UPRO, as a leveraged product, is not a buy-and-hold ETF, its a short-term tactical instrument. Like many leveraged funds, it delivers its 3x exposure only over a one-day holding period. Over longer periods, returns can vary significantly from its headline 3x exposure to the S&P 500. The 500 underlying companies are some of the most well-known firms in the world. As a short-term instrument, the total cost of owning UPRO is more dependent on liquidity than management costs, knowledge of the benefits, risks and pitfalls of geared products is paramount.