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Launched · SEC filings

ProShares Ultra Bloomberg Crude Oil

UCONYSE ArcaProSharesCThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$60.20−6.97 (−10.38%)

At close: Nov 2, 2026, 4:00 PM ET

C50/ 100

Rank 2 of 6 in 2x/3x Long Energy

C50/100Rank 2 of 6in2x/3x Long Energy
Intraday session: down, 79 prints from 67.17 to 60.20. Range 59.43 to 62.20. Use the arrow keys to read each point.62.0064.0066.0010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$453M
1Y total return
+180.5%
Yield · Last 12 months
No data
Holdings
1
Avg volume · 30D
2.69M sh
52W range
low $18.12high $68.86
Launched
Filings
SEC EDGAR

The ETF.net UCO Grade

Based on 4 of 6 pillars

C

Score 50 out of 100

Category
2x/3x Long Energy⁠
Rank
2 of 6
Six-pillar profile for UCO. Scores out of 100: Cost 32, Risk 52, Mission not scored, Tradability 80, Holdings not scored, Durability 70. Strongest: Tradability (80). Weakest: Cost (32). Based on 4 of 6 pillars.

Score 50 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D32 out of 100
    Rank 4 of 6

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C52 out of 100
    Rank 4 of 6

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A80 out of 100
    Rank 1 of 6

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A70 out of 100
    Rank 1 of 6

Our read on UCO

ETF.net Research

In short

CMost leveraged energy funds juice oil-company stocks. UCO levers the barrel itself: 2x the daily move of a WTI futures index that spreads across three roll schedules instead of camping in the front-month contract.

Stated mandate

UCO seeks daily results, before fees and expenses, equal to two times the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index.

Why people hold it

  • Crude, not drillers: 2x the daily move of a WTI futures index, while cohort peers ERX, GUSH and DIG lever baskets of energy stocks.proshares.com
  • The benchmark splits equally across monthly, June-annual and December-annual futures roll schedules, reset semi-annually, so it is not pinned to the front-month contract.proshares.comsec.gov
  • Actively traded, and its 0.95% expense ratio sits right at the median for 2x energy funds. Live since 2008, through several oil booms and busts.

Worth knowing

  • The leverage resets daily. Hold past a day and compounding takes over, so multi-day results can differ from 2x the period's oil move, especially in choppy markets.proshares.com
  • Structured as a commodity pool, so tax time brings a Schedule K-1 rather than a 1099.proshares.com
  • A price-move vehicle, not an income one: the fund has not been paying distributions.

UCO Holdings

Asset class
Other
Holdings
1
Top-10 weight
100%
Largest holding
Net Other Assets (Liabilities)100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataNet Other Assets (Liabilities)100.00%506,292,274$506M151

Showing 1–1 of 1 holdings

UCO Performance

Launched Nov 24, 2008

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

UCO$28,052
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. UCO $28,052. SPY $11,146. Use the arrow keys to read each point.$10,000$20,000$30,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for UCO. Periods over one year show the average yearly return.
PeriodUCO
Year to date+211.6%
1 month+10.6%
3 months+48.9%
1 year+180.5%
3 yearsper year+22.3%
5 yearsper year+19.7%
10 yearsper year−6.2%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for UCO
YearReturn barUCO
2026 YTD+211.6%
2025−29.7%
2024+5.4%
2023−13.9%
2022+39.7%
2021+139.3%
2020−92.9%

UCO in the news

UCO Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

UCO Risk

Risk pillarC52 out of 100Rank 4 of 6 in 2x/3x Long Energy

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
53.7%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.63
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−67.2%
Trough Dec 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.79
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

UCO Cost

Compare UCO and XLEX

Overpaying vs XLEX, cheapest in 2x/3x Long Energy

$8,828

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • UCO 0.95%

    $17,869

  • XLEX 0.45% Cheapest

    $9,041

$10,000
30 years

Cost over time

  • UCO 0.95%
  • XLEX 0.45%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530UCO $17,869XLEX $9,041

Year by year

YearUCOXLEXOverpaying
10$1,678$812$866
20$6,322$3,128$3,194
30$17,869$9,041$8,828

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