares' official fund page). As of August 2026 its expense ratio is 0.89%, with net assets of roughly $5.2 billion (ProShares data as of July 31, 2026). SPXL: Direxion, launched November 5, 2008. As of August 2026 its net expense ratio is 0.84% (gross 0.95%, with a fee waiver in place through September 1, 2027; current net assets are published on Direxion's official page).
The net expense ratio gap is about 0.05 percentage points as of 2026, and it is SPXL that is cheaper - a reversal of the earlier fee schedules (0.91% for UPRO vs 0.97% for SPXL), under which UPRO held the edge. Note that SPXL's 0.84% depends on a fee waiver with a stated end date; if it lapses, the gross 0.95% applies. A gap of a few basis points compounds over the years but is not decisive on its own.
SPXL launched 7 months earlier, during the Lehman crisis. UPRO launched after the recovery began, so its since-inception return looks better. But this is a timing artifact, not a quality difference.
Key Specs of UPRO and SPXL
| Item | UPRO | SPXL |
|---|---|---|
| Issuer | ProShares | Direxion |
| Launch date | June 23, 2009 | November 5, 2008 |
| Expense ratio (as of August 2026) | 0.89% per year | 0.84% per year (net) |
| Fee waiver end date | None | September 1, 2027 |
| Gross expense ratio | None | 0.95% per year |
On expense ratio alone, SPXL is the cheaper fund by 0.05 percentage points as of August 2026. That edge, however, rests on a waiver with a stated end date. Once the gross 0.95% applies, UPRO's 0.89% becomes the lower figure. The bottom two rows are there to show that the cost ranking is not permanent.
Tracking Precision - Daily Deviation Statistics
The most important quality metric for leveraged ETFs is tracking error: deviation from the target daily return (S&P 500 × 3). Over 2020-2024, UPRO's daily tracking error (standard deviation) is ~0.02-0.03%, SPXL's is ~0.03-0.04%. UPRO is slightly more precise.
Daily deviations are tiny and largely cancel out over time; the systematic component of any long-run gap comes mainly from the expense ratios in force each year. During extreme volatility (VIX 40+), both ETFs experienced 1-2% daily deviations in March 2020.
The difference is not statistically decisive. Market conditions cause variation, and in some years SPXL slightly outperforms. Neither has a clear structural advantage in tracking.
For most investors, this tracking difference is irrelevant compared to the much larger impact of entry timing, allocation size, and rebalancing discipline.
Liquidity Comparison - Volume and Spreads
Both funds trade millions of shares on a typical day - ample for retail investors (check current average volume on the issuers' pages or your broker's market data). Bid-ask spreads are typically 0.01-0.02% for both during normal hours.
For options strategies, UPRO has slightly higher options volume, making covered calls and protective puts easier to execute with tighter spreads.
For large orders ($1M+), compare real-time depth and spreads at the moment of execution rather than relying on historical averages. For typical retail sizes, the difference is negligible.
Net assets also support liquidity: UPRO reported roughly $5.2 billion as of July 2026, and SPXL's current figure is published by Direxion. Both are large enough that market makers provide comparable liquidity support; neither has a meaningful liquidity advantage for normal trading.
Tax Efficiency and Distributions
Both pay distributions that vary substantially from year to year. Distribution sources include swap interest income and realized capital gains from rebalancing (see each issuer's distribution history for actual figures).
In high-rate environments (2022-2024), swap interest income increases, raising distributions. For Japanese investors, U.S. ETF distributions face 10% U.S. withholding plus ~20% Japanese tax (foreign tax credit applicable).
Whichever fund pays less in a given year is marginally more tax-efficient for that year. However, leveraged ETF returns are primarily capital gains, making distribution differences minimal in the total return picture.
Tax planning around sale timing (loss harvesting, NISA utilization) matters far more than distribution differences between these two ETFs.
Long-Term Performance Difference
Over the long run, the two funds' total returns have tracked each other closely. Any systematic gap is on the order of the expense ratio difference - a few basis points per year - and even its direction has shifted as the issuers' fee schedules changed. It is not decisive.
What gap exists comes from expense ratios and tracking differences. In specific years, either fund can come out ahead (SPXL slightly outperformed during the 2020 COVID recovery, for example). The difference fluctuates with market conditions.
Statistically, the performance difference is not significant. Neither is clearly superior. The choice should be based on practical factors rather than historical return differences.
Both deliver essentially the same exposure. Obsessing over which is 0.1% better misses the forest for the trees.
Which to Choose - Practical Conclusion
Prioritize expense ratio: as of August 2026 it is SPXL, at 0.84% net versus UPRO's 0.89% - but re-check current figures, since SPXL's rate depends on a fee waiver scheduled through September 2027. Prioritize options strategies: UPRO, whose options market has traditionally been more active.
Check availability at your brokerage. Major Japanese online brokerages (SBI, Rakuten, Monex) offer both, but availability can change.
For long-term holding, compare the net expense ratios in force when you buy - as of 2026, SPXL is slightly cheaper - and note when fee waivers are scheduled to expire. For frequent traders, current volume and spreads matter more than historical averages.
Most importantly, the UPRO vs SPXL choice matters far less than your overall strategy: how to incorporate S&P 500 3x leverage into your portfolio.
For deeper dives, see our SPXL 20-year simulation, the 20-ticker 3x ETF comparison, and the 3x bull ETF exit strategy guide.
Frequently Asked Questions About UPRO and SPXL
Are UPRO and SPXL the same?
They pursue the same target - 3x the daily return of the S&P 500 - but they are separate funds from different issuers (ProShares and Direxion). Fees, options liquidity, and fund mechanics differ slightly, while their long-term performance has been nearly identical.
Which has the lower expense ratio, UPRO or SPXL?
As of August 2026, SPXL's net expense ratio of 0.84% (gross 0.95%, reduced by a fee waiver scheduled through September 1, 2027) is below UPRO's 0.89%. Fee schedules change, so verify the current figures on the ProShares and Direxion official pages before investing.