UPRO −1.23% today · Analysis updated Nov 13, 2026, 6:30 PM ET

Why is ProShares UltraPro S&P 500 (UPRO) stock down today?

No news items or SEC filings were found in the 14-day or 45-day windows, so the inputs cannot explain the Oct 30 drop (close 141.21 from 149.35 on 3.4M shares) or the Nov 5 drop (close 127.87 on 7.45M shares). Since the Nov 5 close, UPRO has recovered in steps: 128.94 on Nov 6, 137.91 on Nov 9, 136.37 on Nov 10, 141.70 on Nov 11, 140.23 on Nov 12, and 138.50 on Nov 13. That is about 8.3% above the Nov 5 close, but still about 8.4% below the Oct 28 close of 151.14. Volume has eased from the Nov 5 spike to 2.1M to 2.6M shares over the last three sessions. The Nov 13 session weakened, though: the fund opened at 141.76, made a lower low of 134.96 versus 138.33 on Nov 12, and closed at 138.50 on 2.41M shares. Because UPRO is a 3x leveraged fund, its returns track S&P 500 swings amplified and are affected by daily rebalancing, so the outlook depends on broad market conditions that these inputs do not cover. The evidence is limited to price and volume, so the outlook stays close to neutral with low confidence.

About ProShares UltraPro S&P 500

S&P 500, 3x daily leverage

ProShares UltraPro S&P 500 (UPRO) is a leveraged ETF that aims to return three times the daily performance of the S&P 500, before fees and expenses. It launched in June 2009 and is one of the largest and most heavily traded 3x funds on the broad US stock market.

How the fund works

The fund gets its 3x exposure by holding S&P 500 stocks alongside swaps and futures, and it resets that exposure every day. Because of the daily reset, returns over periods longer than one day can differ a lot from 3x the index's return. This is especially true in choppy, volatile markets, where compounding can wear down value. Its expense ratio is about 0.9% a year, and the cost of borrowing to finance the leverage, which rises with interest rates, also reduces returns. A sharp drop in the index can cause severe losses.

What usually moves UPRO

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This analysis is for informational purposes only and is not financial advice. It is based solely on the provided market data and the absence of news or SEC filings in the search windows. Leveraged ETFs carry elevated risk and may not be suitable for all investors.