# UCO (ProShares Ultra Bloomberg Crude Oil)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: UCO returned +67.2% where its own daily promise gave +68.5%, 1.3 points short.

## Key facts

- UCO, what OILK did: +31.5%, as of Sep 30, 2026.
- UCO, what 2 times a day gives: +68.5%, as of Sep 30, 2026.
- UCO, what the fund returned: +67.2%, as of Sep 30, 2026.
- UCO, the fund itself cost: −1.3 pts, as of Sep 30, 2026.
- UCO, net assets: $402m (issuer page, as of Sep 30, 2026).
- UCO, expense ratio: 0.95% (issuer page).

## UCO over each window to Sep 30, 2026

| Window | Fund | OILK | +2x the move | Difference | OILK moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +19.7% | +9.6% | +19.1% | +0.5 pts | 20% |
| 3 months | +67.2% | +31.5% | +62.9% | +4.3 pts | 32% |
| 6 months | +43.5% | +24.1% | +48.2% | −4.7 pts | 33% |
| 1 year | +137.5% | +65.3% | +130.6% | +6.9 pts | 31% |
| 3 years | +51.3% | +47.7% | +95.4% | −44.0 pts | 27% |
| Since launch | −56.6% | +58.6% | +117.2% | −173.8 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 | +2.14 times, against +2 stated | ETFIQ |
| Underlying | OILK | ETFIQ |
| Segment | asset class, commodity | ETFIQ |
| Net assets | $402m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | issuer page |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 32% annualized | ETFIQ |

## Questions

### Did UCO return +2 times OILK?

Over the window to Sep 30, 2026, OILK moved +31.5% and UCO returned +67.2%. 2 times that move is +62.9%, so the fund came out 4.3 points ahead 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 30, 2026. https://etfiq.com/funds/uco
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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