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

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

Three months to Sep 30, 2026: UCOP returned +8.0% where its own daily promise gave +12.8%, 4.7 points short.

## Key facts

- UCOP, what CPER did: +6.9%, as of Sep 30, 2026.
- UCOP, what 2 times a day gives: +12.8%, as of Sep 30, 2026.
- UCOP, what the fund returned: +8.0%, as of Sep 30, 2026.
- UCOP, the fund itself cost: −4.7 pts, as of Sep 30, 2026.
- UCOP, net assets: $5m (issuer page, as of Sep 30, 2026).
- UCOP, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## UCOP over each window to Sep 30, 2026

| Window | Fund | CPER | +2x the move | Difference | CPER moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −3.3% | −0.6% | −1.1% | −2.2 pts | 28% |
| 3 months | +8.0% | +6.9% | +13.8% | −5.8 pts | 23% |
| Since launch | +5.9% | +8.8% | +17.6% | −11.8 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 | +1.16 times, against +2 stated | ETFIQ |
| Underlying | CPER | ETFIQ |
| Segment | asset class, commodity | ETFIQ |
| Net assets | $5m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Apr 21, 2026 | ETFIQ |
| Underlying volatility over the window | 23% annualized | ETFIQ |

## Questions

### Did UCOP return +2 times CPER?

Over the window to Sep 30, 2026, CPER moved +6.9% and UCOP returned +8.0%. 2 times that move is +13.8%, so the fund came out 5.8 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 figure itself.


## Cite this page

ETFIQ, UCOP, data as of Sep 30, 2026. https://etfiq.com/funds/ucop
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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