# ProShares Trust (UCOP): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/ucop for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: ProShares · Asset class: Commodities - Strategy: Thematic · Inception: 2026-04-20 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... ## Key Facts | Metric | Value | |---|---| | Price | $40.51 | | Expense Ratio | 3.44% | | Assets Under Management | $4.2M | | NAV | $38.34 | | Holdings Count | 0 | | Distribution Yield (TTM) | 0.30% | | Annual Distribution (TTM) | $0.12 /share | | Distribution Frequency | Quarterly | | 52-Week Range | $36.49 – $47.68 | | Beta | 2.11 | ## Latest Distribution - Amount: $0.1198 /share - Ex-date: 2026-09-23 - Pay date: 2026-09-29 ## Frequently Asked Questions ### 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 3.44%. 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 0.30%, 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. ### Does UCOP pay a dividend? Yes, ProShares Trust (UCOP) distributes dividends to shareholders. The trailing-twelve-month yield is 0.30%. Full dividend history is on this page. ### How often does UCOP pay dividends? ProShares Trust pays dividends Quarterly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is UCOP's next ex-dividend date? The most recently announced ex-dividend date for UCOP was 2026-09-23. The next ex-date typically follows Quarterly; once announced it appears at the top of the dividend history table on this page. ### How much will UCOP's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 3.44% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does UCOP charge its expense ratio? The expense ratio is deducted in tiny daily slices from UCOP's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does UCOP cost more than a fund like VOO? UCOP's strategy (current expense ratio 3.44%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where UCOP sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to UCOP? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as UCOP (3.44%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/ucop - Distribution history: https://www.dividenddata.com/funds/ucop/dividend - Holdings & diversification: https://www.dividenddata.com/funds/ucop/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/ucop/expenses - Peer comparison: https://www.dividenddata.com/funds/ucop/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.