ETF Evaluator:
ProShares Ultra Bloomberg Crude Oil ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Leveraged Commodities Over the Last Year
| 87.6% | DB Commodity Double Long ETN (DYYXF) |
| 86.2% | USCF Daily Target 2X Copper Index ETF (CPXR) |
| 75.2% | DB Base Metals Double Long ETN (BDDXF) |
| 55.3% | ProShares Ultra Bloomberg Crude Oil (UCO) |
| 32.9% | DB Gold Double Long ETN (DGP) |
Risk
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Risk
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ETF Details
ProShares Ultra Bloomberg Crude Oil Overview
ProShares Ultra Bloomberg Crude Oil (UCO) is a passively managed Miscellaneous Trading--Leveraged Commodities exchange-traded fund (ETF). ProShares launched the ETF in 2008.
The investment seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM.
The fund seeks to meet its investment objective by investing, under normal market conditions, in any one of, or combinations of, Financial Instruments (including swap agreements, futures contracts, forward contracts, and option contracts) based on WTI sweet, light crude oil. It will not invest directly in oil.
About ProShares Ultra Bloomberg Crude Oil (UCO)
There are 1 members of the management team with an average tenure of 17.69 years: Management Team (2008). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg Cmdt Bal WTI Crd Oil TR USD index with a weighting of 200%. ProShares Ultra Bloomberg Crude Oil has 19 securities in its portfolio. The top 10 holdings constitute 196.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares Ultra Bloomberg Crude Oil is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares Ultra Bloomberg Crude Oil has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares Ultra Bloomberg Crude Oil has 54.1% of the portfolio in cash.
Assets Under Management
The fund has $421 million in total assets, which is above the $208 million average for the Trading--Leveraged Commodities category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
UCO Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares Ultra Bloomberg Crude Oil expense ratio is high compared to funds in the Trading--Leveraged Commodities category. ProShares Ultra Bloomberg Crude Oil has an expense ratio of 1.47%, which is 50% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares Ultra Bloomberg Crude Oil has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 0% for the Trading--Leveraged Commodities category.
Recently, in the month of July 2026, ProShares Ultra Bloomberg Crude Oil returned 24.0%, which earned it a grade of A, as the Trading--Leveraged Commodities category had an average return of 5.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares Ultra Bloomberg Crude Oil has a trailing yield of 0.00%, which is below the 0.36% category average.
The fund normally distributes its income none and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares Ultra Bloomberg Crude Oil Grades
Year to date, the ETF has returned 109.0%, 107.7 percentage points better than the category, which translates into a grade of A. The fund has returned 55.3% over the past year (grade of B), 9.6% over the past three years (grade of D) and 14.9% per year over the past five years (grade of B) and -9.4% per year over the past 10 years (grade of F).
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UCO Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| UCO Return (NAV) | 24.0% | -15.4% | 55.3% | 9.6% | 14.9% | -9.4% |
| UCO Return (Price) | 22.7% | -15.4% | 56.0% | 9.6% | 15.1% | -9.3% |
| NAV +/- Price Return | 1.361% | -0.040% | -0.724% | -0.027% | -0.204% | -0.084% |
| Trading--Leveraged Commodities Avg | 5.5% | -19.5% | 28.0% | 14.8% | 1.1% | -1.8% |
| UCO Grade (NAV) | A | C | B | D | B | F |
| +/- Category (NAV) | 18.5% | 4.0% | 27.3% | -5.3% | 13.8% | -7.6% |
| UCO Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
UCO Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UCO Return (NAV) | 109.0% | -29.8% | 4.6% | -13.2% | 40.5% | 136.8% | -92.9% | 56.0% | -44.8% | 1.4% | -7.2% |
| UCO Return (Price) | 109.2% | -29.7% | 5.4% | -13.9% | 39.7% | 139.3% | -92.9% | 53.8% | -43.3% | 0.3% | -6.9% |
| NAV +/- Price Ret | 0.002% | -0.001% | 0.165% | 0.056% | -0.018% | 0.018% | 0.001% | -3.8% | -3.5% | -75.8% | -5.2% |
| Trading--Leveraged Commodities Avg | 1.3% | 127.6% | 7.1% | -15.9% | -5.5% | 30.6% | -2.4% | 11.1% | -23.5% | 5.2% | 14.8% |
| UCO Grade (NAV) | A | F | C | C | A | A | F | A | F | C | F |
| +/- Category | 107.7% | -157.4% | -2.5% | 2.8% | 45.9% | 106.2% | -90.4% | 44.8% | -21.3% | -3.8% | -22.0% |
| Risk Measures | |
| Beta: | 2.72 |
| R-Squared: | 52% |
| Standard Deviation: | 51.3% |
| Category Risk Index: | 0.93 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 4.19 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 421 Mil |
| Share Class Assets: | $ 421 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 1.47% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg Cmdt Bal WTI Crd Oil TR USD |
| Index Weighting: | 200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | None |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 17.7 years | |||
| Average Tenure: 17.7 years | |||
| Managers (Year): Team Management (2008) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 19 |
| % in Top 10 Holdings: | 196.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 45.9% |
| Cash: | 54.1% |
Purchase Information
| Legal Structure: | Partnership (3C1) |
| Fund Family: | ProShares |
| Phone Number: | 240-497-6400 |
| Website: | www.proshares.com |
| Inception Date: | November 24, 2008 |
Expenses and Fees
| Expense Ratio (%): | 1.47% (Rating: High) |
| Category Average Expense Ratio (%): | 0.98% |
