- What does UCOP invest in?
- UCOP is designed to achieve a daily return that is twice the performance of copper prices, before accounting for fees and operating costs. The fund benchmarks its performance against the United States Copper Index Fund (CPER), an ETF that invests in copper futures. Rather than directly holding physical copper or futures contracts, UCOP primarily uses swap agreements to establish its leveraged exposure. Its K-1 free structure offers a more straightforward tax reporting experience compared to various other commodity funds. Any remaining capital is typically invested in short-duration holdings such as US Treasury bills, repurchase agreements, or money market funds, which serve as collateral. The portfolio undergoes rebalancing daily to maintain approximately 200% exposure. This daily reset means that returns for periods longer than one day can vary substantially from twice the copper's movement, as daily compounding and market fluctuations impact results over time. Therefore, this strategy is generally better suited for short-term, tactical views on copper rather than long-term buy-and-hold allocations.
- What is the expense ratio of UCOP?
- ProShares Trust (UCOP) charges an expense ratio of 1.04%. This is the annual fee deducted from fund assets to cover management and operations.
- What is UCOP's dividend yield?
- UCOP's trailing-twelve-month yield is 0.12%, calculated from the sum of dividends over the past year divided by the current price.
- What is the duration of UCOP?
- Effective duration measures UCOP's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. UCOP's current duration is published on the fund's factsheet on the issuer's website.
- What is the credit quality of UCOP?
- UCOP's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.
- What is the yield to maturity of UCOP?
- Yield to maturity (YTM) is the total return you'd earn from UCOP if every bond in the portfolio is held to maturity at the current price. UCOP's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.
