ETF Evaluator:
ProShares Ultra Copper K-1 Free ETF ()
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
Index
Risk
Index
ETF Details
ProShares Ultra Copper K-1 Free ETF Overview
ProShares Ultra Copper K-1 Free ETF (UCOP) is an actively managed Miscellaneous Trading--Leveraged Commodities exchange-traded fund (ETF). ProShares launched the ETF in 2026.
The investment seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the price of copper.
Under normal circumstances, the fund will invest at least 80% of the fund’s assets in, or provide exposure to, financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target.
About ProShares Ultra Copper K-1 Free ETF (UCOP)
There are 2 members of the management team with an average tenure of 0.28 years: Michael Neches (2026) and Tarak Davé (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
ProShares Ultra Copper K-1 Free ETF has 5 securities in its portfolio. The top 10 holdings constitute 7.2% 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 Copper K-1 Free ETF is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares Ultra Copper K-1 Free ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 7.0% 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 Copper K-1 Free ETF has 93.0% of the portfolio in cash.
Assets Under Management
The fund has $4 million in total assets, which is below 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.
UCOP 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 Copper K-1 Free ETF expense ratio is high compared to funds in the Trading--Leveraged Commodities category. ProShares Ultra Copper K-1 Free ETF has an expense ratio of 0.95%, which is 3% lower than its category average, making the fund expense ratio grade a B. 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 Copper K-1 Free ETF 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 Copper K-1 Free ETF returned 7.8%, which earned it a grade of C, 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 Copper K-1 Free ETF has a trailing yield of 0.00%, which is below the 0.36% category average.
The fund normally distributes its income annually 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.
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UCOP 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 |
|
| UCOP Return (NAV) | 7.8% | 10.2% | na | na | na | na |
| UCOP Return (Price) | 6.8% | 9.2% | na | na | na | na |
| NAV +/- Price Return | 0.955% | 1.051% | na | na | na | na |
| Trading--Leveraged Commodities Avg | 5.5% | -19.5% | 28.0% | 14.8% | 1.1% | -1.8% |
| UCOP Grade (NAV) | C | A | na | na | na | na |
| +/- Category (NAV) | 2.2% | 29.7% | na | na | na | na |
| UCOP Tax-Cost Ratio | na | na | na | na | na | na |
UCOP Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UCOP Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| UCOP Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| 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% |
| UCOP Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 5 Mil |
| Share Class Assets: | $ 5 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.3 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Neches Michael (2026), Davé Tarak (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 5 |
| % in Top 10 Holdings: | 7.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 7.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 93.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | April 20, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.98% |
