At a glance
UCO charges 0.95% a year. It has $312.0M in assets, the largest of that group. Over the past year it returned +200.6% with distributions reinvested (S&P 500: +11.5%), 2nd of those 7 funds; over three years it returned +23.9% a year. At its worst it fell 54.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 48 months after the low.
The short version
ProShares Ultra Bloomberg Crude Oil (UCO) aims to deliver twice (2x) the daily move of a Bloomberg crude oil futures index. It gets that exposure through futures, swaps and other derivatives. It is a commodity pool taxed as a partnership, so investors get a Schedule K-1 (a partnership tax form) instead of a 1099. Its leverage resets every day, so returns over months or years can differ sharply from 2x oil. It charges a 0.95% annual fee.
Price history
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UCO +200.6% 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 | |
|---|---|---|---|---|---|---|
| UCO price data to Oct 27, 2026 | +235.9% | +200.6% | +23.9% | +21.9% | — | +42.8% |
- Over the year to Oct 27, 2026, UCO returned +200.6%, 2nd of 7 among similar funds.
- Its 5-year annualized return was +21.9%.
- Its worst full calendar year was 2025 (-29.8%); its best was 2021 (+139.3%).
- The deepest fall in its price history was 67.2% (Jun 8, 2022 to Dec 16, 2025), recovered by Oct 8, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +235.9% |
| 2025 | -29.8% |
| 2024 | +5.4% |
| 2023 | -13.9% |
| 2022 | +39.7% |
| 2021 | +139.3% |
| 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 37.6% over that stretch · deepest drop along the way 54.7%, back to its old high 48.4 months after the low |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $312.0M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
UCO is a series of ProShares Trust II, a Delaware statutory trust run by ProShare Capital Management LLC. It does not store barrels of oil. It holds derivatives, which are contracts whose value comes from something else: futures contracts, swap agreements and forward contracts. Together these give it the exposure of its benchmark, an index of crude oil futures. When near-term futures expire, they must be replaced with later ones. That 'roll' can add to returns or take away from them. The 10-K warns that the index can move very differently from physical crude, sometimes even in the opposite direction.
The fund seeks 2x the benchmark's return for a single day only. Each day is measured from one net asset value (NAV) calculation to the next. The fund then resets its exposure. Over longer periods, those daily returns compound. The result will very likely differ from 2x the index, in size and possibly in direction. ProShares says volatility can matter as much as the index's actual return. It also says these funds are for knowledgeable investors, who should consider watching and rebalancing their positions.
UCO is a commodity pool registered with the Commodity Futures Trading Commission. It is not an investment company under the Investment Company Act of 1940, so it lacks some protections that regular funds have. Large dealers called Authorized Participants create and redeem shares in blocks of 50,000. On top of the 0.95% sponsor fee, the fund pays brokerage commissions and other costs.
What it really costs
- UCO charges 0.95% a year.
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
UCO targets 2x crude oil futures for a single day only, and its own sponsor says it is meant for knowledgeable investors who monitor positions actively.
UCO offers a magnified, short-term bet on crude oil futures. It does not offer steady growth or income, and it has recorded no distributions. Its price data starts June 2, 2020, so it doesn't cover the 2008 crisis or the 2020 crash. During the 2022 bear market it gained 37.6% from the stock market's peak to its trough. Even so, it fell 54.7% between June 8 and September 26, 2022. Its deepest drop was 67.2%, from June 8, 2022 to December 16, 2025. It did not get back to that peak until October 8, 2026. It lost 29.75% in 2025, then gained 235.9% in 2026 through October 27. Anyone who needed cash during a slump could have locked in heavy losses. Costs include the 0.95% fee plus trading costs, and the K-1 adds tax work. 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
- Active traders who want a one-day, 2x position on crude oil futures and can check and rebalance it daily.
- Investors who understand futures roll costs and daily compounding, and can stomach drops like the 67.2% fall from June 2022 to December 2025.
- Traders who want exposure to oil futures rather than energy company stocks, and who are comfortable with a Schedule K-1 and partnership tax rules.
Look elsewhere if
- Retirees seeking income: UCO has recorded no distributions, and it pays brokerage and other costs on top of its 0.95% fee.
- People planning to hold for years: daily resets mean long-run results can differ sharply from 2x oil, in size or even direction.
- Investors who want the protections of a 1940 Act fund or simple 1099 tax forms. UCO is a commodity pool taxed as a partnership.
Close alternatives
Matched by leveraged/inverse funds on the same index (energy), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| UCO this fund | 2× | 0.95% | $312.0M | +200.6% | +23.9% |
| GUSH Direxion Daily S&P Oil & Gas Exp. & Prod. B… | 2× | — | $270.5M | +120.6% | +13.2% |
| ERX Direxion Daily Energy Bull 2X Shares | 2× | — | $267.9M | +127.5% | +31.2% |
| DIG ProShares Ultra Energy | 2× | — | $90.8M | +126.9% | +31.1% |
| OILU MicroSectors Oil & Gas Exp. & Prod. 3x Leve… | 3× | — | $49.7M | +171.8% | +17.6% |
| WTIU MicroSectors Energy 3X Leveraged ETNs | 3× | — | $20.3M | +185.3% | +17.8% |
| NRGU MicroSectors U.S. Big Oil 3 Leveraged ETN | 1× | — | — | +263.6% | — |
Questions investors ask
Is UCO a good long-term investment?
UCO is built for short-term trading, not long-term holding. It seeks 2x its crude oil futures index for a single day only. ProShares says funds like it are for knowledgeable investors who should consider monitoring their positions actively. Its record shows the swings. It lost 13.89% in 2023 and 29.75% in 2025. It also suffered a 67.2% peak-to-trough drop that took until October 8, 2026 to recover. Its three-year annualized return was 23.9% as of October 27, 2026.
Does UCO pay dividends?
No. UCO has recorded no distributions, so it does not suit anyone seeking regular income. As a commodity pool taxed as a partnership, it sends investors a Schedule K-1 instead of a 1099. Investors owe tax each year on their share of the fund's gains, even if they never cash in shares. That can mean a tax bill without any cash paid out to cover it.
What's the difference between UCO and ERX?
Both aim for 2x daily returns, but they track different things. UCO follows a Bloomberg crude oil futures index. Direxion Daily Energy Bull 2X Shares (ERX) tracks energy stocks, so it is not a close substitute. As of October 27, 2026, UCO returned 200.6% over one year, against 127.5% for ERX. ERX led over three years, with a 31.2% annualized return against UCO's 23.9%. UCO's commodity pool structure also brings K-1 tax reporting.
Why doesn't UCO match oil prices?
UCO holds oil futures, not physical oil, and it resets its 2x leverage every day. The futures index can move differently from the spot price of crude. Replacing expiring contracts with later ones can add to returns or subtract from them. Daily compounding also means returns over longer periods drift away from 2x the index. ProShares says that drift can even run in the opposite direction, and that volatility can matter as much as the index's return.
What is UCO's expense ratio?
UCO's expense ratio was 0.95% for the period through June 30, 2026. That fee goes to the sponsor. The fund also pays brokerage commissions and other costs, which add to the total. The packet has no expense ratios for similar leveraged energy funds, so a direct cost comparison isn't possible here. UCO had about $312 million in net assets as of June 30, 2026, the most of the six similar leveraged funds compared.