# UCO (ProShares Ultra Bloomberg Crude Oil)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: UCO returned +22.8% where its own daily promise gave +23.6%, 0.8 points short.

## Key facts

- UCO, what OILK did: +12.8%, as of Sep 11, 2026.
- UCO, what +2 times a day gives: +23.6%, as of Sep 11, 2026.
- UCO, what the fund returned: +22.8%, as of Sep 11, 2026.
- UCO, the fund itself cost: −0.8 pts, as of Sep 11, 2026.
- UCO, expense ratio: not read by ETFIQ, as of Sep 11, 2026.
- UCO, underlying: OILK, as of Sep 11, 2026.

## UCO over each window to Sep 11, 2026

| Window | Fund | OILK | +2x the move | Difference | OILK moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +23.8% | +11.6% | +23.2% | +0.6 pts | 24% |
| 3 months | +22.8% | +12.8% | +25.6% | −2.8 pts | 34% |
| 6 months | +28.1% | +17.7% | +35.5% | −7.4 pts | 35% |
| 1 year | +128.8% | +62.2% | +124.4% | +4.4 pts | 31% |
| 3 years | +44.8% | +44.3% | +88.6% | −43.8 pts | 27% |
| Since launch | −58.1% | +55.6% | +111.2% | −169.3 pts | 36% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of OILK, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.78 times, against +2 stated | ETFIQ |
| Underlying | OILK | ETFIQ |
| Segment | asset class, commodity | ETFIQ |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 34% annualized | ETFIQ |

## Questions

### Did UCO return +2 times OILK?

Over the window to Sep 11, 2026, OILK moved +12.8% and UCO returned +22.8%. 2 times that move is +25.6%, so the fund came out 2.8 points short of it.

### Why does UCO not return +2 times over a year?

Because it resets daily. UCO aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, UCO, data as of Sep 11, 2026. https://etfiq.com/funds/UCO
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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