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Prior to deducting fees and expenses, the ProShares UltraPro S&P500 is designed to deliver daily returns that are three times (3x) the daily performance of the S&P 500 index.
Is UPRO's expense ratio expensive, average, or a steal for its category?
Pro reveals the verdict on a 5-tier spectrum calibrated against ICI 2025 industry averages, with strategy-aware bands so the comparison is meaningful.
Q2 '26 S&P 500 EPS growth is currently estimated to be 53%, until the Anthropic non-operating mark-ups are removed from Alphabet and Amazon, which reduces the growth to a still-quite robust 34.9% for Q2 '26. The forward P/E is still 20x down from 23x in early January '26. Remarkably, the S&P 500 “earnings yield” ended last week at 4.97%, still hovering around 5% - a yield level which drove a strong S&P 500 rally in early March '26. The rising 10-year Treasury yield is still below the 4.80% recent high and the 4.998% peak in late '23, after the FOMC rate hikes. A trade above 5% for the 10-year Treasury yield will likely have a marked impact on stocks.
Investors waiting for a market pullback may have reached one of the best buying opportunities of the year.
Given that the economy's moving parts, policymakers' decisions, and investor behavior are seemingly consistent, it's reasonable to assume most of them more or less mirror one another. And it's true that while no two bull markets are exactly the same, certainly many of them are similar.
The S&P 500 faces short-term uncertainty from tariffs and rate hike risks, but its broader outlook remains bullish above 7,620.
The S&P 500 recently reached an all-time high. Stock market valuations are also at historically high levels.