At a glance
OILK charges 0.7% a year. It has $237.8M in assets; it paid 15.6% of its price in distributions over the past 12 months, monthly. Over the past year it returned +85.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +17.9% a year. At its worst it fell 30.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 42 months after the low.
The short version
ProShares K-1 Free Crude Oil ETF (OILK) tracks the Bloomberg Commodity Balanced WTI Crude Oil Index by holding US crude oil futures, not physical oil. Its money is split across monthly, June and December contracts. Spreading out the contracts this way aims to soften the cost of replacing futures as they expire. The fund is also built so shareholders avoid the partnership tax form called a K-1. It charges 0.70% a year, and its price swings sharply with oil.
Price history
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OILK +85.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| OILK official prospectus, to Dec 31, 2025 | — | -11.77% | — | +14.45% | — | -0.97% |
| OILK price data to Oct 27, 2026 | +94.6% | +85.0% | +17.9% | +17.8% | — | +27.5% |
- Over the year to Oct 27, 2026, OILK returned +85.0%.
- Its 5-year annualized return was +17.8%.
- Its worst full calendar year was 2025 (-11.9%); its best was 2021 (+63.4%).
- The deepest fall in its price history was 34.6% (Jun 8, 2022 to Mar 17, 2023), recovered by Mar 11, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +94.6% | — |
| 2025 | -11.9% | — |
| 2024 | +8.2% | — |
| 2023 | -0.9% | -11.77% |
| 2022 | +27.5% | +7.65% |
| 2021 | +63.4% | -0.44% |
| 2020 | — | +27.98% |
| 2019 | — | +62.27% |
| 2018 | — | -60.96% |
| 2017 | — | +31.60% |
| 2016 | — | -21.43% |
| 2015 | — | +2.94% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 25.5% over that stretch · deepest drop along the way 30.8%, back to its old high 41.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $9.3700 | |
| 2025 | $1.7800 | +29.0% |
| 2024 | $1.3800 | -43.7% |
| 2023 | $2.4500 | -68.4% |
| 2022 | $7.7600 | -72.3% |
| 2021 | $27.9700 |
What's inside
As of Aug 31, 2026, the fund held 5 securities; the ten largest made up 8.51% of assets, and 69.48% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 3.53% | |
| Repurchase Agreement RA | 2.35% | |
| Repurchase Agreement RA | 1.41% | |
| Repurchase Agreement RA | 0.75% | |
| Repurchase Agreement RA | 0.47% |
By country
United States 8.51%By asset type
RA 8.51%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $25.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -12.62%, +12.19%, +5.70%.
How it works
The fund aims to match the Bloomberg Commodity Balanced WTI Crude Oil Index, before fees. Bloomberg Index Services Limited runs the index. It tracks West Texas Intermediate (WTI) crude oil futures, which are contracts to buy oil at a set price on a future date. One third of the index holds the next monthly contract and rolls into the following month's contract every month. Another third holds the June contract and rolls into the next year's June contract each March. The last third holds the December contract and rolls each September. Weights drift between resets and go back to equal thirds in March and September.
Rolling matters. When later contracts cost more than expiring ones, a pattern called contango, each roll sells low and buys high, which drags on returns. When later contracts cost less, called backwardation, rolling can add to returns. For this reason the fund does not track the spot (cash) price of oil and often trails it.
ProShare Advisors uses futures and swaps, and may hold positions through a subsidiary in the Cayman Islands. The fund is not leveraged. Most of its assets sit in cash-like holdings. As of August 31, 2026, about 69% was in cash and 8.5% in repurchase agreements, alongside WTI futures expiring in November 2026, December 2026 and June 2027.
What it really costs
- OILK charges 0.7% a year.
- Of that, 0.65% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $72 in the first year and $871 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| OILK | $72 | $224 | $390 | $871 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
In a retirement portfolio
OILK is a concentrated, volatile position in crude oil futures that may move differently from stocks but has suffered deep losses that took years to recover.
OILK adds exposure to oil prices. Its one-year beta, a measure of how closely it moves with stocks, was -0.82 as of October 27, 2026. It launched in 2016, so it has no 2008 record. It lost 66.86% in the first quarter of 2020. In the 2022 bear market it gained 25.5% while stocks fell, yet it dropped 30.8% from June to September that year. Its deepest decline since June 2020 was 34.6%. That drop bottomed in March 2023 and was not recovered until March 2026. Its weakest full year since June 2020 was 2025, when it fell 11.9%. Anyone who had to sell during slumps like these would have locked in losses.
The trailing 12-month yield was 15.6% as of October 27, 2026, with monthly payouts. But a futures fund's payouts depend on oil gains and can shrink sharply. Annual costs are 0.70%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, separate position in WTI crude oil futures without receiving a partnership K-1 tax form.
- Those looking for something that moves differently from stocks: its one-year beta was -0.82, and it gained 25.5% during the 2022 bear market.
- People who prefer an index spread across monthly, June and December contracts, designed to soften the cost of rolling futures.
Look elsewhere if
- Those who may need to sell in a slump: it lost 66.86% in early 2020, and its 2022–23 drop took until March 2026 to recover.
- Investors seeking steady income: the 15.6% trailing yield as of October 27, 2026 came from a strong year for oil futures and may not repeat.
- Buyers who want the spot price of oil: futures commonly lag the spot price, and the fund charges 0.70% a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does OILK track the price of oil?
Not directly. OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index, which holds WTI crude oil futures, not physical oil. The fund's prospectus says oil futures often perform very differently from the spot price, and commonly worse. The gap comes from rolling: replacing expiring contracts with later ones. When later contracts cost more, a pattern called contango, each roll costs money. Splitting the index across monthly, June and December contracts aims to soften that cost but does not remove it.
Does OILK send a K-1 tax form?
No. As its name says, OILK is built to avoid the Schedule K-1, a partnership tax form that many commodity futures funds send to shareholders. It gets its oil exposure through futures and swaps, and it can hold them through a subsidiary in the Cayman Islands. Shareholders generally get a standard Form 1099 instead. Distributions and gains are still taxable in a regular brokerage account, so a tax adviser can explain how they apply to a given situation.
What is OILK's expense ratio?
OILK's expense ratio is 0.70% a year, according to the prospectus filed September 25, 2026. That includes a 0.65% management fee paid to ProShare Advisors. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs would total about $72 after one year, $224 after three years, $390 after five years and $871 after ten years.
Does OILK pay monthly dividends?
OILK pays distributions monthly. Its trailing 12-month yield was 15.6%, or $9.53 per share, as of October 27, 2026. That figure followed a 94.6% price gain for the year through that date. A futures fund's payouts depend largely on trading gains and interest on its cash, not on company dividends. They can drop sharply after a weak year for oil, so the past yield is a poor guide to future income.
Is OILK a good long-term investment?
OILK's long-term record has been uneven. As of December 31, 2025, its average annual return was -11.77% over one year, 14.45% over five years and -0.97% since its 2016 launch. Its worst quarter was a 66.86% loss in early 2020. Based on price returns, it was up 94.6% for the year through October 27, 2026, and up 85% over one year. Investors who want a steady long-term holding may find the swings hard to live with.