ProShares Ultra Bloomberg Crude Oil (UCO) ETF Price, Holdings & News

Technical Score (1D)

BUY

News Sentiment

MIXED

What's happening to UCO today?

UCO’s latest update underscores its 2‑x leveraged exposure to WTI crude, positioning the ETF to benefit from any uptick in oil prices amid ongoing geopolitical tensions. The fund’s capital‑efficient design means that a modest equity outlay can translate into amplified gains—or losses—if the market reverses, underscoring the importance of monitoring WTI futures pricing as the key lever for UCO’s performance. Recent commentary stresses that supply‑demand dynamics in the Middle East and North Africa will be the primary driver, so traders should keep a close eye on any shifts in regional production or export policy that could tighten or loosen the market. Because UCO’s returns are tightly coupled to WTI, any regulatory or policy change affecting crude inventories or refinery throughput could ripple through the ETF’s valuation, amplifying short‑term volatility. The leveraged structure heightens sensitivity to sudden geopolitical events or unexpected inventory data, potentially triggering rapid rebalancing and liquidity strain if market stress forces a sell‑off of leveraged positions. Over the next 1–10 trading days, traders should watch for WTI futures roll‑overs and new inventory reports from the EIA, as these will dictate the fund’s daily rebalancing needs and impact its exposure profile. The liquidity profile of UCO could become a concern if market stress forces a rapid sell‑off of leveraged positions, so monitoring bid‑ask spreads and trading volume will be critical. Broader macro factors—such as changes in global demand forecasts or shifts in OPEC production quotas—will indirectly influence UCO’s performance, adding another layer of sensitivity to macro‑economic data releases. In the near term, traders should monitor upcoming WTI futures pricing announcements and any geopolitical developments that could alter supply expectations, as these will be the primary drivers of UCO’s short‑term trajectory.

News Sentiment Analysis

Sentiment gathered from recent headlines

47/100

Strong NegativeNeutralStrong Positive

MIXED

Recent News Coverage (Top ETF Holdings)

ETF: UCO

0+ articles

Last updated: September 3, 2026

Understanding ProShares Ultra Bloomberg Crude Oil

ProShares Ultra Bloomberg Crude Oil (UCO) is engineered to deliver twice the daily performance of the Bloomberg WTI Crude Oil Subindex. Its investment strategy centers on leveraging financial instruments like swaps and futures contracts, rather than holding physical oil. The fund's top holding, "Oil" with a 100% weight, underscores its direct and singular focus on the crude oil commodity. This structure is designed for investors seeking amplified exposure to short-term price movements in West Texas Intermediate (WTI) crude oil.

The leveraged nature of UCO presents both significant opportunities and substantial risks. While aiming to double daily returns, it also magnifies daily losses, making it a tool primarily suited for sophisticated traders with a short-term investment horizon. The fund's reliance on derivatives means its performance can deviate from the long-term trend of crude oil prices due to the effects of daily rebalancing and compounding. Investors should be aware that holding UCO for extended periods can lead to results that differ significantly from simply holding a unleveraged oil commodity investment.

Given its specific objective and structure, UCO is not intended for buy-and-hold investors or those seeking steady, long-term growth. Its utility lies in tactical plays on anticipated short-term price volatility in the oil market. Understanding the mechanics of daily leverage and the associated risks, such as potential for significant capital erosion, is paramount before considering an allocation to this highly specialized ETF.

Leveraged Oil Exposure

UCO aims to provide daily investment results that are twice the performance of the Bloomberg WTI Crude Oil Subindex. This leverage magnifies both potential gains and losses.

The fund achieves its leveraged exposure through the use of financial instruments such as swaps and futures contracts, rather than direct ownership of physical crude oil.

Its singular focus on "Oil" with a 100% weight in its top holdings highlights its direct and concentrated bet on the daily price movements of WTI crude.

ETF Structure

This ETF is designed as a leveraged, commodity-focused fund, specifically targeting the daily performance of crude oil futures.

It is not an index fund in the traditional sense but rather a product that uses derivatives to achieve its stated daily return objective.

The structure is inherently short-term oriented due to the daily reset mechanism of leveraged products.

Concentration Risk

UCO exhibits extreme concentration, with "Oil" accounting for 100% of its top holdings.

This means the fund's performance is entirely dependent on the price fluctuations of crude oil.

There is no diversification across different assets or even different types of oil exposure.

Trading and Liquidity

As a ProShares ETF, UCO generally benefits from robust trading volumes and liquidity in the secondary market.

However, the underlying commodity futures can experience periods of high volatility, which may affect trading spreads.

The 52-week high of $38.56 and low of $17.78 indicate significant price swings experienced by the ETF.

Positioning UCO

ProShares Ultra Bloomberg Crude Oil (UCO) is a tactical instrument for sophisticated investors anticipating short-term directional moves in crude oil prices. Its leveraged structure demands careful consideration of risk management and position sizing to mitigate the potential for amplified losses. Repositioning should be driven by updated market outlooks on oil volatility and conviction in the short-term price trend, rather than long-term investment theses.

What Influences UCO?

ProShares Ultra Bloomberg Crude Oil (UCO) performance is primarily driven by the daily price movements of West Texas Intermediate (WTI) crude oil futures contracts, amplified by its 2x daily leverage.

Crude Oil Futures

UCO's objective is to deliver twice the daily return of the Bloomberg WTI Crude Oil Subindex, which itself tracks near-month crude oil futures contracts. Therefore, the price of WTI crude oil futures is the most direct and significant influencer of the ETF's daily performance.

Geopolitical events, supply and demand dynamics, global economic growth forecasts, and inventory reports are key factors that can cause volatility in crude oil prices, directly impacting UCO's net asset value.

Leveraged Structure & Roll Yield

The fund employs a 2x daily leveraged strategy, meaning its returns are magnified twice the daily change in the underlying index. This structure can lead to significant gains in volatile markets but also amplifies losses, especially over longer periods due to compounding effects.

Additionally, UCO is subject to 'roll yield' from its futures contracts. When the price of longer-dated futures contracts is higher than near-dated ones (contango), the fund incurs a cost as it rolls its positions, which can detract from performance. Conversely, backwardation can be a tailwind.

Volatility & Tracking

Given its leveraged nature and reliance on futures, UCO's performance can deviate from the spot price of crude oil over longer holding periods due to the effects of daily rebalancing and compounding. This is a critical aspect for investors to understand.

High volatility in crude oil prices can exacerbate tracking differences, potentially leading to performance that is less than or greater than twice the daily spot return of oil over extended periods. Investors should monitor the ETF's daily performance closely.

Key insight: The trajectory of UCO is intrinsically linked to the daily fluctuations in WTI crude oil futures prices, magnified by its leverage and influenced by the dynamics of futures contract rollovers and overall market volatility.

Key Metrics for UCO

For UCO, investors must closely monitor its leveraged structure, daily reset mechanism, and the inherent volatility of crude oil to understand its risk and return profile.

Leverage Decay Risk: Measures the potential for UCO's performance to deviate from twice the daily return of the underlying index due to the compounding effect of leverage over longer periods. A persistent upward trend in crude oil can lead to underperformance relative to a simple 2x exposure, while a volatile sideways market can significantly erode capital.

Daily Reset Impact: Highlights the critical nature of UCO's daily rebalancing. This means the ETF's return over any period longer than one day will not be exactly double the index's return, and can be significantly different, especially in volatile markets. Investors need to understand this mechanism to avoid unexpected outcomes.

Commodity Volatility Exposure: Assesses the sensitivity of UCO to price swings in West Texas Intermediate (WTI) crude oil. Given its 2x leverage, even moderate price movements in the underlying commodity can lead to amplified gains or losses. Monitoring the historical and implied volatility of crude oil is crucial for risk management.

Tracking Difference: Evaluates how closely UCO's daily performance tracks its stated objective of twice the daily return of the Bloomberg WTI Crude Oil Subindex, after accounting for fees and expenses. Significant deviations can indicate issues with the fund's swap counterparties or replication strategy, impacting the reliability of its leveraged exposure.

Liquidity and Spread: Examines the ease with which UCO can be traded and the cost associated with it. For leveraged commodity ETFs, tight bid-ask spreads and sufficient trading volume are essential to minimize slippage, especially for active traders who frequently enter and exit positions based on short-term price movements.

Expense Ratio Drag: While not explicitly provided in the data, the expense ratio for leveraged ETFs like UCO is typically higher than for unleveraged products. Investors must consider this ongoing fee, which directly reduces returns and exacerbates the impact of leverage decay over time, making it a key factor in assessing long-term viability.

Risk Factors to Monitor

UCO's leveraged structure amplifies daily crude oil price movements, introducing significant risks beyond simple commodity exposure. Its reliance on futures contracts and daily rebalancing creates unique pathways for underperformance and volatility.

Leverage Amplification
UCO aims for 2x daily returns, meaning its value can swing dramatically with even modest daily price changes in crude oil. A 5% daily drop in oil prices would result in a 10% loss for UCO, and this effect compounds over time. This leverage makes the ETF highly susceptible to sharp reversals and prolonged downturns.
Futures Roll Yield
The ETF uses futures contracts to gain exposure, which must be 'rolled' over before expiration. If the futures market is in contango (later-dated contracts are more expensive), UCO will incur a cost each time it rolls its positions, known as negative roll yield. This drag can significantly erode returns, especially in a contango market, even if spot oil prices are stable or rising.
Tracking Divergence
Due to daily rebalancing and the effects of compounding, UCO's long-term performance can significantly diverge from twice the daily performance of its underlying index. In volatile, sideways markets, the constant rebalancing can lead to a 'volatility drag,' where the ETF loses value even if the index's average price remains unchanged.
Concentration Risk
The ETF's exposure is entirely concentrated in West Texas Intermediate (WTI) crude oil futures. This lack of diversification means that any event specifically impacting the WTI market, such as a major supply disruption, geopolitical event in a key producing region, or significant change in demand forecasts, will directly and fully impact UCO's value.
Expense Ratio Drag
UCO has an expense ratio of 0.93%. While seemingly moderate, this fee is charged daily and compounds over time, acting as a constant drag on performance. For a leveraged ETF that already faces volatility drag and roll yield costs, this expense ratio further diminishes potential investor returns, especially over longer holding periods.

Frequently Asked Questions

What is the investment objective of the ProShares Ultra Bloomberg Crude Oil ETF (UCO)?

UCO aims to deliver twice the daily performance of the Bloomberg WTI Crude Oil Subindex. This leveraged exposure is achieved through the use of financial derivatives such as futures contracts and swaps, rather than direct ownership of physical crude oil. Investors should note that this leverage can amplify both gains and losses on a daily basis.

How does UCO achieve its leveraged exposure to crude oil?

The ETF utilizes a range of financial instruments, including futures contracts, swaps, and options, to gain exposure to the daily price movements of West Texas Intermediate (WTI) light sweet crude oil. These derivatives are designed to mirror twice the daily performance of the underlying Bloomberg WTI Crude Oil Subindex. UCO does not hold physical oil, relying entirely on these synthetic instruments.

What are the primary risks associated with investing in UCO?

The primary risks stem from its leveraged structure and its focus on daily performance. Compounding effects mean that returns over periods longer than one day can deviate significantly from twice the index's return. Additionally, the volatility inherent in the crude oil market can lead to substantial daily price swings, magnifying potential losses.

What is the expense ratio for UCO?

The expense ratio for UCO is 0.95%. This annual fee is charged to cover the operational costs of the fund, including management fees and expenses related to the use of derivatives. Investors should consider this cost when evaluating the potential net returns of their investment.

What is the underlying index UCO tracks?

UCO seeks to track twice the daily performance of the Bloomberg WTI Crude Oil Subindex. This index is designed to reflect the performance of crude oil futures contracts, specifically focusing on West Texas Intermediate (WTI) light sweet crude oil. The subindex provides a benchmark for the price movements of this key global energy commodity.

What are UCO's top holdings?

UCO's structure means its primary 'holding' is effectively exposure to the price of oil itself, represented by the Bloomberg WTI Crude Oil Subindex. The fund achieves this through financial instruments, with the top holding listed as 'Oil' at 100%. This indicates the fund's direct and sole focus on the commodity's price movements.

How does the daily rebalancing of UCO impact long-term returns?

Due to its objective of achieving twice the daily performance, UCO rebalances its holdings daily. This daily reset can lead to a 'compounding effect' where long-term returns may not be a simple multiple of the underlying index's long-term return. In volatile markets, this can result in performance that lags or even moves counter to the index over extended periods.

Is UCO suitable for long-term buy-and-hold investors?

UCO is generally not considered suitable for long-term buy-and-hold investors due to its leveraged nature and daily rebalancing. The compounding effects and potential for tracking error over longer time horizons make it more appropriate for short-term tactical trades aimed at capitalizing on anticipated daily price movements in crude oil.

What is the typical trading volume and liquidity of UCO?

UCO typically exhibits significant trading volume, indicating good liquidity. This means investors can generally enter and exit positions with relative ease, as there are usually enough buyers and sellers in the market. High liquidity is an important consideration for leveraged ETFs, allowing for timely execution of trades.

How does UCO's structure differ from a physically-backed commodity ETF?

Unlike ETFs that hold physical commodities like gold or silver, UCO does not own any physical crude oil. Instead, it uses derivatives like futures contracts and swaps to gain exposure to oil prices. This synthetic structure is necessary to achieve the leveraged, daily performance objective.

News Sentiment Analysis

Sentiment gathered from recent headlines

47/100

Strong NegativeNeutralStrong Positive

MIXED

Recent News Coverage (Top ETF Holdings)

ETF: UCO

0+ articles

Last updated: September 3, 2026

Understanding ProShares Ultra Bloomberg Crude Oil

Leveraged Oil Exposure

UCO aims to provide daily investment results that are twice the performance of the Bloomberg WTI Crude Oil Subindex. This leverage magnifies both potential gains and losses.

The fund achieves its leveraged exposure through the use of financial instruments such as swaps and futures contracts, rather than direct ownership of physical crude oil.

Its singular focus on "Oil" with a 100% weight in its top holdings highlights its direct and concentrated bet on the daily price movements of WTI crude.

ETF Structure

This ETF is designed as a leveraged, commodity-focused fund, specifically targeting the daily performance of crude oil futures.

It is not an index fund in the traditional sense but rather a product that uses derivatives to achieve its stated daily return objective.

The structure is inherently short-term oriented due to the daily reset mechanism of leveraged products.

Concentration Risk

UCO exhibits extreme concentration, with "Oil" accounting for 100% of its top holdings.

This means the fund's performance is entirely dependent on the price fluctuations of crude oil.

There is no diversification across different assets or even different types of oil exposure.

Trading and Liquidity

As a ProShares ETF, UCO generally benefits from robust trading volumes and liquidity in the secondary market.

However, the underlying commodity futures can experience periods of high volatility, which may affect trading spreads.

The 52-week high of $38.56 and low of $17.78 indicate significant price swings experienced by the ETF.

Positioning UCO

What Influences UCO?

Crude Oil Futures

Leveraged Structure & Roll Yield

Volatility & Tracking

Key Metrics for UCO

For UCO, investors must closely monitor its leveraged structure, daily reset mechanism, and the inherent volatility of crude oil to understand its risk and return profile.

Risk Factors to Monitor

Leverage Amplification
UCO aims for 2x daily returns, meaning its value can swing dramatically with even modest daily price changes in crude oil. A 5% daily drop in oil prices would result in a 10% loss for UCO, and this effect compounds over time. This leverage makes the ETF highly susceptible to sharp reversals and prolonged downturns.
Futures Roll Yield
The ETF uses futures contracts to gain exposure, which must be 'rolled' over before expiration. If the futures market is in contango (later-dated contracts are more expensive), UCO will incur a cost each time it rolls its positions, known as negative roll yield. This drag can significantly erode returns, especially in a contango market, even if spot oil prices are stable or rising.
Tracking Divergence
Due to daily rebalancing and the effects of compounding, UCO's long-term performance can significantly diverge from twice the daily performance of its underlying index. In volatile, sideways markets, the constant rebalancing can lead to a 'volatility drag,' where the ETF loses value even if the index's average price remains unchanged.
Concentration Risk
The ETF's exposure is entirely concentrated in West Texas Intermediate (WTI) crude oil futures. This lack of diversification means that any event specifically impacting the WTI market, such as a major supply disruption, geopolitical event in a key producing region, or significant change in demand forecasts, will directly and fully impact UCO's value.
Expense Ratio Drag
UCO has an expense ratio of 0.93%. While seemingly moderate, this fee is charged daily and compounds over time, acting as a constant drag on performance. For a leveraged ETF that already faces volatility drag and roll yield costs, this expense ratio further diminishes potential investor returns, especially over longer holding periods.

Frequently Asked Questions

What is the investment objective of the ProShares Ultra Bloomberg Crude Oil ETF (UCO)?

How does UCO achieve its leveraged exposure to crude oil?

What are the primary risks associated with investing in UCO?

What is the expense ratio for UCO?

What is the underlying index UCO tracks?

What are UCO's top holdings?

How does the daily rebalancing of UCO impact long-term returns?

Is UCO suitable for long-term buy-and-hold investors?

What is the typical trading volume and liquidity of UCO?

How does UCO's structure differ from a physically-backed commodity ETF?

UCO·ProShares Ultra Bloomberg Crude Oil

What's happening to UCO today?

News Sentiment Analysis

Recent News Coverage (Top ETF Holdings)

Discover More

Understanding ProShares Ultra Bloomberg Crude Oil

Leveraged Oil Exposure

ETF Structure

Concentration Risk

Trading and Liquidity

Positioning UCO

What Influences UCO?

Crude Oil Futures

Leveraged Structure & Roll Yield

Volatility & Tracking

Key Metrics for UCO

Risk Factors to Monitor

Frequently Asked Questions

News Sentiment Analysis

Recent News Coverage (Top ETF Holdings)

Discover More

Understanding ProShares Ultra Bloomberg Crude Oil

Leveraged Oil Exposure

ETF Structure

Concentration Risk

Trading and Liquidity

Positioning UCO

What Influences UCO?

Crude Oil Futures

Leveraged Structure & Roll Yield

Volatility & Tracking

Key Metrics for UCO

Risk Factors to Monitor

Frequently Asked Questions