# UCOP (ProShares Ultra Copper K-1 Free ETF)

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

Three months to Sep 11, 2026: UCOP returned −6.9% where its own daily promise gave −3.2%, 3.6 points short.

## Key facts

- UCOP, what CPER did: −0.9%, as of Sep 11, 2026.
- UCOP, what +2 times a day gives: −3.2%, as of Sep 11, 2026.
- UCOP, what the fund returned: −6.9%, as of Sep 11, 2026.
- UCOP, the fund itself cost: −3.6 pts, as of Sep 11, 2026.
- UCOP, net assets: $4m (issuer page, as of Sep 11, 2026).
- UCOP, expense ratio: 0.95% (485BPOS XBRL, Apr 17, 2026).

## UCOP over each window to Sep 11, 2026

| Window | Fund | CPER | +2x the move | Difference | CPER moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −6.0% | −2.1% | −4.2% | −1.8 pts | 25% |
| 3 months | −6.9% | −0.9% | −1.9% | −5.0 pts | 24% |
| Since launch | +4.1% | +7.2% | +14.3% | −10.2 pts | 27% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of CPER, reset daily | ETFIQ |
| Multiple a holder actually got over the window | CPER moved −0.9% over this window, too little to read a multiple from | ETFIQ |
| Underlying | CPER | ETFIQ |
| Segment | asset class, commodity | ETFIQ |
| Net assets | $4m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Apr 17, 2026 |
| Launched | Apr 21, 2026 | ETFIQ |
| Underlying volatility over the window | 24% annualized | ETFIQ |

## Questions

### Did UCOP return +2 times CPER?

Over the window to Sep 11, 2026, CPER moved −0.9% and UCOP returned −6.9%. 2 times that move is −1.9%, so the fund came out 5.0 points short of it.

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

Because it resets daily. UCOP 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.

### Which +2x CPER ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

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

HTML: https://etfiq.com/funds/UCOP  ·  JSON: https://etfiq.com/funds/UCOP.json