Which came closer to its stated multiple, CPXR or UCOP?

Over the window to Sep 30, 2026, CPXR finished 1.9 points from what its multiple implies and UCOP finished 5.8 points from its own, so CPXR came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are CPXR and UCOP levered on the same thing?

Yes. Both are levered on copper, CPXR at +2 times and UCOP at +2 times the daily move.

Which one decays faster, CPXR or UCOP?

Decay follows how much the underlying moves about. Over this window CPXR’s moved at 23% annualized and UCOP’s at 23%, so CPXR has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold CPXR or UCOP for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, CPXR or UCOP?

CPXR charges 1.22% a year and UCOP charges 0.95%, so UCOP is cheaper. Fees come from each fund's prospectus.

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CPXR vs UCOP: which held to its multiple?

Over the days both have traded, CPXR finished 1.9 points from its stated multiple and UCOP 5.8. USCF Daily Target 2X Copper Index ETF and ProShares Ultra Copper K-1 Free ETF.

+12.0%

CPXR returned, 3 months

+8.0%

UCOP returned, 3 months

−1.9 pts

CPXR from its stated multiple

−5.8 pts

UCOP from its stated multiple

CPXR · 3 months to Sep 30, 20261.9 pts short of its stated multiple

CPXR returned +12.0% while 2 times CPER's move would have been +13.8%

UCOP · 3 months to Sep 30, 20265.8 pts short of its stated multiple

UCOP returned +8.0% while 2 times CPER's move would have been +13.8%

ETFIQ Decay Resistance Score · CPXR scores higherDid it keep up with its own daily multiple, compounded day by day?

CPXR 96.9

UCOP 15.6

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	CPXR	UCOP	CPXR	UCOP	CPXR	UCOP
1 month	−2.3%	−3.3%	−1.1%	−1.1%	−1.2 pts	−2.2 pts
3 months	+12.0%	+8.0%	+13.8%	+13.8%	−1.9 pts	−5.8 pts
6 months	+27.3%	not published	+31.7%	not published	−4.4 pts	not published
1 year	+55.8%	not published	+65.2%	not published	−9.4 pts	not published
Since launch CPXR Jan 2025 · UCOP Apr 2026	+62.5%	+5.9%	+94.7%	+17.6%	−32.1 pts	−11.8 pts

CPXR and UCOP over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPXR

USCF Daily Target 2X Copper Index ETF · Aims to return twice the daily move of copper (CPER)

UCOP

ProShares Ultra Copper K-1 Free ETF · Aims to return twice the daily move of copper (CPER)

Issuer USCF ProShares

Sets out to return +2x +2x

Underlying asset CPER CPER

Segment commodity commodity

Fund returned, 3 months or since launch +12.0% +8.0%

Underlying returned, over that window +6.9% +6.9%

What the stated multiple implies, over that window +13.8% +13.8%

Difference from stated, over that window −1.9 pts −5.8 pts

Fund returned, 1 year or since launch +55.8% +5.9%

Difference from stated, over that window −9.4 pts −11.8 pts

Underlying volatility 23% 23%

Difference over the days both have traded −1.9 pts −5.8 pts

Expense ratio 1.22% 0.95%

Launched Jan 22, 2025 Apr 21, 2026

Net assets $13m $5m

CPXR and UCOP on the same fields, as of Sep 30, 2026. Source: ETFIQ.

CPXR in plain words

Three months to Sep 30, 2026: CPXR returned +12.0% where its own daily promise gave +12.8%, 0.8 points short. Read the multiple against the whole window instead and 2 times CPER's 6.9% implies +13.8%, which makes CPXR look 1.9 points short. 1.1 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. CPXR aims to return +2 times CPER's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. CPER moved at 23% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

UCOP in plain words

Three months to Sep 30, 2026: UCOP returned +8.0% where its own daily promise gave +12.8%, 4.7 points short. Read the multiple against the whole window instead and 2 times CPER's 6.9% implies +13.8%, which makes UCOP look 5.8 points short. UCOP aims to return +2 times CPER's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, CPXR or UCOP?: Over the window to Sep 30, 2026, CPXR finished 1.9 points from what its multiple implies and UCOP finished 5.8 points from its own, so CPXR came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are CPXR and UCOP levered on the same thing?: Yes. Both are levered on copper, CPXR at +2 times and UCOP at +2 times the daily move.
Which one decays faster, CPXR or UCOP?: Decay follows how much the underlying moves about. Over this window CPXR’s moved at 23% annualized and UCOP’s at 23%, so CPXR has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold CPXR or UCOP for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, CPXR or UCOP?: CPXR charges 1.22% a year and UCOP charges 0.95%, so UCOP is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPXR on its own →UCOP on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPXR filings on SEC EDGAR ↗CPXR prospectus with the expense ratio (SEC) ↗USCF website ↗UCOP filings on SEC EDGAR ↗UCOP prospectus with the expense ratio (SEC) ↗ProShares page for UCOP ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CPXR against UCOP, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/cpxr-vs-ucop

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.