Share-split context: This ETF has both forward- and reverse-split history. The most recent recorded event was on May 26, 2022 with coefficient 4. Current price-return figures are already split-adjusted. Forward splits receive no automatic performance penalty; reverse-split history remains a separate structural warning.

What this ETF is trying to do

The ProShares Ultra Bloomberg Crude Oil 2x Shares (UCO) is a leveraged ETF. This means it is designed to use financial tools to amplify the daily movement of crude oil prices. Specifically, it aims for a "2x" effect, meaning it tries to move twice as much as its benchmark in a single day.

What the numbers show

As of October 7, 2026, the share price is $54.60. Because this ETF has a history of share splits, we look at split-adjusted returns to see how it has performed.

• Year-to-Date (YTD): The price return and total return are both approximately 182.61%.

• One Year: The price return and total return are both approximately 145.72%.

• Three Year: The price return and total return are both approximately 80.73%.

• Five Year: The total return is approximately 134.91%.

In this case, the price return (the change in share price) and the total return (which includes distributions) are the same because no distributions were paid.

Income and distribution explanation

This ETF does not currently provide a source of regular income. The distribution yield is 0%, and there have been no payouts in the last 12 months. For investors who rely on ETFs for cash payments, it is important to remember that a high yield is not always a sign of a healthy fund, but in this case, there is no yield to report.

NAV erosion explanation

"NAV erosion" happens when the value of an ETF's underlying assets declines over time, often causing the share price to drop even if the market it tracks stays flat.

For UCO, the erosion-risk score is 100, and the erosion severity is labeled as "good." The data indicates that no price erosion has been detected, and the severe erosion-risk flag is false.

Share Split History

UCO has a "mixed" split history, meaning it has had both forward and reverse splits (5 events in total).

• Forward Splits: Each old share became multiple new shares, and the price per share fell proportionally.

• Reverse Splits: Multiple old shares were combined into fewer new shares, and the price per share rose mechanically.

The most recent split happened on May 26, 2022, with a coefficient of 4. These splits change the number of shares you own and the price per share, but they do not create a gain or loss by themselves.

Pros

• Strong split-adjusted price returns over the last one, three, and five years.

• No detected NAV erosion according to the erosion-risk score.

Cons

• No cash distributions or income for investors.

• Leveraged ETFs are complex and can be more volatile than standard ETFs.

Beginner takeaway

UCO is a tool used to bet on the price of oil with extra power (leverage). While it has shown high split-adjusted returns recently, it does not pay a dividend. Investors should understand that leveraged funds behave differently than normal stocks and are generally used for shorter-term goals rather than long-term income.