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UCOP

GradeCNew York Stock Exchange Arca

ProShares Trust

Leveraged · Leveraged & Inverse · ProShares · Inception 2026-04-20 · SEC filings

This 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.

$43.41−1.91 (−4.21%)

As of Sep 23, 2026, 3:09 PM EDT

History starts Apr 21, 2026.History starts Apr 21, 2026.History starts Apr 21, 2026.
Intraday session: down, 4 prints from 45.32 to 43.41. Range 43.41 to 45.20. Use the arrow keys to read each point.$44.00$44.50$45.0010 AM12 PM2 PM4 PM
Expense ratio
1.04%
Fund size
$5M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$42.80
52W range
low $36.49high $47.68

The ETF.net UCOP Grade

C

40/ 100

Rank 45 of 99 in Leveraged Long (2x & Other)⁠

Confidence Medium

Six-pillar profile for UCOP. Scores out of 100: Cost 48, Risk 55, Mission not scored, Tradability 47, Holdings not scored, Durability 46. Strongest: Risk (55). Weakest: Durability (46). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned49This cap took−9Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 48
    Category rank51/99 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 55
    Category rank44/94 · top 47%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 47
    Category rank54/99 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 46
    Category rank55/99 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on UCOP

ETF.net Research

CMost leveraged ETFs double down on stock indexes. UCOP aims its 2x daily leverage at copper instead, tracking the United States Copper Index Fund, so one day's move in the red metal lands twice over.

Stated mandate

The fund seeks daily results equal to two times the daily performance of copper before fees and expenses.

Why people hold it

  1. 01The mandate is blunt: two times the daily move of copper, before fees. No miners as a stand-in, no stock picking, just the metal's daily swing doubled.proshares.com
  2. 02Its stated benchmark is the United States Copper Index Fund (CPER), so exposure runs through a listed, futures-based copper fund rather than a bespoke in-house basket.proshares.com
  3. 031.04% a year, right at what daily-leveraged funds typically charge, from the shop behind cohort mainstays like QLD and UDOW.
  4. 04Registered as a 1940 Act fund rather than a commodity partnership, an unusual wrapper for a metals-linked leveraged product.proshares.com

Worth knowing

  1. 01Leverage resets every day. Hold longer and compounding takes over, so choppy copper can leave results far from twice the period's move.
  2. 02A small, thinly traded fund, so spreads can run wider and limit orders matter more than they do with the category's household names.
  3. 03Launched in 2026, so the track record is short, and payouts are infrequent. This is a price-move tool, not an income one.

UCOP Holdings

As of Sep 20, 2026, 6:50 AM
Asset class
Other
Holdings
—
Top-10 weight
100%
Largest holding
Net Other Assets (Liabilities)100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Net Other Assets (Liabilities)100.00%4,707,397$5M162

Showing 1–1 of 1 holdings

UCOP Performance

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

UCOP$10,778
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. UCOP $10,778. SPY $10,415. Use the arrow keys to read each point.$8,565$9,765$10,965Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 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 UCOP. Periods over one year show the average yearly return.
PeriodUCOP
Year to dateFund launched this year—
1 month+5.3%
3 months+7.8%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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 UCOP
YearReturn barUCOP
2026 YTD+15.5%

History from Apr 21, 2026

UCOP in the news

ETF.net Research hasn’t filed on UCOP yet — coverage lands here as it’s written.

UCOP Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.05 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2026

One bar per payment. 1 payment in 2026 YTD. Jun 24, 2026 $0.05. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Jun 24, 2026Jun 30, 2026$0.05

UCOP Risk

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.
—
Launched Apr 2026; fills in after 12 months
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.
—
Launched Apr 2026; fills in after 12 months
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.
—
Launched Apr 2026; fills in after 12 months
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.
2.22
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.

UCOP Cost

Expense ratio1.04%
  • The middle half of Leveraged Long (2x & Other) funds
  • Median 0.99%

50 of the 93 Leveraged Long (2x & Other) funds charge less.

UCOP costs $104.00 a year on $10,000. The median Leveraged Long (2x & Other) fund costs $99.00.